The purpose of this report on the public liabilities of Canada is to provide Canadians with an accessible account of the total indebtedness of each of the provinces and of the federal government. It is a reminder of the extent of our indebtedness, how jurisdictions compare both nationally and internationally, and how the national comparisons are changing as time passes.

This study was stimulated by the recent successful launch of the euro, the prospect of official dollarization in Argentina and Mexico, the relatively poor performance of the Canadian economy, and the depreciation of the Canadian dollar.

The Canadian system of public education is inefficient and inadequate: 33 percent of Canadian high-school graduates are functionally illiterate; 27 percent of Canadian adolescents drop out of high school with no diploma.