The Government of Canada's national debt will reach $500 billion come this Sunday, as the Tory government will leave a legacy of debt.
The Canadian Taxpayers Federation says each Canadian owes $14,587 as the country’s national debt continues to increase, according to
580 CFRA. On Sunday, the nation’s debt will officially rise to $500 billion, reports the
National Post.
Canada.com notes that Conservative Prime Minister Stephen Harper will be the second leader to put Canada in a half-a-trillion-dollar debt. Liberal Prime Minister Jean Chretien became the first during his tenure as leader.
Kevin Gaudet advised listeners
DebtClock.ca to see how the Canadian debt rises and how much they owe. Gaudet further added that the Federal Government will add $170 billion to the deficit over the next five years.
The last time the national debt stood at $500 billion was in 2003 but was lowered over the years to $453 billion from consecutive surpluses.
Oh wait... since
580 CFRA's interview, the debt actually increased to $14,860 per Canadian.
