The federal debt will reach nearly 70 per cent of GDP by 2050.
debt and deficit
If Prime Minister Trudeau keeps his commitment to no new taxes, borrowing will finance the proposed expansion.
Total federal expenditures will grow to a projected $420.5 billion in 2024-25.
Federal government spending (per person) is at a record high.
No Opposition party has signalled it would balance the budget in the near- or medium-term.
Alberta has run nearly uninterrupted deficits since 2008/09.
The Notley government’s failure to restrain spending is quickly growing Alberta’s debt burden.
Ontario spends about nine per cent of all revenue on government debt-service payments.
The federal government expects the deficit in 2018-19 to reach $18.1 billion and grow next year to $19.6 billion.