Over 16 years with Trudeau as prime minister, Canada's national debt skyrocketed by 1,200 per cent, from $17 billion to more than $200 billion. Copyright © The Canadian government debt, commonly called the "public debt" or the "national debt", is the amount of money owed by the Government of Canada to holders of Canadian Treasurysecurity. 2020 1624 0 obj <>stream When recessions occur, the debt-to-GDP ratio tends to rise due to automatic increases in government spending (e.g., employment insurance), any stimulus spending, and the decrease in economic output. Other notable decreases came from Sir Wilfred Laurier (14.5%) and from Jean Chretien (13.3%). However, of the prime ministers who did not face a global conflict or economic downturn during their tenure, the analysis finds that by the end of his term in 2019, Justin Trudeau is expected to be the largest debt accumulator (5 percent). %PDF-1.6 %���� The data reached an all-time high of 82.6 % in Mar 1996 and a record low of 32.7 % in Mar 1977. h���j�0�_�`�鿠�l c�����,1#����@��;Yvh�i�b�͇غ��t�'�B` @* After years of debt reduction, per person debt fell to $25,267 in 2007, the lowest it had been since 1984.Following the 2008 recession, per person debt started to rise again during the remainder of the Harper government and into the Trudeau government, with the report projecting that it will hit $32,589 by the end of 2019.However, when compared to the spending binges that took place under Prime Ministers who oversaw world wars and recessions, the spending increases by Trudeau, Bowell, and Abbot don’t appear so drastic.Excluding Sir Robert Borden and William Lyon Mackenzie King, the two wartime Prime Ministers, Trudeau’s father, Pierre Trudeau, who dealt with a prolonged recession in the early 1980’s, oversaw the largest spending increase of any Canadian Prime Minster ever, boosting the per person debt by 58.8%.The Prime Minster who reduced per person debt the most was Louis St. Laurent, dropping it by a remarkable 34.3% from 1949 to 1958, despite facing two recessions during his time in office. The Post Millennial All Rights Reserved. �S` ��� -��8�������a8� 9� R+�?A!3 (e,H�i�9�� pd�5W�@І�C���&�����~�>0�?������.�}H����a�)�MY ��L�a�m��~K������ o�=dy��/R/ČRe�����r���w�C���c��F�����#V: ��e���5�欑��V�Ka�IR �j���9ɳE���h�i%龼�~|��;]�@FkYMҝf~����w�2$� %�j}4gɟmJ����P�oA�ʼ���$p0�)�x��M���+�v�����w�n��]����i�� ��q5vNب���������Ί��յhE�����F��.�gOEO钄`l�.ԤHL{�mϠ����@��U�®o��]6�.�ߎ�j�/kJ��yN��@��� �ɍ�������q���A�]��T�Ml{X�X%��U^�Z�[�V�V ����R^"����Nu^���ӯ��>�ʞ�:���َ�*��Z��֯9�6@��j#T���MuV�*x0���ۜ_p�'^2�LƝ�M�!�hD�#��8�� �2�
However, by the end of WWI in 1918, that number had grown to $5,583. The prime minister responsible for the most dramatic spending cut, meanwhile, is the usually overlooked conservative leader Arthur Meighen, … Newsletters may offer personalized content or advertisements. However, since the Great Recession in 2008, the debt has continued to climb.The report’s authors focuses in on the debt per person metric because they deem it to be the most accurate way to measure government spending across time. Copyright ©
With a total GDP of approximately CAD$2.2 trillion, Canada's overall net-debt/GDP ratio is about 34%. Here is an idea of the Federal Debt accrued and saved over the last 150 years: Summary >�o��(��Jqh�N�}bHӾl%��o�7(���ڊ��s���Ԭ��Y���s3?2ky������O�܌��)�C~,mܗ�W�_�K�w��c��%�� �}��5�e�)T�"�%2�=�X��yf#RZ̬e�H�Q����U���� h��Xko7�+��c� �q��N��y���V��J������-�3Ow�ܝ��ecM�&h21��Ij�S��m2.�bR6�yk�M����+j|�W��R1A�)dkBf���k�7�!�N�ZL��:�Z�]1��J�������DAg�E5Z��Qo�;8�Mz�Ϟ�>�p�u�]����n�����7�ѓ��p��p8����M�=~�`p{5~�܌1��0���I�ǹ�;�r9��y�;�?�;�y5�[�l����C��z���73��?Wd������|�M(�����b����^��\��Cɿ?~�l�Ë���KF�x�bh���j���}^�p ^V-�]��c�la,�K����� Fraser Institute Report: Prime Ministers and Federal Debt, 2019.For the early parts of Canada’s history, the per person debt levels stayed quite low, reaching only $1,950 (2019 dollars) in 1913. Upon completing his term in 2019, Prime Minister Justin Trudeau is projected to be the largest accumulator of federal debt per person (5.6 percent) among prime ministers who did not fight a world war or experience an eco- nomic downturn during their tenure. While the Trudeau government often defends its fiscal record citing the debt to GDP ratio, the authors offer an explanation as to why that metric isn’t so reliable.To focus on changes in the debt-to-GDP ratio would therefore penalize prime ministers who served during recessions and would benefit, by happenstance, prime ministers who served during periods of economic expansions. For the early parts of Canada’s history, the per person debt levels stayed quite low, reaching only $1,950 (2019 dollars) in 1913.
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