Between 2015 and 2019, Ottawa ran five consecutive deficits, causing federal debt to rise by $112 billion.
federal government budget
According to the budget, federal spending will reach $434.3 billion this year, more than a two-thirds increase in less than a decade.
If the federal government reduced spending, it could help lower inflation and limit the increase in interest rates.
The Ontario government projects a $19.9 billion deficit this year and continued deficits until 2027-28.
Residents in all provinces already pay more than $550 per person annually on government debt interest.
The projected federal deficit in 2022-23 is 34 per cent higher than the deficit in 2019-20.
Higher government spending will lead to higher taxes and lower rates of economic growth.
The projected federal deficit for 2022/23 could have been reduced by more than 42 per cent had the government stuck to last spring's spending plan.
A lack of fiscal prudence left Canada vulnerable when the pandemic hit.
Canada's productivity growth and levels of business investment have been lacklustre for decades.