OTTAWA (NEWS1130) – A new report paints a picture of government promises made that may be impossible to keep.
The debt, plus the cost of covering all the obligations of pensions and healthcare, adds up to more than $4 trillion dollars or $240,000 per taxpayer.
The Fraser Institute came up with the number by looking at all the financial obligations that governments have made, that taxpayers have to meet.
“We summed up federal, provincial, and local governments, not just the money that they directly borrow, which we often hear about in the media, but all the other liabilities, including program,” says Charles Lanham with the Fraser Institute.
He thinks governments need to make balanced budgets a bigger priority. “The unfortunate reality is that if we don’t change things, the burden will fall on young Canadians in the future,” he adds.