Canada is living large today while dumping the costs on future generations. A previous OAS report put that cost at more than $11 billion a year. He estimates that that ratio could swell to 200 per cent over the next 75 years, unless municipal and provincial governments take action. These are the real repercussions of unrestrained borrowing and spending: eventually, something has to give. Though the PBO’s analysis acknowledges that federal spending, as well as the Quebec Pension Plan and CPP, are currently sustainable, its warnings about the overall danger of an ever-expanding mountain of debt should give pause to leaders at every level of government.

Source: National Post June 30, 2016 17:15 UTC