Montreal, September 18, 2009 – The Montreal Economic Institute (MEI) has just released a Quebec debt clock on its website. It shows the growth in public sector debt in real time based on data provided by the Department of Finance in its 2009-2010 Budget Plan.
Even excluding recent variations due to changing economic conditions, it is estimated that the debt is rising by $9 billion a year, or $25 million a day, $17,215 a minute or $287 a second. Today it will go over the $212.6-billion mark.
MEI president Michel Kelly-Gagnon says “this tool will help taxpayers put things in perspective by seeing how quickly their tax dollars are being spent by the government. The average annual amount paid in taxes by a Quebecker will be fully spent in less time than it takes to read this article!”
The Quebec debt clock is available on the MEI website’s home page at www.iedm.org.
* * *
The Montreal Economic Institute (MEI) is an independent, non-profit, non-partisan research and educational organization. Through studies and conferences, it informs public policy debates in Quebec and Canada by suggesting wealth-generating reforms based on market mechanisms.
– 30 –
For further information and interview requests: David Descôteaux, Montreal Economic Institute, Tel.: 514 273-0969 ext. 2224 / Cell: 514 993-4450 / Email: ddescoteaux (@iedm.org)