Consider the following figures for Canada and the USA:
Government debt is approaching the $600 Billion mark in Canada. Unfunded liabilities (including pensions) are about $1.5 Trillion. Total debt = $2.1 Trillion for 34 million Canadians.
If we do the math, each Canadian owes $61,765!
That amounts to $247,060 for a family of four.
This does not include debt owed by individuals for houses, cars and personal loans.
How much debt can Canadians afford to carry?
Interest costs alone at 4% amounts to $9,882 for a family of four.
The American situation is even worse.
In the US Government debt is approaching the $11 Trillion mark. Unfunded liabilities are about $54.5 Trillion. Total debt = $65.5 Trillion for 305 million Americans.
Each American owes $214,754!
That amounts to $859,016 for a family of four.
Again, this does not include debt owed by individuals for houses, cars and personal loans.
Interest costs alone on this number at 4% amount to $34,361 for a family of four.
How much extra can we afford to pay in taxes?
My best guess is the taxation will come in the form of high inflation.
In my view, stocking up on tangibles and gold may be one of the few ways to insulate ourselves.
Government debt is approaching the $600 Billion mark in Canada. Unfunded liabilities (including pensions) are about $1.5 Trillion. Total debt = $2.1 Trillion for 34 million Canadians.
If we do the math, each Canadian owes $61,765!
That amounts to $247,060 for a family of four.
This does not include debt owed by individuals for houses, cars and personal loans.
How much debt can Canadians afford to carry?
Interest costs alone at 4% amounts to $9,882 for a family of four.
The American situation is even worse.
In the US Government debt is approaching the $11 Trillion mark. Unfunded liabilities are about $54.5 Trillion. Total debt = $65.5 Trillion for 305 million Americans.
Each American owes $214,754!
That amounts to $859,016 for a family of four.
Again, this does not include debt owed by individuals for houses, cars and personal loans.
Interest costs alone on this number at 4% amount to $34,361 for a family of four.
How much extra can we afford to pay in taxes?
My best guess is the taxation will come in the form of high inflation.
In my view, stocking up on tangibles and gold may be one of the few ways to insulate ourselves.
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