When you hear about our federal or provincial government deficits, it’s always interesting to take note of the language used.
It’s rare that you hear that our deficit is actually in decline. We usually hear a politician bragging that the deficit is growing at a slower rate, or that a government is trying to grow our economy at a faster rate than the debt is increasing.
I guess when the debt is approaching $650 Billion, it’s hard to even just pay the interest. Especially when the interest is $53 Million a day. So to speak of ‘success’ means to define it in creative ways, and this is where the language gets in the way of common sense for regular Canadians.
Growing debt at a slower rate should not be considered a success strategy for personal households.
If someone told you that their income was rising, but their debt was rising at a similar pace, would that be considered success? DO NOT do what our governments do.
Rather, spend less than you make to eliminate debt altogether. We don’t have the benefit of being able to print money or raise taxes like our government can. So don’t take financial lessons from our politicians. Plain and simple – live below your means. Your future self will thank you.