The federal deficit this year will increase from original budget estimates of $19.8 billion to $26.6 billion.
Today’s federal-provincial net debt breaks down to $39,483 of government debt for every man, woman and child in Canada.
Since Justin Trudeau entered office, per-person spending has increased by 17.5 per cent in just four years.
By 2024/25, federal debt is expected to hit $787.4 billion.
In 2018, federal government spending (per-person inflation-adjusted) reached its highest point in Canadian history.
If the conditions of the 2008-09 recession were repeated, the annual deficit would skyrocket to $120.5 billion.
For April and May of this year, federal government program spending increased by $6.3 billion.