Ralph Waldo Emerson once said, "Money often costs too much."
That statement couldn't be truer for the Canadian government, who shell out $87 million per day in interest payments alone.
This is something the Canadian Taxpayers Federation hopes to change with a national campaign.
The CTF is a non-profit organization with an aim to lower taxes, decrease waste and make the government more accountable to taxpayers.
Scott Hennig, CTF national communications manager, was recently in the Battlefords as he accompanied the National Debt Clock Tour, CTF's second such campaign.
A trailer displaying the national debt, as it increases by $1,400 per second, is being driven across the country to raise awareness of the sheer magnitude of the numbers.
"It's a hard concept to grasp," said Hennig. "Once you actually see the numbers run, you can grasp how big the debt really is."
Besides displaying the national debt, which is $561,724,879,448.55, the clock also displays the debt per Canadian citizen: $16,555.
"It helps people wrap their head around how large their share really is," said Hennig.
He said the necessity for a second campaign comes as a disappointment, explaining the debt clock, which was driven around the country between 1993 and 1996, was put away in 1997 when the federal and provincial governments reigned in spending.
"When the governments started borrowing more and running deficit budgets, we pulled it out of storage," said Hennig, adding generally the CTF spends their time researching and presenting information related to government spending.
"We're disappointed," said Hennig. "Every single MP voted in favour of the 2009 deficit budget. Not one single MP voted against it."
Hennig added it was particularly disheartening because polls conducted at the time indicated half of Canadians were opposed to deficit budgets.
MP Gerry Ritz took the time to talk about the Conservative budget.
"We don't embrace deficit budgets," he said. "But there are situations, such as we've seen in the latest recession, where deficit budgets are necessary to stimulate the economy."
Ritz explained the deficit budget was necessary to deliver the services Canadians expect, adding the government has increased health care spending by six per cent every year and education by three percent.
"That's why we've got a deficit budget," said Ritz.
He pointed to the six consecutive quarters of growth the country has seen as evidence their plan is working, and said now that things are looking up, the government will likely reduce borrowing.
"It's a global phenomenon, not just our country," said Ritz. "Everyone was forced into a deficit package."
Although the CTF is mainly focused on the federal debt, they also have a number of province-specific campaigns (such as a call to end the ban on private liquor sale in Saskatchewan) and encourage balanced budgets in the provinces as well.
This is something local MLA Len Taylor agrees with.
He told the News-Optimist the NDP has a track record of balanced budgets, saying, "Before we'd left office in '07, we'd run 11 straight balanced budgets, and we did so in difficult financial times."
However, he did say there are times when borrowing is justified and even useful, providing people know exactly what the debt is and what it is for.
"Governments, just like businesses and home owners, can have debt," said Taylor. "That debt should be, if it exists, on the capital side and not the operating side."
He said that although the Sask. Party is telling people they are reducing debt, they aren't.
"I think it's important for the public to realize that the Sask. Party government is balancing its budget by stripping 100 per cent of Crown corporation profits and are now forcing our Crown corporations into debt," said Taylor.
He explained the government typically takes a dividend of the profits of the Crown corporations, such as SaskEnergy or SaskTel, but currently, the provincial government is taking all the profits.
"Crowns now have to borrow money if they want to invest or upgrade, and that's just not right," he said.
Taylor said although the operating budget may appear to be balanced, when the Crown corporations are taken into account, the province as a whole has a growing debt.
"If SaskEnergy or SaskTel now have to raise their fees because they have greater borrowing costs to repay, is that fair to Saskatchewan people? I think no, it isn't," said Taylor.
"At a time when other revenues are increasing in the province there's no need for this," he said.
Sask. Party MLA Mike Chisholm did not return calls requesting for an interview by press time.
By the way, in the time it took to write this article, the debt jumped to $561,731,213,982.67. Visit taxpayer.com for more information on the Canadian Taxpayers Federation.
