12/8/2023 0 Comments National debt clock![]() “A balanced budget means less debt for Canadian kids and grandkids to pay back, less money wasted on interest charges, and fewer tax hikes.”įor more information on the initiative, go to debtclock.ca. “It’s time for Prime Minister Justin Trudeau to rein in his massive borrowing and give taxpayers a plan to balance the budget.” Terrazzano finished off by asking for a balanced budget in the future. ![]() The federal government was spending all-time highs before the pandemic.” Stated in the CTF release, “the federal government isn’t projected to balance its budget until 2070, according to data published by the Parliamentary Budget Officer. ![]() Each Canadian’s individual share of the federal government’s debt is about $30,800.The debt is increasing by $391.5 million every day or $4,531 every second.Canada’s federal debt is more than $1.1 trillion.Deterioration calculated since those points in time.“Canada’s national debt is already more than $1 trillion and it’s going up by almost $400 million every day,” Terrazzano adds.įor reference, he says “If a Canadian makes a two-minute YouTube video in front of the Debt Clock, that video will show the national debt go up by more than $500,000.” *Based upon the most recently available data. The estimated deterioration in the true national debt is based upon historical trends. In addition to using current law to calculate the unfunded promises, the Medicare actuaries also estimate the amounts using the “Illustrative Alternative Scenario (IAS).” We use the IAS in our estimates, because it incorporates more realistic assumptions about future payments to Medicare physicians. In our calculations we do not take into account receipts or benefits that will be received from and paid to future participants. The Trustees Reports include a calculation of the present value of the benefits these programs will receive over the next 75 years offset by the receipts directed to these programs for that time period. Excluding the effect of that shift, the deficit would have been 139. However, because July 1, 2023, fell on a weekend, certain payments that would have occurred then were shifted into June. We also update the true national debt calculation when the Social Security and Medicare Trustees Reports, which include amounts as of January 1, are issued. The federal government ran a deficit of 228 billion in June 2023, a 139 billion increase from the deficit of 89 billion that was recorded in June 2022. Government as of the federal fiscal year end, September 30. Each year we update our calculation to include the assets and liabilities reported in the most recently issued Financial Report of the U.S. Treasury Department and the Social Security and Medicare trustees. Our true national debt calculation is estimated using data provided by the U.S. In 2010, to highlight the crushing size of the national debt, we undertook a 1,500 mile tour of Britain featuring a 7metre long, lorry-mounted digital. Please click here to view our full Financial State of the Union report ![]() Unfunded Social Security and Medicare promises, based on assumptions This amount is updated periodically to coincide with The Debt to the PennyĪssets and liabilities reported in the Financial Report of the U.S. It does not include total unfunded Social Security and Medicare promises. Intragovernmental holdings, including debt held by Social Security and Medicare trust funds ![]()
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