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Dear John,

In 2025, under Prime Minister Mark Carney’s government, federal gross debt is expected to hit its highest point in Canadian history at $2.35 trillion (inflation adjusted).

The current government is projected to increase per-person federal debt by 4.2% in 2025, increasing federal debt per Canadian to $56,432 – the second highest amount in Canadian history (surpassed only by 2021).

Compare that to other prime ministers who also did not experience a war or recession: only Mackenzie Bowell (4.7%) increased per-person debt more during its tenure than Carney is projected to in his first year.

For comparison, Prime Minister Abbot also did not experience a war or recession during his tenure and per-person debt increased by 0.7%. The tenures of four other prime ministers (Joe Clark, Lester Pearson, Paul Martin, and John Macdonald’s first tenure) saw declining per-person debt during a time where there were no world wars or recessions.

The federal government should pay more attention to its debt accumulation, particularly as today’s deficits represent tomorrow’s taxes.

Find out more here [[link removed]], and be sure to share this news on social media.

Sincerely,

Niels Veldhuis

President

The Fraser Institute

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