You should be used to it by now. Prime Minister Trudeau emerges from his taxpayer-funded mansion, like a daily groundhog, to announce billions of dollars in deficit spending. After taking a few soft-ball questions, he retreats back into his taxpayer-funded mansion to continue with day 52 or 57 or 63 of his 14-day quarantine. He may emerge again tomorrow, if he does not see his own shadow.
Are you a millenial? Are you in your 20s? Then all of this should make you cringe. Let me explain why.
As of today, your personal share of the federal debt stands at about $34,000. That doesn't include provincial debt, municipal debt, and the debts of various government corporations. It also doesn't include long-term government liabilities (like pensions for civil servants).
And, yes, you are going to pay the interest on all that debt. You are either going to pay it through taxes, or through some other mechanism that robs you of any chance to get ahead in life. All other taxpayers will pay for it, too. But millenials will pay the most, because they are just entering the workforce now, and will inherit most of the debt.
Here's a tool that will help illustrate this problem. It's called What's My Tax Burden? It is produced by Generation Screwed. Don't treat it as an exact calculation. Treat it as a tool which explains why the millenial generation just can't seem to get ahead.
And that's why you should cringe every time your groundhog Prime Minster emerges from his taxpayer-funded mansion to annouce more debt. He is essentially piling the debt on the shoulders of your generation, and making it harder and harder for you and your generation to get ahead in life.