Peter Munk Centre for Free Enterprise Education
Per capita federal net debt (in 2015 dollars) grew from $577 in 1870 to $19,302 in 2015.
With budget season on the horizon, the headlines may mask the magnitude of growth in government debt.
Even the prospect of small deficits relative to GDP may generate substantial investor uncertainty in an environment where interest rates are on the way up.
The current election campaign has seen a lot of attention focused on balancing the federal budget and the size of the federal deficit. Perhaps some historical perspective will better inform the debate.