Federal and provincial government debt has nearly doubled from $1.1 trillion in 2007/08 to $2.1 trillion in 2022/23.
federal government debt
Since 2015, the federal government has run eight consecutive deficits.
According to forecasts, federal spending will be $89.2 billion higher than previously projected for 2022/23 and $80.7 billion higher in 2023/24.
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.