Canada's National Debt

Canada’s National Debt

By Roy L Hales

The current Trudeau government is expected to have added at least $73 billion to the national debt. This greatly exceeds their original forecast of “modest short-term deficits of less than $10 billion in each of the next two fiscal years” – but is Canada’s National Debt a problem?

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Adapted from National Debt vs GDP chart, Annual Financial Report of the Government of Canada Fiscal Year 2018–2019 by Roy L Hales

Canada’s National Debt Under Trudeau

Financial data for 2015/16 through 2017/18 taken from Fiscal Reference Tables, Department of Finance Canada, October 2018; Annual Financial Report of the Government of Canada Fiscal Year 2018–2019; Debt to GNP from Wikipedia; “Beware Of Endless Deficits, Especially Now,”,Joe Oliver, Toronto SUN – chart by Roy L Hales

Q/ Some sources expect that when the final numbers are in, Canada’s National Debt will have grown $73 billion by the time the Liberals leave office. What did we get for this money?

CKTZ Broadcast: Tuesday, October 1, 2019 – “More Debt For Future Generations” – Conservative Party Leader Andrew Scheer

CKTZ Broadcast: Wednesday, Oct 2, 2019 – “Priorities in the Budget” – NDP candidate Rachel Blaney

CKTZ Broadcast: Thursday, Oct 3, 2019 – “What Did We Get For That Money?” – Green candidate Mark de Bruijn

CKTZ Broadcast: Friday, Oct 4, 2019 – “Why the National Debt Grew Under Trudeau.” – Liberal candidate Peter Schwarzhoff

Canada’s National Debt Under Harper

Deficit data taken from Fiscal Reference Tables, Department of Finance Canada, October 2018; Per capita stats from Federal net debt per capita, 1968 to 2016, Statistics Canada; Debt per GNP 2009 to 2015 from Trading Economics  – chart by Roy L Hales

Q/ While the national debt grew $150 billion under Harper (2006 – 2015), he also had to contend with the great recession. Was his administration better or worse than Trudeau’s?

CKTZ Broadcast: Sunday, Oct 6, 2019 – “The Conservative Version of the Story.”

CKTZ Broadcast: Monday Oct 7, 2017: “Growth of the National Debt Under the Mulroney & Harper Administrations” – Liberal candidate Peter Schwarzhoff

CKTZ Broadcast: Tuesday, Oct 8, 2019 – “Did Harper Handle The Debt Better?” – Rachel Blaney, NDP candidate for Powell River -North Island

CKTZ Broadcast: Wednesday, October 9, 2019 – “Harper Was Considerably Worse” – Green candidate Mark De Bruijn

CKTZ Broadcast: Thursday, October 10, 2019 – Justin Trudeau and Andrew Scheer reveal their respective ideologies in a debate over Canada’s National Debt during Question Period.

How Would You Approach the Debt?

Q/ What steps would your government take to bring the national debt under control? 

Courtesy Annual Financial Report of the Government of Canada Fiscal Year 2018–2019

CKTZ Broadcast: Friday, October 11, 2019 – “While Canada’s National debt is large and rising, it is also manageable and the lowest (compared to GNP) among G7 nations.” – Peter Schwarzhoff, the Liberal candidate for Powell River-North Island

CKTZ Broadcast: Saturday, October 12, 2019 – “Bringing Canada’s National Debt Under Control; Ensuring The Wealthy Pay Their Share” – Green candidate Mark De Bruijn

CKTZ Broadcast: Sunday, October 13, 2019 – “Many of Canada’s Wealthiest People Evade Taxes” – Rachel Blaney, NDP candidate for Powell River – North Island

CKTZ Broadcast: Monday, October 14, 2019: “Make sure everyday Canadians do well, protect small business, and make the rich pay their share” – Rachel Blaney, NDP candidate for Powell River – North Island

Interviews With The Candidates

Links To Party Websites:

Top photo credit: Canadian money by Rick via Wikipedia (CC BY SA, 2.0 License)

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