And even $600 billion in cumulative debt hasn’t been enough for the Liberals to honour their 2015 campaign promise to ensure universal clean water on First Nations reserves. As recently as 2021, interest charges on federal debt cost $20.3 billion per year. Ottawa now spends about as much on debt management as it does on health care transfers to the provinces. Now, it’s one of a bouquet of social welfare programs introduced in just the past few years. The fiscally conservative Canadian Taxpayers Federation is one of the most dedicated monitors of rising federal spending.
