Prime Minister Justin Trudeau's government has raised per-person debt levels by 35.3% since 2015, the third highest amount since World War II, according to a study released by the Fraser Institute. .“While some emergency spending for COVID was necessary, the significant increase in federal debt in recent years means more tax dollars will go towards paying interest and future generations are on the hook for today’s spending,” Fraser Institute fiscal studies associate director and study co-author Jake Fuss said in a Thursday press release. .The release said the study tracked debt totals of every Canadian prime minister since Confederation. It said the study monitored how much each prime minister increased or decreased total federal debt during their time in office, accounting for inflation and population changes. .According to the study, Trudeau’s government is projected to increase per-person federal debt by more than 35% since being elected in 2015, raising federal debt per person from $34,791 to $47,070. It said federal debt per Canadian increased by more than 25% from before COVID-19 in 2019 until 2022. .Former prime ministers Pierre Trudeau (58.8%) and Brian Mulroney (42.5%) increased per-person debt more than the current government while going through recessions. Former prime ministers Stephen Harper (11.4%) and John Diefenbaker (5.5%) increased debt levels at a lower rate, despite experiencing recessions. .The Fraser Institute said among all governments, former prime minister Robert Borden, who governed during World War I and an economic downturn, increased per-person debt levels the most at 188.1%. The think tank said former prime minister Louis St. Laurent lowered the federal debt level the most to 34.3%, despite going through two recessions. .“The federal government should pay more attention to its debt accumulation, particularly as interest rates are expected to continue rising,” said Fuss. .Former finance minister Bill Morneau announced in 2020 a deficit of $343 billion for the fiscal year, taking Canada’s debt to more than $1.2 trillion..READ MORE: Canada now $1,200,000,000,000 in debt .Morneau said government spending from the COVID-19 pandemic was to blame for the large deficit..Before the pandemic hit, Canada’s deficit was marked at $34.4 billion.
