Editorial: Tick, tick, tick: our debt clock

Opinion

Hey there, time traveller!
This article was published 07/09/2011 (5139 days ago), so information in it may no longer be current.

The Government of Manitoba spends roughly $800 million a year to service its debt. Think about it. It’s enough money to fix every road, highway and bridge in Manitoba, or to resolve other major public policy issues, such as lowering taxes. Instead, it’s money that goes up the chimney because past governments spent beyond their means.

Total debt, of course, is merely the accumulation of multiple budget deficits, which may seem harmless, even necessary, on budget day, but which can destroy an economy if they are not brought under control.

Witness Greece, which is being forced to make massive cuts in spending, as well as selling off government assets to lower costs and raise revenue to cope with a total debt of more than $400 billion.

Manitoba is not Greece, but our total debt of $14 billion is a major liability that must be both known and understood by taxpayers and voters.

That’s why the Canadian Taxpayers Federation unveiled its debt clock at the Manitoba legislature Tuesday to illustrate the problem and the threat. It shows Manitoba’s net debt is rising by $49.47 per second or $4.3 million per day.

When voters are asked about their concerns, they usually say crime, health care and roads. Deficits are way down the ladder, but they shouldn’t be. The lack of voter interest is one reason why all three parties believe they can promise new spending programs, and little in the way of restraint, with minimal political fallout.

Taxpayers should remind them the clock is ticking.