Madam Speaker, I thank my colleague for drawing attention to the increasing consumer debt that Canadians are taking on. A recent study indicated that consumer debt has risen by 6% since the fourth quarter of 2016. However, the introduction in the budget document states, “For Canadian families, this means greater financial security, and greater peace of mind”. That certainly has not been bearing out in the consumer debt levels that Canadians are taking on.
I wonder if my colleague is concerned about the increasing and spiralling amount of money we are paying just in interest to service our national debt. This year alone it will be $26 billion. By 2022, it will be $33 billion a year just in interest. Just a 1% rise in interest rates would increase this amount by billions per year.
Does my colleague share my concerns about the increasing amount of money that we are spending on interest to service our national debt?