While the Liberal government of Jean Chrétien is known for reining in the steep deficits of the 1990s, today’s Liberal government is the only one since 1900 to increase per-person debt without facing a world war or recession, says a new study by the Fraser Institute.
The study looks into the debt legacies of all Canadian prime ministers since the Confederation, calculating the percentage change in gross federal debt per person for each head of government after accounting for inflation and population changes. Gross federal debt is the total amount of financial liabilities, including employee benefits (pension), debt and interest, and accounts payable.
