At 79 per cent, Canada had the fastest growth in its debt-to-GDP ratio in the G-7.
Ottawa annually pocketed $22 billion more in revenue from Alberta than it spent in the province.
The Liberals ran three years of deficits totalling $51.9 billion, more than double the amount promised during the campaign.
Ottawa expects the federal deficit to reach $381.6 billion in 2020/21.
Eliminating the entire equalization program this year would reduce the federal deficit by only 5.4 per cent.
Up to $22.3 billion of income stabilization spending was likely wasted or poorly targeted.
This government has not released a long-term forecast of spending, taxation and borrowing since 2018.
The Trudeau Liberals initially promised to run deficits for three years to finance spending increases.