The Debt: An Economic Catastrophe Essays -- essays research papers fc

The Debt An Economic Catastrophe hardly a(prenominal) national economic issues have generated the uniform kind of concern as has thefederal official debt problem of Canada. There is a pressing need for long-term policiesto lift Canada out of the national debt fixture it is in. Eliminating the debtwill not only free up money macrocosm spent on interest and reduce taxes, but makeCanada a more feasible place for future generations to live and work.Interest on the debt has eroded the governments ability to fund its ownoperations and essential societal services. Presently, thirty-five cents of alltax dollar the federal government raises is apply for interest payments alone onthe debt. Though there have been operating(a) surpluses within the federalgovernment, they have been eaten up by the debt interest payments. Few peopleunderstand the devastating effects of compound interest. The debt, at acompound rate of 10%, doubles in seven years, quadruples in fourteen years, andis eight ti mes as much in black flag years. This creates great difficulty forgovernments to slow the debt, much less eliminate it. Our federal debt growsall 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 eliminationis live if Canada wants to free up billions of dollars being spend on interestpayments. deuce approaches may be taken to this. First, an increase ingovernment revenues through with(predicate) higher taxation may be considered. However, taxesare a...