By the end of this fiscal year, the federal government will have racked up $591.9 billion in debt since 2015.
Federal spending in 2023/24 will increase by $5.6 billion more than the government’s previous projection.
Prosperity on a per-person basis has been stagnant since the mid-2010s.
According to budget forecasts, the federal government will run a $40.1 billion deficit this year.
While the Canadian economy recorded positive overall growth, per-person GDP actually declined.
The budget dumps billions into the government’s bottomless climate policy money pit.
According to projections, federal net debt will jump by more than $142 billion over the next five years.
Federal debt is projected to rise from 42.4 per cent of GDP in 2022 to 43.5 per cent of GDP in 2023.
When spending is financed by large deficits, it can fuel inflation or impede economic growth.
The budget projects a deficit of $40.1 billion in 2023/24, which is nearly $10 billion higher than projections in November.