Canada’s per-person federal debt has grown by 35.3% under Trudeau’s government

A recent study from the Fraser Institute has found that under Justin Trudeau’s tenure as Prime Minister of Canada, the federal per-person debt rose by 35.3% between 2015 and 2022.

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Since Justin Trudeau became Prime Minister in 2015, the federal per-person debt in Canada has risen by 35.5%to $47,070 (inflation-adjusted), the study found. 

Prior to Justin Trudeau becoming Prime Minister, the per-person federal debt sat at $34,791.

The Fraser Institute found that “In 2022, federal per-person debt is projected to be $47,070, which is the third highest amount in Canadian history (behind only 2020 and 2021)”, which “ is more than 25 percent higher than per-person debt before COVID in 2019.”

Fraser says that “After the mid-1990s, debt reduction continued to be a focus for Jean Chrétien, Paul Martin, and Stephen Harper (for the first two years of his tenure).”’

“Federal per-person debt fell to $28,482 in 2007, the lowest value since 1984. However, the 2008 financial crisis in the United States prompted a recession in Canada and federal debt began to sharply increase once again.”

However, the Fraser Institute found that during COVID-19, “the Trudeau government increased federal debt per person to $48,955 by 2021, an increase of 30.3 percent from the level in 2019.”

However, while “federal debt per person is expected to decrease marginally in 2022 to $47,070, this is 25.2 percent higher than the level of debt per person prior to the pandemic.”

Read the entire study from the Fraser Institute here.

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