Trudeau breaks record for debt growth among prime ministers in Canadian history, says Fraser Institute
TORONTO—Prime Minister Justin Trudeau has increased
per-person federal government debt more than any other prime minister who
didn’t face a world war or recession, finds a new study released today by the
Fraser Institute, an independent, non-partisan Canadian public policy
think-tank.
“This federal government’s legacy
will now include record high levels of debt accumulation, due to spending
increases that continue to outpace revenue,” said Finn Poschmann, resident
scholar at the Fraser Institute.
The study, Examining Federal Debt in Canada
by Prime Minister Since Confederation, tracks the debt
records of every prime minister since Confederation—how much they increased or
decreased the federal debt, after accounting for inflation and population
changes.
Between his first year in office (2015) and the end of his first term
later this year, Prime Minister Trudeau is expected to increase federal debt
(per person) by 5.6 per cent—the largest increase of any prime minister in
Canadian history who didn’t govern during a world war or recession.
Compare that record to other recent Liberal prime ministers such as Jean
Chrétien, Paul Martin and Lester Pearson who also never governed during a world
war or recession. They all cut per-person debt—Chrétien by 13 per cent, Martin
by 8 per cent and Pearson by 6 per cent.
“More government debt ultimately
means more tax dollars going to pay interest on the debt rather than on
services or tax relief,” Poschmann said.
“Prime Minister Trudeau’s
government has markedly increased the federal per-person debt burden, but
without a world war or recession to justify it.”
The pandemic wasn't a recession?
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