TORONTO, ON: The Canadian Taxpayers Federation is launching a cross-country billboard and social media campaign to warn Canadians about the federal government’s $1-trillion debt.

“Deficit spending is out of control and we’re pushing politicians to be honest about how they’re going to pay back the $1-trillion debt,” said Franco Terrazzano, Federal Director with the Canadian Taxpayers Federation. “More deficits mean more debt that Canadian kids and grandkids will need to pay back. Politicians need to rein in their deficit spending so future generations aren’t weighed down by soaring government debt.”

The CTF launched a national billboard and social media ad campaign to warn Canadians about the federal government’s $1-trillion debt. The billboards will run in Vancouver, Calgary, Winnipeg, Toronto, Ottawa and Montreal and the CTF will be running social media ads in the other markets.

At $1 trillion, each Canadian’s share of federal government debt is currently about $29,000.

On its current trajectory, the federal government won’t balance its budget until 2070, according to the Parliamentary Budget Officer. Debt interest charges would cost Canadians $3.8 trillion and the federal debt would cost about $67,000 per Canadian by 2070 under the status quo.

“Politicians owe taxpayers the truth about how they are going to pay for this $1-trillion debt and the truth is taxpayers are going to get clobbered if politicians don’t tighten their belts,” said Terrazzano. “Interest charges on the debt siphon away billions that can’t go to health care or lower taxes.”