As our national debt hits historic new highs, should we be worried?

Submitted to Canada's debt

  • The estimated federal debt will likely hit $1.4 trillion by 2024, reaching $31,000 for every Canadian, including children and retirees. 

  • Federal program spending (adjusted for inflation) was $17,121 per person in 2020-21, the highest level in Canada’s history (see graph below). 

  • Per-person spending in 2020-21 will be 42.4% to 50.0% higher than during the 2009 recession; it is also projected to be 64.8% to 73.7% higher than at the peak of World War II.

  • The five highest levels of per-person spending in Canadian history occurred from 2018 to 2021.

Comment below and let us know how you're feeling - are you worried? You can also share your thoughts in our debt activity if you haven't already completed it.

Link to article here.