Frank Stronach, founder of one of Canada’s largest global companies, says the country is “pretty close” to a public debt crisis and Canadians need to force politicians to limit their spending.
When asked how close Canada was to a debt crisis similar to the one that threatened the country in the 1990s, Stronach replied, “I think it’s pretty close, you know, our debt increases by about 400 million dollars every day, doesn’t it? So that should be a big concern.
In his op-ed, Stronach wrote that Canada is not immune to the slide into bankruptcy seen by other countries like Argentina and Greece.
“On the contrary, at the rate we are going, we are getting closer and closer to this scenario. Canada’s debt-to-GDP ratio in 2021 was around 109%, the same percentage as Greece’s just a few years before its bailout. In other words, the amount of money Canada owes is greater than the amount we produce in goods and services. It’s never a good sign,” he wrote.