Only seven industrialized countries had higher levels of government indebtedness than Canada.
The national debt will reach a projected $2 trillion by 2025-26.
According to the update, the government will continue to spend well in excess of projected revenues.
The price of gas has increased by 41.7 per cent over the last 12 months.
Despite the dismal state of federal finances, the speech did not include the terms “deficit” or “debt."
The Trudeau government plans to implement new spending programs including national childcare and pharmacare.
Many economists warn about ballooning budget deficits and the potential for higher interest rates in the future.
The prime minister’s mandate letter raised the idea of taxing "extreme wealth inequality.”
The Trudeau government forecasts a $154.7 billion budget deficit in 2021/22.