LETTER: Leaving future generations to pay the bills

The Abbotsford News (Aug. 5) reported that the average family cannot afford a mortgage for a typical detached home.

The Abbotsford News (Aug. 5) reported that the average family cannot afford a mortgage for a typical detached home.

A mortgage of $400,000 requires $1,700 monthly payments which few families can afford.

A Fraser report shows that the average earning Canadian family is taxed almost $5,000 annually to pay the interest on Canada’s national debt. Since B.C.’s debt per person almost equals our national debt per person, the average earning family is paying around $9,000 annually for interest associated with national and provincial debt.

We bought our first home in a different era, when governments acted responsibly and debt was virtually non-existent. Our good fortune was that income taxes then were a minor expense and buying a new home on a beginning teacher’s salary was relatively easy.

Globescan surveys indicate that public trust in governments back in the 1960s hovered around 70 per cent but, with burgeoning debt, people’s trust hovers below 30 per cent. Modern-day societies deplore their politicians who cannot live within budgets and rob future generations by wracking up debt which they must fund.

Pierre Trudeau’s legacy gave Canadians an inflated lifestyle but increased each Canadian’s portion of the national debt by 650 per cent.

Subsequent prime ministers, with one exception, kept increasing each person’s share: Mulroney at 203 per cent, Chretien at 3 per cent and Harper at 15 per cent. Martin actually reduced it by 6 per cent.

Yesteryear’s irresponsible governments now negate many of today’s families from qualifying for a mortgage.

Imagine how much easier it would be for average families having an additional $9,000 per year of disposable income.

Unfortunately, our current prime minister’s public commitment to increase debt not only increases the annual taxes we have to shell out, but it promises our children an even more bleak future. The desire to be in political power supersedes the hopes of too many young families to enjoy their own home.

Government debt is a killer for future generations. It’s like placing our children and grandchildren several miles behind the marathon’s starting line.  Governments need to live within their means, and stop expecting future generations to pay their bills.

Jim Dueck

 

Just Posted

Abbotsford man cleared of drug and weapons charges for second time

Navpreet Dhaliwal acquitted of four charges less than a year after previous offences dropped

Bruce Banman to seek Abbotsford South BC Liberal nomination

Former Abbotsford mayor was elected as a councillor last fall

VIDEO: Suspected arson sends five to Abbotsford hospital with smoke inhalation

Man seen throwing flammable substance in van, lighting it on fire next to home

Fraser Valley Bandits drop to 0-3

Abbotsford-based pro basketball team loses 102-88 to Hamilton on Wednesday

Pianist and cellist featured at fundraising concert at The Reach

Concert on Saturday, May 25 at Abbotsford gallery-museum

600 new campsites coming to provincial parks and recreation sites across B.C.

Tourism Minister announced half of the new spots to 13 most popular provincial parks

Metro Vancouver mayors ask public to lobby feds for annual $375M transit fund

Mayors renewing their call for transit funding as federal election looms

B.C. woman left ‘black and blue’ after being pushed off 40-foot cliff at lake

West Shore RCMP looking for witnesses as investigation continues

BC Ferries asks boaters to learn signals and be careful around vessels

BC Ferries responded to 15 marine emergencies in 2018

Thunderstorms to bring heavy rain, risk of flash floods in the southern Interior

Ten to 30 millimetres of rain to fall over the early weekend

Unbe-leaf-able: Agassiz man finds more than 200 four-leaf clovers in a month

Walt Hardinge has found more than 219 four-or-more leaf clovers this spring alone

Mother bear, three cubs relocated from Maple Ridge

Silver Valley residents calling for ‘no-kill’ zone.

VIDEO: TransLink to roll out battery-powered bus pilot this summer

Four buses will run a 2.5 year pilot along Marine Drive

Crews fight fire with fire to keep blaze from northern Alberta town

The wildfire now covers some 920 square kilometres

Most Read