POLITICS - Canada's federal deficit is set to soar to $64 billion CDN over the next two years as it combats the global recession.The United States is also going to lose over $825 billion on a stimulus package to boost its lagging economy during the American recession.
And we're not the only ones. Countries around the world are going in debt to boost their economies and spend on infrastructure.
Lets stop and look at the huge national debts of various countries:
Canada: $266 billion ($337.294 billion Canadian).
United States: $10,626 billion or $10.63 trillion.
United Kingdom: $793 billion (£571.8 billion).
France: $1,503 billion or $1.5 trillion (1,158 billion Euros).
Germany: $1,850 billion or $1.85 trillion (1,425 billion Euros).
Italy: $2,131 billion or $2.13 trillion (1,642 billion Euros).
Japan: $5,699 billion or $5.7 trillion (507,599 billion yen).
Its no wonder we're having a credit crisis. Our countries have been spending like crazy (on things like unnecessary wars) when they should be building infrastructure and investing in their economies.
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