On Tuesday, the federal government released its spring fiscal update, revealing a whopping budget deficit this year and continued high deficits in years to come. Despite promising a “very different approach” from his predecessor, Prime Minister Mark Carney continues to dig a deeper hole, particularly for younger generations of Canadians.
To quickly recap, the Trudeau government borrowed historically-large amounts of money to fuel its voracious spending habits. As a result, federal per-person spending and debt reached the highest levels in Canadian history (adjusted for inflation) while the government ran nine consecutive budget deficits. In other words, Trudeau created a fiscal mess.
