www.DebtClock.ca accelerates to $1,585 per second from $1,069 

TORONTO: The Canadian Taxpayers Federation (CTF) announced today that their debt clock at www.DebtClock.ca has once again been sped up. Last week Federal Finance Minister, Jim Flaherty, revealed that the deficit for 2009-10 will be at least $50 billion, instead of the $34 billion projected only months earlier in the federal budget. As a result, Canada’s debt clock has had to be updated to reflect the new and higher debt growth rate. The debt clock is now spinning at a rate of $1,585 per second. 

CTF Federal Director, Kevin Gaudet, said “watching the debt clock can make you dizzy. So, too, can thinking about how this large and growing debt will need to be paid off.”

The debt clock has also been updated to reflect the newly released deficit numbers for fiscal year 2008-09. The 2009 budget indicated it was to be $1.1 billion. Instead, last year’s deficit has been increased to $2.25 billion. With the updated deficit numbers, driven in great part by historic auto bailouts, the debt clock will accelerate adding debt at a new rate of $1,585 per second; $95,129 per minute; $5.7 million per hour; $137 million per day; $959 million per week; and $4.2 billion per month.

“How much is $50 billion? It could buy roughly 211 NHL teams, or build 100 state of the art sports stadiums, or buy 26 space shuttles. If divided up and given to Canadians, it would be $1,492 each,” continued Gaudet.

The Canadian Taxpayers Federation (CTF) re-launched its federal debt clock, at www.debtclock.ca, earlier this year, in response to federal politicians taking Canada back into a deficit after eleven years of surpluses. It will continue to be updated each time the debt figures change.

“Instead of federal politicians arguing amongst themselves about how they can make the deficit and debt even larger, Canada requires a sober conversation about a plan to exit this spiraling financial problem”, concluded Gaudet.