Canada’s federal debt share has increased by more than $ 12,000, or 35.3 percent, since Prime Minister Justin Trudeau took office, according to a recent Fraser Institute survey.
The study We compared the debt heritage of all Canadian Prime Ministers since the Commonwealth and examined how federal debt increased or decreased during their tenure.According to a survey, the Trudeau administration Third highest Debt of all Prime Ministers since World War II — with his father Pierre Trudeau, whose per capita federal debt increased by 58.8% during his second tenure from 1980 to 1984, and from 1984 to 1993. Just behind Brian Mulroney at 42.5% in between.
Since Trudeau took office, per capita federal debt has increased by $ 12,279 from $ 34,791 to $ 47,070 (inflation-adjusted), according to a study. In particular, federal debt per Canadian surged by more than 25% during the COVID-19 pandemic from 2019 to 2022.
“Urgent spending on COVID was needed, but the significant increase in federal debt in recent years means more taxes will be spent on interest payments, and future generations will be hooked on today’s spending. “The study at the Fraser Institute, co-author, Deputy Director of Accounting, Jake Fas, said: news release..
In a recent editorial, Fuss said that much of the Tordo government’s new spending during the pandemic has nothing to do with COVID-19 itself, such as national dentistry and $ 10 a day day care. .. At least billions of annual spending are planned. And as these programs are covered by borrowing, the debt that Canadians have to bear will continue to grow.
In Federal budget for 2022The federal deficit is projected to continue to decline, from $ 113.8 billion in the 2021 to 2022 fiscal year to $ 52.8 billion in 2022 to 2023. However, Mr. Fas said this was not due to more responsible fiscal policy, but to the decline of COVID-19, rising oil prices, and increased revenues associated with the economic recovery associated with high inflation.
Among the post-WWII prime ministers who experienced the recession, only Pierre Trudeau and Brian Mulroney owed more per capita debt than the current government, according to a study by the Fraser Institute. Prime Ministers Stephen Harper and John Diefenbaker also suffered a recession during their tenure, but under the government, per capita debt increased at a much lower rate of 11.4% and 5.5%, respectively.
Of all the governments, the government of Prime Minister Robert Borden, who ruled during World War I and the four-year recession of 1911-1920, increased per capita debt levels by 188.1 percent the most. rice field. Louis Saint Laurent, who ruled the two recessions of 1948 and 1957, cut the federal government’s per capita debt the most, down 34.3 percent.