Manitoba’s debt totals more than $29,000 per person
Just as the Canadian Federation of Independent Business (CFIB) Economics had guessed, Canada's federal and provincial net debt passed the $1.1 trillion mark on October 3rd, 2011. Now that's a lot of zeroes! On a per capita basis, the combined total debt translates into $31,850 per person.
Did you know?
- Canada's federal and provincial net debt increased 10% or $100 billion since late spring 2010
- Manitoba's total combined federal/provincial debt is more than $37 billion which translates to $29,687 per person and counting
On its current course debt levels will continue to get worse before they get better. It won't be until mid-decade before federal and provincial debt levels are expected to fall, and then only if economic conditions are favourable.
Out-of-control government spending, fuelled by debt, has sent Greece to the brink of bankruptcy and the Manitoba government has also been on a debt-fuelled spending spree. CFIB is calling on all levels of government to get serious about controlling and reducing debt. Today's debt is tomorrow's taxes!
Full and up-to-the-second results for net debt figures for Canada and the provinces can be seen by following CFIB's new online debt clock.
