On September 15th, 2016 students at Western University saw something they would never expect. On top of the iconic University Hill, Western students learnt they owed over $17,000 in federal debt. What a shock. For all they were concerned their only debt obligations were student loans, credit card payments and keeping up with the Kardashians. Wow, were they wrong.

As students continued to gaze at the rapidly moving numbers, their minds were stretched to understand why. How is it that, by simply being born into a free, liberal, democratic society they had come to owe such vast sums of money to the federal government?

Think of it this way. When you use money on your credit card and do not pay it back, you rack up interest. Sure 19% of $1000 (the basic limit for students) may not seem like much. And I’m sure you would think 0.5% interest paid to banks is not a lot either. But years upon years of government borrowing have added up.

The government now wastes over $25 billion each year just to pay interest on the debt. That’s enough to pay the operating budget of Western University for 35 years. Or, put another way, the tuition of every student in Canada.

Again, this isn’t money that is going to our schools, hospitals or our national defence. No, this is money wasted on interest.

The federal government relied on the votes of young people to win this past election. The repayment to them? A $30 billion annual deficit, a reduction in the textbook tax credit and the introduction of a carbon tax which will do nothing to curb global carbon emissions. Over the next five years, Trudeau will increase the federal debt by between $100 – $150 billion according to current estimates. And this from a government that promised “modest” deficits.

It is now up to young people to use the strongest paired letters known to man-kind: No. If young people would stand up and say no to massive and prolonged deficits, vote for those who take fiscal responsibility seriously and encourage leaders of whichever party to reduce Canada’s debt, the future of Canada’s youth can still be saved.  

By bringing the Debt Clock to Western’s campus, Generation Screwed sought to inform students that they need to be fiscally aware and politically active. It is up to Western students to voice their concerns over the debt and deficit and call on the federal government to rein in its spending.

For more information:

 

 

Piercon Knezic – Campus Coordinator, Western University

email: pknezic@generationscrewed.ca