Canada is a Nation of Debt. This year the average household debt hit almost 168%. Canadian households on average hold $1.68 in debt for every dollar they earn after taxes and other fees paid to government. Canadians are in so much debt because it is a struggle to maintain our standard of living when we pay as much as 42.9% of the money we earn in taxes to fund billion dollar give-aways to fight climate change in other countries and the liberal vanity project to buy a seat on the UN Security Council.
These billion dollar gifts to other countries come from money borrowed today, which are the taxes of tomorrow, with $30 billion piled on to the national debt in the first Liberal budget alone. With the Trudeau debt policy to pile 30 billion dollars of debt year after year after year onto the backs of middleclass Canadians, and no plan to balance stop excessive spending, the economy suffers.
The latest figures are in on how badly the Canadian economy is being mismanaged. Unemployment is up. Coming off a loss of 71,400 jobs in July, the latest figures are worse than they appear as private sector jobs continue to disappear. The public payroll is being bloated. What public sector jobs are created must be paid by increasing the debt. Everyone knows except the Prime Minister jobs created with borrowed dollars only last by borrowing more dollars or raising taxes.
Debt is paid with higher taxes. Interest on the debt must be paid. Excessive borrowing creates more pressure to further raise taxes, which eliminates more jobs. Excessive borrowing crowds out private investment that creates jobs. Fewer jobs means fewer people paying taxes. Those who do pay taxes pay more. Payroll taxes like the new CPP tax eliminates jobs. It is a vicious cycle.
For the first time, the middle class dream of owning a home is disappearing. The liberal debt policy of emptying out the countryside through deprivation of services and infrastructure and herding young people to live in places like Toronto with its out-of-control housing prices is the new reality. So too is the reality this generation is the first generation that can expect to live more poorly than their parents.
What chance do families have when they pay as much as 43 cents out of every dollar in some form or another in taxes to some level of government? The non-partisan Parliamentary Budget Office has confirmed that liberal billion dollar giveaways are being paid for by cuts to Conservative child benefit programs, with 500,000 families having their benefits cut or eliminated.
Compare this record with 12 months ago when the Conservatives were managing the economy. There was an average monthly gain of 13,000 jobs. 96,700 more private sector jobs existed under the Conservatives in 2015. The budget was balanced. The middle class goal of owning a home was more than just a shattered dream. Children could expect the same or a better quality of lifestyle than their parents. Families had a government who cared.
As your Federal Member of Parliament, I am pleased to represent you on a variety of issues. Whether that issue is promoting agriculture, international trade, Canadian Unity, CNL, the military or jobs in the working forest, I am here to serve you! As always, if you have any concerns of a federal nature, or just want to share your views with me, please do not hesitate to contact my office. Office contact Information: Constituency Office of Cheryl Gallant, MP, 84 Isabella St., Pembroke On. K8A 5S5 or call 732-4404. There is no postage required when you write your Federal Member of Parliament.