The Debt, Outline Of Canada's Economic Crisis, An Economic Catastrophe

939 words - 4 pages

Few national economic issues have generated the same kind of concern as has the federal debt problem of Canada. There is a pressing need for long-term policies to lift Canada out of the national debt hole it is in. Eliminating the debt will not only free up money being spent on interest and reduce taxes, but make Canada a more feasible place for future generations to live and work.Interest on the debt has eroded the government's ability to fund its own operations and essential social services. Presently, thirty-five cents of every tax dollar the federal government raises is used for interest payments alone on the debt. Though there have been operating surpluses within the federal government, ...view middle of the document...

If our children have to pay the interest, they will pay that interest to themselves." (Franklin Delano Roosevelt)As our debt continues to increase, so do the taxes that Canadians are paying. Thirty-five percent of our taxes are being paid to reduce the debt, leaving the rest to fund government programs such as health care, education, and job creation. "For every benefit you receive a tax is levied." (Ralph Waldo Emerson) However, a long look must be taken at how the tax dollar is distributed to various programs to determine which ones need more funding, and which should be receiving less. There is, by no means, excess money to spend foolishly; that is what got Canada into the financial crisis it remains in today. But by restricting the growth of program payments, eliminating some programs and cutting back on others, and by having higher income individuals pay back a greater share, dollars are now being reassigned to the most essential programs and to needy Canadians. The battle to reduce tax waste and increase efficiency continues across all government departments. Nevertheless, Canadians now claim they are being taxed to death. And the only way to stop this excessive taxation is for the government and citizens to work together to fight the debt, and subsequently, less tax dollars will be needed to pull Canada out of the financial crisis it is in.There is no doubt that a debt-free country would be the greatest place in the world to live and work. There would be adequate funding for job creation by means of public and private investment, tax dollars would be spent responsibly and wisely, resulting in tax relief but still...

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