The federal government continues to run and plan for substantial budget deficits.
At every opportunity, the government has spent unexpected revenue windfalls.
Between 2015 and 2019, Ottawa ran five consecutive deficits, causing federal debt to rise by $112 billion.
According to projections, the federal debt will reach nearly $2 trillion in 2026-27.
If interest rates exceed economic growth rates, debt becomes unstable.
This year's federal per-person debt level is more than 25 per cent higher than in 2019.
If the federal government reduced spending, it could help lower inflation and limit the increase in interest rates.
From 2019 to 2021, Canada had the second-highest increase in gross debt as a share of the economy out of 33 countries.