A Canadian family of four — yes, you — pays $7,009 a year toward government debt. JUST IN INTEREST.
That number will only increase in the near-future.
How, you ask, could it be so much? How did we get to this sorry state?
Easy. Federal and combined provincial debts jumped half a trillion dollars between 2007 and last year, to a gob-smacking $1.4 trillion.
Just like the US, the Canadian economy is now powered by debt. The government and the average Canadian is neck-deep in debt. A serious shock -- oil price collapse, global economic downturn, a 9/11-level terrorist attack in Ontario -- is going to be economically painful.
If people don't save and keep on borrowing and borrowing and borrowing in relatively "good times", then their isn't much credit available when the genuine bad times hit them like a sledgehammer.