Essay On Public Debt

Submitted By madipenfound

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Public Debt
By: Madison Penfound

Public debt is the amount of money owed by the Government of Canada to holders of Canadian Treasury. The annual government deficit comes about from the difference between what is earned and what is spent. Canada's federal debt grew steadily between 5% and 10% per year until 1975. Then started growing over 20%, and grew to over $100 billion in 1981, $200 billion in 1985, and the debt just continued and continues to grow in steady increments. The Canadian debt peaked at 563 billion dollars in 1997, then began to decline, until the recession came, now in 2012 the debt surpassed the $600 billion mark. From 1970 to 2011 the GDP $billions grew from 98.4 to 1,718.7. This is a large increase, and the fact that it remains increasing should be worrying for the Canadian Government and its citizens, especially when we are able to see what has happened to the U.S. The overspending is starting to take its toll, and the reality is finally starting to be taken into context as the government is beginning to brainstorm a solution.

The constant, and unnecessary spending by the government is showing the the numbers, but now looking at cost of election campaigns and other unnecessary spending it shows that in 2009 a total of 73.7 million dollars were spent, most was public funding. Each primary party is allowed a 'government allowance' and are allowed money depending on the valid votes in the last election, their current status, etc. Along with their public funding, there is also private funding, and fundraising. But pulling up records, and cost of each parties campaign it is clear that the government is overspending yet again. Their actions need to start changing,

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