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American national debt vs. Canadian national debt
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by Bender_420 | December 8, 2005 at 10:27 am
98744 views | 10 Recommendations | 88 comments
OK, so i had a few minutes to kill this morning and decided to look at North American debt levels per citizen.
The Current national debt owed by the USA is well over 8 TRILLION dollars, approximatly $8,128,207,427,249 and RISING. But don't take my word for it, check out the constantly updated and award winning USA Debt Clock.
So, with the current USA population at about 295,734,134, a quick division tells me this works out to $27,484 USD for every man, woman, and child in the United States. Of course, by the time you read this it'll probably be over $27,500 per capita...
In comparison, Canada's national debt is a "mere" $805 billionish (or $690,726,990,157 USD), AND FALLING. Keep in mind that we have a much smaller population, sitting at around 32,805,041, so our per capita debt load, coverted at today's exchange rate of $1 CAD = $0.863408 USD is around $21,055 USD/Canadian, and, thankfully, falling.
Holy crap am i ever happy we Canadians decided not to throw hundreds of billions of dollars into this latest war...
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at 11:16 on December 8th, 2005
...and all this despite the fact that Canada has a (supposedly outrageously expensive) national health care system... it's almost enough to make you think what kind of America would be possible if the government didn't insist on accounting for almost half of the entire planet's military spending, eh?
at 19:21 on October 1st, 2008
Can i move to canada? I think im going to start analyzing each country's fundamentals, just like you would in order to pick a stock, and move to the one with the best.
at 15:34 on December 9th, 2008
Been there, and lived there, it stinks. Don't think Canada has a lot to offer. Canada always manages to look good on paper, but once you are there, then you puke. But one thing, I might be somewhat unfair. I haven't been to many parts of US, such as those hillbilly red neck parts; if we compare those parts to Canada, then Canada definitely wins. But as long as the major cities are concerned, I'd take US over Canada any day.
at 12:39 on December 19th, 2008
Peter-
You have a distinct lack of grace when speaking of other nations. I would have to call you the prototype "Ugly American." but then I know many Americans are good people. As you yourself admit, you've never been to too many places, even in your own country. Perhaps, next time you are thinking of coming here to Canada, you could just stay home.
at 11:51 on March 17th, 2009
I agree with you Mark. I grew up in the good old USA (California). I came to Canada AFTER spending 1969-70 in Vietnam(all expenses paid). Yeah, I wish I had done it the other way around, but I did end up here.
I am often ask "Why are you here in Canada when you could be back in the US?"
I generally answer with "The US has a better standard of living but Canada has a better quality of life." I have been here for about half my 61 years. Three qualities pop immediately to mind.
1. Health care - Canada has a longer life expectancy and lower infant motality rate at about half the $ per person. I imagine that the US would have much better numbers if they didn't include the ~40 million people without insurance. Is it that these people only deserve something if they earn it? That is the American Way.
2. Education - Our schools are deteriating, but they still do a better job than most US schools. Unless you are talking about private schools. Private education in the US is probably the same or better than Canadian public schools. Let's see, my 2 sons went to 4 years of University each( I contributed $10G they paid ~3-4G foor each year). This would get them ? years at Harvard, Yale, Stanford. Neither played footbal or baskeball and there are no Sports scholorships in Canada. Note: don't use my spelling abilities as a critic of Canadian schools, I'm a product of US schooling.
3) Safety(Crime) - Property crime is about the same as the US, violent crime is much higher in the US. I figure that this is an extention of Capitalism. For example: If I do an armed robery, sell cocaine or rape a women , what are the chances I will get caught vs. the rewards I will receive for doing it. The US keeps upping the penalties, but crime just gets worse. I heard (unverified) that there are as many people incarcerated in the US as there are in the rest of the world.
I do not have a big house (2000 sq ft). I have 2 cars (total 16 years old). No boat, ATV, Skidoo, Monster truck, palsma TV, swimming pool, etcetera. More people in the US have these than I, therefore the US is better because they have a better standard of living.
Rick
at 10:46 on January 16th, 2009
To each his own, mate! I'm born and raised in Canada. If you're comparing major cities, the United States offers more, but personally, I despise large cities. I'd prefer living in my humble town of 47,000 citizens. I haven't travelled much in the United States, but I prefer Canada for governmental purposes... We're all about the people!
at 17:32 on November 22nd, 2008
How can you say our medical system is outrageously expensive when US system causes people to go bankrupt to pay medical bills and deductibles. Canada has one of the most efficient medical systems in the world and I speak from experience as my wife has some serious health issues that would have taken all of our savings and kids college funds if we would have to have her surgery and recovery in the US.
at 12:35 on December 9th, 2008
Actually the United States spends double per citizen what Canada does on healthcare, while Canadians are universally covered. If that that tells you anything on how corrupt and wasteful our U.S. government is. Since this article was written our debt is now closing 11 trillion dollars and will hit 30 trillion once our entitlement programs really kick in.
at 17:13 on July 3rd, 2009
Canada's health system, although universal, sucks. I find it a joke that our healthcare is a source of national pride. It can be summarized in two words: waiting lists. In the US, about 85-90% of people do have health insurance, and the health care those folks receive is vastly superior to that in Canada. Need an MRI in the US? How about this evening? Surgical proceedure? How about next week? Ask those same questions in Canada.
at 12:06 on July 22nd, 2009
I have lived in California all my life and I must say that the argument that Canadians have to wait longer to get a medical procedure taken care of is absurd. I have a wonderful story about the time I had to go to the emergency room for a dislocated knee cap. I was placed in the hallway in the middle of traffic, my brother had to stand there holding my foot up for a half an hour, and every time a doctor or nurse had to go around us they would bitch and complain that I was in their way. Another time I went to the hospital because I could not stop throwing up (and it was green) I waited for two hours to get signed in, directed to a doctor and while waiting to see him ( another hour) I finally passed out.I was asleep for three hours before the doctor came and saw me. They gave me a strep throat test and sent me home. So you can say that the wait is horrible in Canada but in the US it is just as bad. And I come from a small town not a big city.
at 08:29 on August 10th, 2006
Another interesting fact you may not be aware of:
I will shortly be relocating to the states and was comparing tax rates. For people with an income of less than $90-100k the tax rate is much lower in Canada. when I say much I mean for anyone with an income of 40-60k, which I think is the average in most american cities, you are paying 10% or more in taxes every year above what you would be paying in Canada and you are not getting healthcare or half of the social services that are set up here.
The Message: Tired, poor, hungry, foret the states they are walling up their borders. You are better off in Canada.
at 06:49 on October 14th, 2008
I do not think that this is an accurate assessment. You cannot simply compare tax rates. There are a lot of tax deductions that are allowed in US and disallowed in Canada. The most notorious one is deductibility of mortgage interest. In US you can also file something called join tax return for husband and wife, which also save a lot of taxes per family. I lived for sometime in California which is considered a state with the highest taxes in US and I still paid less taxed than I would have paid in Canada, and I wasn't even claiming all these deductions nor filing joint returns. Don't you also forget that the sales taxes are way lower in US (7% in California vs. 13% in Ontario). You can still make argument that life is better in Canada than in US, it is up to you, but when it comes to numbers the fact is: taxes are much lower in US than Canada.
at 10:56 on January 16th, 2009
Please note that Ontario is considered the highest tax cost. With free health care, social benefits, and family-oriented values, I'd consider paying the extra bit on my taxes ;-) Consider how some states also reach 10%+! http://www.retirementliving.com/RLtaxes.html
at 09:22 on March 4th, 2009
So I'm guessing Ontario is equal to the State of California in the United States in Taxes.
at 22:31 on June 16th, 2009
Hey or you can move to the U.S. Pacific Northwest State of Oregon where there is no sales tax :)
at 09:51 on April 14th, 2009
As a Canadian living in the US, it is true that tax rates are similar between the 2 countries and that the US allows more tax deductions. So when speaking strictly about income taxes it is cheaper to live in the US. However, it is very important to know that property tax rates are substantially higher in most US locations. I pay roughly 2.5 times more property taxes here in Chicago than I do on my properties in Calgary or Vancouver.
Dave
at 15:55 on September 26th, 2006
Canada's debt is now at $481.5-billion CDN dollars. I'm not sure where you got your numbers of 805 billion but from what I know it has never been that high, thankfully. Even if your stated US debt is out by the same ratio, it is still astounding and pathetic. I too am glad Canada didn't sink it's heels into this useless war on terror that the Bushmaster is orchestrating. Bush's administration and these times we are in will easily go down in history as one of the most pathetic and atrocious times in world history. Sucks to be a part of this history right now but sucks even more to be an American right now. Can you imagine living with the fact that you signed the ballot and put that wretched brainless loser in power? Sad... so sad and ignorant.
at 10:28 on July 30th, 2008
The 805 billionish number comes from Canada's total debt (from what I have read) including all the provinces and municipalities. Where as the 8 to 9 trillion for the states is only the national debt so if you were to factor those in as well it is really good to be Canadian.
at 10:33 on October 2nd, 2008
I am happy to say that my vote in both of the last two presidential elections was not cast for the Bushmaster. All I have to say to those who did is that you asked for it and you got it!
at 11:01 on August 3rd, 2008
Dear Sir or Madam
I would like to know what was the Canadian national debt load at the end of the P.Trudeau years, and what is it now?
Regards John
at 18:07 on September 24th, 2008
I am very disapointed in our government. They should never let people who make 30,000 take out a 200000 loan. The basics are very simple let's say USA IRS takes in 6 trillion in taxes a yr. If it takes 3 trillion to run the government.
The 2 trillion should be used to pay down our debt. During the Regan Years our debt was only 1 trillion. I think for a Vibrant USA economy Im guessing our debt can't excede 2 trillion dollars. I hope to God that Our government will start doing what we need to do to put USA back on top. China's national debt is only about 500 billion dollars. Canada's National Debt is 460 billion.. What the heck is the deal here LOL
at 12:39 on January 28th, 2009
just as a follow up...at the start of reagan's tenure the national debt was 1 trillion...by the end of his tenure it had jumped to 2.6 trillion...and so began the journey down the slippery slope!
at 20:24 on February 9th, 2009
Reaganomics or "Supply-side economics" is a quasi school of economic thought whose efficacy is dubious. Go Friedman!
at 22:48 on September 2nd, 2008
I from Canada and it is slightly misleading to quote the total figure of debt simply because your economy is much larger your national debt is about 37.9 percent of GDP Canada's is about 35.7 and if you include the provinces its in the 60's. Another thing to think about is how fast you guys can turn it around our debt to gdp ratio was 67.3 in 1996 so their is hope.
at 00:51 on September 20th, 2008
Our canadian federal national debt at its peak was at 700 billion .....However that was when our dollar was at 6o-63 cents american a large amount ($200 billion) of our debt was wiped out by a strong dollar not fiscal responsibilty although it has helped.Since the Canadian dollar has strenghthened 30% against the American Greenback our debt has fallen by the same amount this is due to most external debt is being held by the US.These amounts can be varified by going to revenue Canada's website and checking out our debt repayments.
at 06:20 on September 24th, 2008
I just spent 2 minutes looking up the figures (easy to find).
USA Debt today: $9,789,490,720,019.
USA Per Person: $32,119
Canada Net Debt 2007: $508,109,000,000
Canada Per Person: $15,217
at 13:24 on October 3rd, 2008
It may be the case that each Canadian owes approximately half of the amount owed by each American, but the average American can afford the additional debt. As a Canadian living in the US (formerly Ottawa), I have experienced the difference in the standard of living between the two countries. As a household with two professional level incomes in Canada, our disposible income was nowhere even close to the level that it is in the US. In fact when we first moved and only my wife was able to work while my green card was being processed, we noticed very little difference in the net pay that she was bringing home compared to both of our take home pay from Canada. Once I started working again, the difference was staggering. Paying off $30,000 while we lived in Canada would have been much more difficult than paying off $64,000 working in the US.
at 22:35 on June 16th, 2009
Wow - that is a big difference. Although I would love to live in Canada at some point.
at 22:38 on June 16th, 2009
That is an interesting fact!
at 09:15 on September 24th, 2008
During the summer Congress raised the US national debt ceiling from 9.7 trillion to 10.6 trillion. Now with this latest fiasco they are being asked to raise it to 11.4 trillion. It is estimated that even without the Wall Street bailout the federal budget deficit for 2009 will be 600 billion if McCain is elected and approaching 1 trillion if Obama is elected. Out of control and no end in sight. Congratulations to you Canadians on fiscal responsibility. As long as you do not reverse course your economic future should be much brighter than ours.