WASHINGTON — A Bush administration official said Monday the next government will inherit a record federal budget deficit for next year that approaches $490-billion (U.S.).
The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490-billion would easily surpass the record deficit of $413-billion set in 2004.
To read the rest of the article from the source click here, other wise here is my take. The Canadian national debt is roughly 725 Billion, click here for the running tally. It works out to just over 22K per average Canadian. Now compare that to our American neighbors, 9.5 Trillion or just over 31K per American. Should we break out the check book now and pay off our share? Heck no. If you really think about it what comes to mind is what kind of fiscal lesson are our so called parents trying to teach us. If we need more money we will just print more. To stimulate the economy we will just send out cheques cause they think that we are just going to spend it any way. Our saving’s rates are at all time low’s, what are we going to do if this economy really does tank and quickly. Ask for a goverment bail out? They are worse off than we are! We have to change our habits and do it quickly, as we can not look at our national leaders for the right direction to go. Sure we as Canadians have whittled away at our national debt at a faster rate this past decade, but on average the regular Canadian is carrying far too much debt. All it takes is a little knowledge and a push in the right direction to get you on the right track to debt freedom. Contact us to see how we can help. Use the chat box above, or leave a posting below, if you’d like to brainstorm some specific ideas about your own situation or ask for a free debt analysis to see how we could help you personally.