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.
So-called "stimulus spending" displaces future private spending and reduces future economic growth.
In 2020, the federal expenditure share jumped to 40 per cent.
The federal government projects a budget deficit of $52.8 billion for 2022.
The Ontario government projects a $19.9 billion deficit this year and continued deficits until 2027-28.