Forget Sports and TV series for a moment Part 2
In part one quoted that the per person tab of the Canadian debt is $40k, but that is not the whole story. Just like the US, there is another bomb called unfunded liability, I will get to that in future posts.
$40k
So what is this magic tragic number mean?
Well banks look at how much you make and how much you owe to rank risk, so lets look at how the country looks in terms of GDP per head... From tradingeconomics.com :
So that means we make per head $43k and are in the 90+ % debt to GDP, so you must have heard Greece and their debt problem and how people are suffering. This is what their debt to GDP looked like.
Once past about 100% in early 90s, they were not able to reduce their debt you have heard the rest. There are so many factors and I am not saying that is a point of no return but Canada is on the same course towards the cliff...
To be continued...
This series is written in hope to bring more awareness to the debt problem everyone will suffer if not dealt with.
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