(Black Press files)

(Black Press files)

EDITORIAL: Canada’s $1 trillion national debt

Canada’s national debt has topped $1 trillion for the first time in the country’s history.

This number is so large it is difficult for most of us to comprehend. If this amount were divided equally among Canada’s population of 38 million, it would work out to around $26,316 per person.

This number appears even larger when compared with Canada’s annual gross domestic product of around $2 trillion. The gross domestic product, the total of all goods and services produced in Canada, is used as an economic indicator.

Canada’s $1 trillion national debt is significant and it is expected to keep growing.

READ ALSO: Federal Budget 2021: Liberals extend COVID-19 aid with election top of mind

READ ALSO: Expectations high as Trudeau Liberals get ready to unveil first pandemic budget

The deficit for this year is projected to be $155 billion. For 2022 to 2023, the deficit is forecast at $60 billion.

A large reason for the growing debt is the COVID-19 relief and assistance programs provided by the federal government.

In March 2020, the federal government introduced aid programs to assist those who had been affected by the global pandemic. These programs helped workers who had been laid off and businesses struggling with a sudden downturn in the economy.

The assistance programs were rolled out quickly and they allowed Canadian workers and businesses to apply for the money easily.

During the early months of the pandemic, changes were made to address the needs of those who were not covered by the initial assistance packages.

While some may see the assistance programs as a way of tossing money at a problem, the question to be asked is what Canada should have done differently to address the financial impact of the pandemic? Our government is responsible for taking care of its citizens. Doing nothing was not an option.

Without the quick rollout of the federal assistance programs at the start of the pandemic, life would have been much more difficult for millions of Canadians.

However, funding is never free. Debts must be repaid and there are costs involved in debt servicing and repayment.

The implications of Canada’s debt load will affect the country and its financial policies for a long time to come.

– Black Press

To report a typo, email:
news@summerlandreview.com
.



news@summerlandreview.com

Like us on Facebook and follow us on Twitter.

2021 Federal BudgetEditorials

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

FILE - In this April 19, 2021, file photo, Keidy Ventura, 17, receives her first dose of the Pfizer COVID-19 vaccine in West New York, N.J. States across the country are dramatically scaling back their COVID-19 vaccine orders as interest in the shots wanes, putting the goal of herd immunity further out of reach. (AP Photo/Seth Wenig, File)
5 more deaths, 131 new cases of COVID-19 in Interior Health over the weekend

Those 18-years and older in high-transmission neighbourhoods can register for the vaccine

Rotary Club of Salmon Arm president Norm Brown talks about the work the city’s Rotary Clubs do for the community during a Rotary 75th Anniversary event at the Blackburn Park picnic shelter on Saturday, May 8, 2021. (Lachlan Labere-Salmon Arm Observer)
Salmon Arm Rotarians mark 75th anniversary

Flags placed around Blackburn Park picnic shelter for video shoot

RCMP (Phil McLachlan - Black Press Media)
High-risk takedown on Highway 1 following Anglemont shooting

Upon further investigation, the vehicle and its occupants were not associated with the shooting

Police watchdog find Salmon Arm RCMP have no involvement in head-on collision. (File photo)
Police watchdog finds Salmon Arm RCMP not involved in Highway 1 crash

Woman seriously injured on April 22 after head-on collision

A bullet hole is seen in the windshield of an RCMP vehicle approximately 4 km from Vancouver International Airport after a one person was killed during a shooting outside the international departures terminal at the airport, in Richmond, B.C., Sunday, May 9, 2021. THE CANADIAN PRESS/Darryl Dyck
Homicide team IDs man in fatal YVR shooting as police grapple with spate of gang violence

Man, 20, charged in separate fatal shooting Burnaby over the weekend

RCMP are searching for Philip Toner, who is a ‘person of interest’ in the investigation of a suspicious death in Kootenay National Park last week. Photo courtesy BC RCMP.
RCMP identify ‘person of interest’ in Kootenay National Park suspicious death

Police are looking for Philip Toner, who was known to a woman found dead near Radium last week

Vancouver Canucks goaltender Thatcher Demko (35) makes a save on Winnipeg Jets’ Nate Thompson (11) during second period NHL action in Winnipeg, Monday, May 10, 2021. THE CANADIAN PRESS/Fred Greenslade
Vancouver Canucks see NHL playoff hopes dashed despite 3-1 win over Winnipeg

Montreal Canadiens earn final North Division post-season spot

The southern mountain caribou, an iconic species for the Splatsin First Nation, is threatened with extinction, much to the dismay of the First Nation. (Province of B.C. photo)
Okanagan First Nation band concerned over dwindling caribou herd

Southern mountain caribou at risk of extinction, much to dismay of Splatsin First Nation near Enderby

RCMP. (Phil McLachlan/Capital News)
UPDATE: Winfield road open following police, coroner investigation

Pelmewash Parkway closure near Highway 97 connection

Kelowna resident Sally Wallick helped rescue a kayaker in distress a week and a half ago. (Sally Wallick/Contributed)
VIDEO: Kelowna woman rescues capsized kayaker in Okanagan Lake

Sally Wallick is asking people to be prepared for the cold water and unpredictable winds

The B.C. legislature went from 85 seats to 87 before the 2017 election, causing a reorganization with curved rows and new desks squeezed in at the back. The next electoral boundary review could see another six seats added. (Black Press files)
B.C. election law could add six seats, remove rural protection

North, Kootenays could lose seats as cities gain more

The Independent Investigations Office of B.C. is investigating the shooting of an Indigenous woman in the Ucluelet First Nation community of Hitacu. (Black Press Media file photo)
B.C. First Nation wants ‘massive change’ after its 3rd police shooting in less than a year

Nuu-chah-nulth woman recovering from gunshot wounds in weekend incident near Ucluelet

Nurse Gurinder Rai, left, administers the Moderna COVID-19 vaccine to Maria Yule at a Fraser Health drive-thru vaccination site, in Coquitlam, B.C., on Wednesday, May 5, 2021. The site is open for vaccinations 11 hours per day to those who have pre-booked an appointment. THE CANADIAN PRESS/Darryl Dyck
COVID vaccine bookings to open for adults 40+, or 18+ in hotspots, across B.C.

Only people who have registered will get their alert to book

Most Read