Franco Terrazzano, federal director of the Canadian Taxpayers Federation, was at Parkland Mall on Wednesday with the federation’s Debt Clock truck. The huge digital counter shows mounted on the side of the truck shows the federal goverment’s $1-trillion debt increasing in real time. (Photo by SUSAN ZIELINSKI/Advocate staff)

Franco Terrazzano, federal director of the Canadian Taxpayers Federation, was at Parkland Mall on Wednesday with the federation’s Debt Clock truck. The huge digital counter shows mounted on the side of the truck shows the federal goverment’s $1-trillion debt increasing in real time. (Photo by SUSAN ZIELINSKI/Advocate staff)

WATCH: National Debt Clock tour arrives in Red Deer

Canadian Taxpayers Federation warns of trillion-dollar debt

The Canadian Taxpayers Federation says the size of the Trudeau government’s debt is so big it needed a brand new Debt Clock truck to illustrate the soaring debt.

“The Trudeau government broke our last Debt Clock. The last one just didn’t have enough digits to show the Trudeau government’s $1 trillion debt so we had to get a bigger debt truck,” said Franco Terrazzano, federal director of the federation.

“I guess we underestimated the ability of politicians to spend other people’s money,” he said while standing in front of the Debt Clock truck in Parkland Mall’s parking lot on Wednesday as part of a national tour.

He said the federal budget is expected to be released soon and it’s time for people to contact their MPs to tell them that Canadians don’t have thousands of dollars to pay off all the national debt.

“We’re taking (the Debt Clock) coast to coast to sound the alarm over runaway deficits and debt. It’s increasing by about $400 million every single day, which means that each Canadian is already on the hook for more than $30,000 in federal government debt.”

Another big cost to taxpayers is interest, he said.

“This year alone taxpayers are losing out on about $25 billion just to pay interest on the debt. That’s $25 billion that can’t be used to hire more nurses, or it’s money that can’t stay in Canadians pockets through lower taxes.”

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Terrazzano said Canadians should also be very concerned about the new agreement that will see the New Democrats to support the Liberal’s minority government through to 2025.

“The Liberal government was already spending like crazy even before the pandemic, and the NDP in the last election they wanted to spend even more. The NDP ran on a platform that was chalked full of tax hikes, higher income taxes on top earners, higher business taxes, even a wealth tax.”

The federal government could start helping Canadians by putting a stop to the planned carbon tax increase on April 1, he added.

“What the government needs to do is stop making the tough times tougher. We should absolutely not be seeing carbon tax hikes while Canadians are getting soaked at the pumps.

“With governments overspending for years, finding savings in every area of the budget should be like finding water in the ocean.”

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Terrazzano said Premier Jason Kenney’s efforts to bring Alberta closer to a balanced budget is a step in the right direction, but he has allowed a sneaky form of income tax hike known as bracket creep, which happens when inflation bumps taxpayers into a higher tax bracket.

“It essentially uses inflation to increase the government’s coffers. Albertans have been struggling for the last five, six years, so right now is the worst possible time for a government to be taking more money through the back door.”



szielinski@reddeeradvocate.com

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