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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 governments 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 they have been eaten up by the debt interest payments Few people understand the devastating effects of compound interest The debt at a compound rate of 10 doubles in seven years quadruples in fourteen years and is eight times as much in twenty-one years This creates great difficulty for governments to slow the debt much less eliminate it Our federal debt grows all by itself to the tune of approximately ninety million dollars every day This may seem hard to digest but it is reality The need for debt elimination is vital if Canada wants to free up billions of dollars being spend on interest payments Two approaches may be taken to this First an increase in government revenues through higher taxation may be considered However taxes are already at a point where some people feel they are working merely to pay the government rather than support themselves Second a restraint on government spending by means of cutbacks may be a path possibly a difficult one to the road of eliminating our federal debt Either way it will be the young citizens of Canada that will have to pay for previous government overspending Our national debt after all is an internal debt owed not only by the
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