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Canada's GROSS debt is likely worse than many other countries.

[]D e e v e s

[]D e e v e s

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Niagara region, Canada near USA border.
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Yet we keep sticking our heads in the sand. The chickens will come home to roost and we taxpayers will pay for the excesses in spending and entitlement 'gimmeees'.
Gold cards for MP's: " Tony Clement was given his gold cards shortly after being promoted to Treasury Board president in the May 2011 cabinet shuffle, following the election of a Conservative majority.

And colleague Laurie Hawn, an Edmonton MP appointed temporarily to a cabinet committee looking at cost-cutting, got his own set of gold-embossed cards at the same time.

The Arms of Canada on both sets of cards was highlighted in gold foil."


Canada's $1-trillion debt baby
Canada is suddenly looking at $1-trillion in debt, or about $30,000 per man, woman and child....[/QUOTE]
Excerpt.

the federal deficit for this year, originally estimated at $50-billion, is now a modest 10% higher at $55-billion. Going forward, Mr. Flaherty laid out a slightly revised series of deficits that would still, under the best of circumstances, run the national debt up by $170-billion by 2015. That would bring Ottawa's total net debt to $628-billion, a record in nominal dollars and about $19,000 per capita -- compared with $608-billion or $20,000 per capital in 1997, the peak year for federal debt in current dollars. The numbers are different in constant deflated dollars, but not that different. The 1997 figure would be equivalent to $24,000 today. For taxpayers, having to carry a debt burden of $20,000 today isn't a whole lot better than $24,000 in 1997.

That's not progress, especially from a government that in 2006 boldly committed to "eliminating total government net debt."

Ottawa isn't the only player in the all-new national debt game. The provinces and local governments are also running up sizable annual deficits. Ontario is heading for $18-billion this year, and a succession of additional deficits in years to come. British Columbia, Alberta, Quebec, New Brunswick, Newfoundland-- they're all riding deficits that total about $31-billion this year alone. Assuming they follow the same fiscal track Ottawa is on, Canada's provinces are likely to add close to $100-billion in total new net debt over the next five years.

These are rough numbers, to be sure, in that they don't take in other elements of net debt calculation. But the trend is unmistakable. At the end of 2008, the net debt of all the provinces stood at $274-billion. If they collectively add $100-billion over the next five years, as seems more than possible, total provincial net debt will rise to about $375-billion by the end of 2015. Add that number to the projected federal net debt of $628-billion by 2015, and Canada is suddenly looking at $1-trillion in debt, or about $30,000 per man, woman and child....
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Actually not as bad as it sounds. With only 30 million people and the full natural resources the entire US once had a hundred years ago before we used them up, including huge remaining oil resources, they have the colateral.
 
Well we can actually get out of our debt whereas the U.S. probably not.
 
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