As the baby boomers continue to retire, the proportion of working Canadians will also decline.
The federal budget deficit in 2020-21 will be the largest in Canadian history.
The CERB is now estimated to cost $61.1 billion compared to the original estimate of $40.6 billion.
Between the early 1970s and the mid-1990s, the federal government ran a deficit every year.
Total expected federal per-person spending will eclipse $13,000 in 2020-21.
Ottawa raised personal income tax rates on Canadian workers.
The federal debt going into this recession would have been $617.9 billion rather than the expected $713.2 billion.
The Trudeau government has run five consecutive deficits since taking office in 2015 and is expected to have accumulated approximately $84.3 billion in federal debt—$713.2 billion total—by the end of 2019-20.
Whereas the Chrétien government used balanced budgets as a guiding fiscal anchor, the Trudeau government has not had an effective fiscal rule imposing discipline on its spending, taxing, and borrowing decisions, resulting in the federal government being less prepared to respond to the current recession.