Debt- The Invisible Tax
Debt is the invisible tax that we all end up paying for. For the past 12 years, city council has been racking up debt to the point where it has become an addiction that the city can't break.
From 2010 to 2022, Ottawa's debt has skyrocketed by 280% to $3.1 billion - that's $7,000 for each household in Ottawa.
The annual cost of servicing this debt has nearly reached a quarter of a billion dollars annually.
Over the next three years, Ottawa plans to borrow another $1.1 billion.
Using debt to build our city is one thing; however, being crushed under the burden of repaying this debt is another.
Ottawa pays its creditors:
3 times more money than it spends on repairing roads;
3.5 times as much as it spends on our recreation facilities;
6 times as much as it spends on our parks; and
40 times as much as it spends on filling potholes!
Over the next 30 years, Ottawa will pay over $3.5 billion in interest payments on its existing debt. That is $3.5 billion that won't be spent on programs and services.
We have to end the addiction.
Endlessly borrowing money is not a solution.
Its time for Ottawa to live within its means.