CANADA'S BUDGET WATCHDOG SOUNDS ALARM OVER PROVINCIAL DEBT

Sep 27, 2018

By Bob Komsic

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Parliamentary Budget Officer Yves Giroux says the provinces have a debt problem and federal transfer payments won’t keep up with the rising health-care costs associated with the country’s growing population of seniors.
Major shifts in Canada’s demographic profile will have a major impact on economic growth and government programs over the coming years.
The rate of those 65 and older, relative to those younger, something known as the senior dependency ratio, is projected to almost double between now and near the end of this century.
The PBO report says the ”most acute” period of population aging will take place the next 25 years as the proportion of working-age Canadians declines.
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