Canadians are increasingly worried about the national debt, seeing it as a sign of poor economic management, according to newly disclosed Privy Council research. Blacklock's Reporter says focus groups organized under a $1.6 million federal contract revealed taxpayers’ concerns over the ballooning debt and the government’s fiscal approach.“A number expressed concerns about the national debt and believed a greater focus needed to be placed on maintaining balanced budgets in order to ensure the debt did not rise further,” researchers wrote in the report, Continuous Qualitative Data Collection Of Canadians’ Views.Currently, Canada’s federal bonded debt stands at an estimated $1.7 trillion, with projections suggesting it could surpass $1.8 trillion this year. New Public Accounts are expected by the end of the month to confirm updated figures.Participants in the focus groups were critical of cabinet’s economic management, citing high interest rates, rising living costs, continued deficit spending, and the growing national debt. “A large number felt that the Canadian economy had not been well managed in recent years,” the report noted.Some Canadians expressed frustration that the government seemed more focused on international aid than addressing domestic economic challenges. “A few believed the Government of Canada had placed too high a priority on providing financial and or humanitarian assistance to other countries and felt that it needed to place an increased focus on addressing the economic challenges faced by those living in Canada,” said the report.The findings came days after cabinet amended the Borrowing Authority Act to raise the federal debt ceiling from $1.83 trillion to $2.13 trillion. The federal debt limit in 2021 was $1.16 trillion, meaning the ceiling has increased by nearly $1 trillion in just three years.Debt interest charges, which are projected to hit $50 billion this year, remain the fastest-growing expense in the federal budget. Senators raised alarms during May 29 finance committee hearings about the mounting financial burden.“We are not going to be around to pay it back,” warned Sen. Elizabeth Marshall of Newfoundland and Labrador. “We are leaving it to our children.”As Canada approaches its new debt ceiling, critics are calling for a clearer timeline to balance the budget. However, cabinet has yet to commit to such a plan, fueling further concerns among citizens about the country’s financial trajectory.
