The Debt: An Economic Catastrophe

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reality. The need for debt elimination
is vital if Canada wants to free up billions of dollars being spend on interest
payments. Two approaches may be taken to this. First, an increase in
government revenues through higher taxation may be considered. However, taxes
are already at a point where some people feel they are working merely to pay the
government, rather than support themselves. Second, a restraint on government
spending by means of cutbacks may be a path, possibly a difficult one, to the
road of eliminating our federal debt. Either way, it will be the young citizens
of Canada that will have to pay for previous government overspending. “Our
national debt, after all, is an internal debt, owed not only by the nation but
to the nation. If our children have to pay the interest, they will pay that
interest to themselves.” (Franklin Delano Roosevelt)

As our debt continues to increase, so do the taxes that Canadians are paying.
Thirty-five percent of our taxes are being ...

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