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World Debt clock comparison… How’s Canada doing compared with the world?

Debt.  It’s a popular topic.  Personal debt. Govt debt. Corporate debt.  Back in 2013, I published an article comparing Canada’s debt with the rest of the world.  Back then, like today, there was so much negative news being written about our so-called high personal debt level.   I thought I’d turn the tables on the govt and see how they were doing.

Here we are, 2018 and  five years later.  We’re supposedly experiencing fantastic economic times.  Lowest unemployment in 40 years according to the Dec 2017 job report.  Things are so good that we can increase minimum wage by over 30% in Ontario and other Provinces.  We must really be doing great, right? Scorecard time…

The logical conclusion, or the simple math equation is with GOOD TIMES OR A STRONG PROSPEROUS ECONOMY = LOWER NATIONAL DEBT…. Consumers are expected to lower their personal debt levels.  Isn’t the govt supposed to lower or work on eliminating our national debt?  One would think so. Let’s find out…

Back in 2013, Canada’s debt level was $600billion or $17,000 per citizen.    Today, our national debt is $1.11trillion or $30,652 per citizen.  Yup, nearly double in 5 years.  During supposedly good economic times.   Funny, you don’t hear much written about this in the mainstream media.

Hmm, I wonder what will happen to our National debt level when our economy is not strong or needs help to stimulate growth?  I always thought that when business is good… or when your own personal income was good, you should focus on eliminating debt…  I guess the govt plays by different rules or guidelines.. or knows something we don’t.

Hey Federal govt.. the next time you tell us how to manage our personal debts, maybe you should get your own spending in order first!!?

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@canadamortgagenews.ca

 

Steve Garganis View All

As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.

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