Eliminating the entire equalization program this year would reduce the federal deficit by only 5.4 per cent.
This year's federal budget deficit will reach an estimated $381.6 billion.
Up to $22.3 billion of income stabilization spending was likely wasted or poorly targeted.
Federal net debt for 2020-21 will likely exceed $1.1 trillion.
Canada ranks 6th highest among 35 high-income for the share of the economy represented by government spending.
The federal debt will reach nearly 70 per cent of GDP by 2050.
Ottawa plans to create a national childcare system and introduce more “green” spending initiatives.
As the baby boomers continue to retire, the proportion of working Canadians will also decline.
In the 1990s, federal debt-interest costs routinely eclipsed 30 per cent of revenues.
The federal budget deficit in 2020-21 will be the largest in Canadian history.