Federal net debt will reach a projected $1.3 trillion in 2021/22.
federal government debt
Only seven industrialized countries had higher levels of government indebtedness than Canada.
Alberta, Saskatchewan and Newfoundland require the most policy action to correct their unsustainable fiscal trajectories.
Prudent fiscal management means working quickly to return to pre-recession debt levels.
According to the update, the government will continue to spend well in excess of projected revenues.
Despite the dismal state of federal finances, the speech did not include the terms “deficit” or “debt."
During the Trudeau period, business investment actually declined by 0.2 per cent.
Over a two-year span, Ottawa is expected to add more than $500 billion in federal debt.