The federal debt in Canada has grown drastically in the last fiscal year, from a surplus of $1 billion to an incredible debt of $12.7 B. in just the first eight months of the year.
The bad news just keeps getting worse. This growing debt. Some kind of “direct program costs” of $7.1 B is explained as one reason there was a surge to $14 B in expenses. Are you confused yet?
Worse news is on the horizon. The government explains the increasing debt with a very precarious justification; the debt explosion spiking during the April-November period of last year is due to increased payments for child and seniors benefits.
Watch out! Seniors have just been set up as targets for the next tax slashes. Not fighter planes, not financial aid to indigenous, not even child benefit cuts. Tax cuts to fighter planes impacts negatively on foreign relations. Cut child benefits, not only do you guarantee loss of votes by the parents of all those children, but also within a few years, by the children themselves. Cut the seniors benefits and what happens? Nothing. Seniors do not protest. Seniors don’t join petitions. Seniors don’t rock the boat in any way, thereby threatening electoral support.
Optional link: Federal govt debt article by the CBC
Seniors, prepare yourselves. You are going to be hit sooner than you think!
What do you think? What are your views?
