Just checked the Canada Debt Clock and am sorry to say it does not look good. Its currently over 620 BILLION and counting. http://www.nationaldebtclocks.org/debtclock/canada In my younger days on the farm, we acquired a set of encyclopedias and one of my favourite pastimes became lying on the couch perusing the contents and one thing I have never forgotten was the depiction of what one billion dollars is. According to the encyclopedia, one billion dollar bills laid end to end would encircle the globe 4.5 TIMES! That's ONE billion. We owe 620 billion. How did this come about?
In a word, we stimulated the economy. John Maynard Keynes thought it would be a good idea to just blow a lot of money on some long-term beneficial projects to get the economy, meaning I guess, the workers, moving again. This seemed to work for awhile but it quickly became a habit and when you think about it, really, why on earth would any government with unlimited resources and taxing ability at its disposal need to borrow a single dollar? Surely, the tax collected from sales of goods of all kinds, gasoline tax, income tax, fines, license fees, permit fees and so on should have been enough to carry the costs of maintaining a tight, well-managed bureaucracy along with some basic social spending? Well apparently not. And over time, as someone warned, "the appetite may come to rule." In a democracy, first of all, who is going to vote for less candy because its not good for us? So we voted for the one who could dream the biggest dream and make the most fantastic, expensive promises.
Another huge contributor to the problem has been those business-minded folks, who have seen the benefits of coercing with politicians to bring about the completion of large and overly expensive, often unnecessary, sometimes downright destructive projects. In many cases, the winning bidder is allowed to adjust the final price upwards for unforeseen additional costings. Whatever happened to a "deal is a deal"?
Whatever the causes of our government borrowing itself into its current position, my argument is that the very idea of a country borrowing money is immoral in the extreme. To think that every baby born in Canada is in debt, from the first breath he draws to the grave is a reproach on us all! He or she had no say in this matter whatsoever and received little or any of the benefits of the borrowing and yet, will face huge levels of taxation/depravation probably for their entire lives because of the indiscretions of previous generations. What a legacy! What an inheritence! What a shame on us all!