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.
Per-person federal government program spending will reach an estimated $16,350 in 2020.
Federal net debt for 2020-21 will likely exceed $1.1 trillion.
The federal debt will reach nearly 70 per cent of GDP by 2050.
In the 1990s, federal debt-interest costs routinely eclipsed 30 per cent of revenues.
The federal budget deficit has skyrocketed to 15.9 per cent of Canada's economy.