Canadian Public Debt

China Suppliers


History

Canada federal debt grew steadily between 5% and 10% per year until 1975 when it began to explode; growing for the next 12 years at more than 20% per year. It broke the $100-billion mark in 1981 and the $200-billion mark in 1985. While the growth slowed in 1988, the federal debt continued to climb, breaking $300-billion in 1988, $400-billion 1992, and $500-billion in 1994. It peaked in 1997 at $563-billion.

Over the past decade it had slowly declined to $458-billion in 2008. However the trend has now reversed. The federal debt grew by $5.8-billion in 2008-09, is slated to grow by $55.9-billion in 2009-10 and will continue to grow for years to come. In just the next two years, all the debt repayment of the past eight years will be wiped out. gradual alarm clock

Year antique carriage clocks

Gross Debt in Millions antique clocks mantle

1961-62

$14,825

1970-71

$20,293

1980-81

$91,948

1990-91

$377,656

1996-97

$562,881

2001-02

$511,946

2007-08

$457,637

2008-09 (projected)

$458,737

2009-10 (projected)

$492,437

2010-11 (projected)

$522,337

2011-12 (projected)

$535,237

2012-13 (projected)

$542,537

Foreign ownership

A list of the foreign owners of Canadian Treasury securities

Foreign owners of Canadian Treasury Securities (July 2009)

Nation

billions of dollars

percentage

People's Republic of China

 ?

 ?%

Japan

 ?

 ?%

United Kingdom

 ?

 ?%

Caribbean banking centers

 ?

 ?%

Oil exporters

 ?

 ?%

United States of America

 ?

 ?%

Russia

 ?

 ?%

All other

 ?

 ?%

Grand Total

 ?

Provincial Debt

Municipal Debt

Risks and obstacles

Risks to the Canadian dollar

Long-term risks to financial health of federal government

Debt clocks

In 1993, the Canadian Taxpayers Federation commissioned the construction of a giant debt clock 12 feet long by 8-and-a-half feet high with changeable faceplates for the federal and each provincial government. The clock displayed the per-second increase in debt along with the share for each Canadian family. The clock was toured around the country. The clock went into temporary retirement once the federal government balanced the budget in 1997 and began paying down the federal debt.

In fiscal 2008-09 the debt clock climbed by $183.92 per second, taking federal debt up to $463,700,000,000. After April 1, 2009, the clock, and the federal debt began growing by $1,772.57 per second, which is the equivalent of $106,355 per minute, $6.4-million per hour, or $153-million each day. By March 31, 2010, Canada federal debt is projected to reach $519,600,000,000.

Calculating and projecting the debt

Canada has changed its calculation in 2002-2003 for net debt, before, the net debt was the total liabilities minus total assets, now it is the total liabilities minus financial assets, as the government prefers the concept of "accumulated deficit", which corresponds to the old definition of net debt.

See also

Balance of payments

Budget deficit

Deficit

Economy of Canada

Global debt - the "big picture"

List of countries by current account balance

List of public debt - list of the public debt for many nations, as a percentage of the GDP

National bankruptcy

Proposed bailout of U.S. financial system (2008)

Public debt - a general discussion of the topic

References

^ Canada's Debt History Tax Payers Foundation

^ http://www.debtclock.ca/index.php?option=com_content&view=article&id=44&Itemid=41

External links

Canadian Debt Clock", by The Canadian Taxpayers Federation

Categories: Economy of Canada