The Canadian Taxpayers' Federation has officially made the call for the government to start spending within its means, calling this record debt a milestone for the Harper Government. To put some perspective on the size of this debt, if divided among Canadians, each person would be $17,200 in the red.
At the current rate, with increased deficits, Canada's debt is growing by $74.6 million per day or $863 per second.
CTF director Gregory Thomas said that much of the stimulus spending that was made to fix the economy in 2008 was unnecessary and is in fault for the deficits that brought Canada's debt to record levels - and to think Canada was paying it off when the Liberals were in power from 1993 to 2006.
"The economy bounced back and ... we're going to be paying those stimulus dollars 20, 30 years from now if we don't get our act together.".
"They're borrowing money to sell Canadians on themselves."
Debt per ProvinceFlaherty acknowledged that Canada's debt won't be erased by 2021 and that further cuts would be necessary. He has ruled out tax increases and cuts to provincial transfers for the 2013 budget.
- Alberta: $4,337 cumulative surplus
- Saskatchewan: $3,354 debt per person
- British Columbia: $7,866 debt per person
- Manitoba: $11,603 debt per person
- P.E.I.: $11,919 debt per person (2011-2012)
- New Brunswick: $13,336 debt per person
- Nova Scotia: $14,023 debt per person
- Newfoundland: $15,225 debt per person
- Ontario: $17,621 debt per person
- Quebec: $21,432 debt per person