Tuesday, May 15, 2018

Thanks To Liberal Deficits, "The typical Canadian tax-paying family is on the hook for over half a million dollars in public debt and $1,833 in monthly interest"


"....In Ontario, total provincial debt is fast approaching $350 billion. At $25,700 per person, that’s $102,800 per family of four, and monthly payments of at least $342.

Except about half of Ontarians pay virtually all the taxes. (According to Fraser Institute figures, the bottom half of all Canadian income earners pay just 15 per cent of all taxes, while some seven per cent of Canadian families don’t earn income.) So if you’re somehow making a decent living, you must nearly double all those numbers. Add $200,000 to your family debt, and $666 in monthly interest.

Still staggering along with me here? Well, brace yourself for more, because if you include dubious bookkeeping flagged by the provincial auditor-general, from off-book borrowing (at higher cost) by Ontario Power Generation to understating Ontario Teachers’ Pension Plan and Public Service Employees’ Union Pension Plan liabilities, you can safely add $70,000 more to the debt and assume your real monthly Queen’s Park interest bill is $900.

In some provinces the problem is less severe. But in others it’s worse. And everywhere the federal government’s ostensible debt is now $631.9 billion, another $17,412 per person, or nearly $70,000 per family of four and $140,000 per taxpaying family of four. You might want that drink after all.

Or be unable to afford it, because the total load in Ontario is now a knee-buckling $410,000 and the monthly bill rises another $466 to $1,366. Seriously, if you had to add nearly half a million dollars to your family liabilities and find another $1,366 in interest each month, would the bank give you a credit card? Would you sleep?..."

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