Our Total Liabilities

Is There a Fiscal Crisis in Canada?

The federal government points out that economic growth rates in Canada, and our debt-to-GDP ratios, compare favourably to other G8 nations. Do you feel comforted by this? Or, given what you have learned in this section of Oh Canada! Where is My Country Going?, do you feel that we have serious problems in terms of our debt servicing obligations and unfunded liabilities?

What is more important, comparing Canada to other countries or comparing generations of Canadians to one another? What does the comparison of Canada to, say, France actually mean to Canadians? The comparison of generations of Canadians and their relative sacrifice underpins a legitimate moral basis for taking action on the national debt and leaving the next generation with a national debt that is in keeping with the long-term tradition of Canada as a great nation (the last quarter century of fiscal irresponsibility is an aberration when looking at a long-term view of Canadian history). The current national debt was built up during peace time and a period of relative prosperity. There is therefore no legitimate moral basis for passing along this debt to future generations.

Do you agree that passing on huge debts to future generations is a moral issue? Can we afford all of our universal social programs and various government subsidies, transfers and loan guarantees in the name of economic growth? Do you feel you pay too much in taxes? Are you concerned about Canada’s economic future? Let your views be known in the discussion forums.

For Further Study

Books

Days of Reckoning

Taking or Making Wealth

Goodbye Canada?

Secrets in High Places

On the Money Trail

Down the Road Never Travelled

Videos

Days of Reckoning

Secrets in High Places

Canada’s Brain Drain