The Liberals ran three years of deficits totalling $51.9 billion, more than double the amount promised during the campaign.
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.
This government has not released a long-term forecast of spending, taxation and borrowing since 2018.
The Trudeau Liberals initially promised to run deficits for three years to finance spending increases.
As the baby boomers continue to retire, the proportion of working Canadians will also decline.
The federal budget deficit in 2020-21 will be the largest in Canadian history.
The CERB is now estimated to cost $61.1 billion compared to the original estimate of $40.6 billion.
Between the early 1970s and the mid-1990s, the federal government ran a deficit every year.