Canada's Federal DebtFollowing WWII, Canada's federal debt grew steadily between 5 per cent and 10 per cent per year until 1975. For the next 12 years it grew on average over 20 per cent per year. It surpassed $100 billion in 1981 and continued upward reaching $500 billion in 1994. With the economic crisis in 2008, the federal debt jumped by $5.8 billion surpassing the $600 billion mark by 2012. The current crisis is predicted to add the largest amount ever in debt to the private lenders of the financial oligarchy. Table 1: Federal and Provincial Nominal Net
Debt in 2007/08
|
| Province/ Territory |
Net Debt 2007/08 | Net Debt 2019/20 | Change ($ billions) | Change (%) |
| BC | 23.9 | 44.5 | 20.6 | 86.3% |
| AB | (35.0) | 36.6 | 71.7 | 204.5% |
| SK | 5.9 | 12.0 | 6.1 | 104.2% |
| MB | 10.6 | 25.8 | 15.2 | 144.3% |
| ON | 160.0 | 353.7 | 193.7 | 121.0% |
| QC | 124.7 | 172.5 | 47.8 | 38.4% |
| NB | 7.1 | 13.8 | 6.8 | 95.6% |
| NS | 12.1 | 15.3 | 3.2 | 26.1% |
| PEI | 1.3 | 2.2 | 0.9 | 66.6% |
| NL | 10.2 | 14.0 | 3.8 | 36.9% |
| FED | 516.3 | 793.7 | 277.4 | 53.7% |
| FED+ PROV |
837.0 | 1,484.2 | 647.2 | 77.3% |
(Source: Annual Financial Report of the Government of Canada Fiscal Year 2018-2019)
This article was published in
Volume 50 Number 16 - May 9, 2020
Article Link:
Canada's Federal Debt
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