Finance Canada said it does not know how many billions of dollars it is spending on debt interest payments, according to Blacklock’s Reporter. .“I find the government is very secretive about information,” Conservative Sen. Elizabeth Marshall (Newfoundland and Labrador) told the Senate National Finance Committee. .“I just make that statement that you can’t give us a number for revised public debt charges.”.Finance Canada managers testified at the Senate Finance Committee that they did not know the figure. No reason was given. .“At present, we do not have a revised estimate for public debt charges in 2023,” said Assistant Deputy Finance Minister Evelyn Dancey. .Marshall blasted Dancey by saying she is Finance Canada. All of the intelligent people are in it. .“Is it that you have the number and won’t disclose it, or you don’t have the number?” said Marshall. .Dancey responded by saying Finance Canada was undertaking its fall forecast. All of the pieces will come together. .“We determine our financial requirements,” said Dancey. .“We update the forecast.”.Marshall called this “unbelievable.” She admitted she could not find any details on public debt charges. .Finance Minister Chrystia Freeland estimated in Budget 2023 in March debt charges would cost Canadians $43.9 billion this year — almost as much as the $49.4 billion for Medicare. Finance Canada projected debt servicing would cost $50.3 billion by 2027. .Interest rates have since risen half a point. Freeland testified at the House of Commons Finance Committee in May she considered debt charges fine, but she did not elaborate. .Freeland said she was “really opposed to fiscal fearmongering by the Conservatives.”.“I think it’s important to put all numbers in context,” said Freeland. .“Our debt service charges are absolutely handleable.”.Prime Minister Justin Trudeau’s government has raised per-person debt levels by 35.3% since 2015 — the third highest amount since the Second World War — according to a 2022 study conducted by the Fraser Institute. .READ MORE: Canadian government has increased per-person debt by record amount.“While some emergency spending for COVID was necessary, the significant increase in federal debt in recent years means more tax dollars will go towards paying interest and future generations are on the hook for today’s spending,” said Fraser Institute associate director of fiscal studies and study co-author Jake Fuss. .The Fraser Institute said Trudeau’s government is projected to increase per-person federal debt by more than 35% since being elected in 2015, raising federal debt per person from $34,791 to $47,070. While debt has skyrocketed under Trudeau, it said federal debt per Canadian shot up by more than 25% from before COVID-19 in 2019 until 2022.
