The Ontario government projects a $19.9 billion deficit this year and continued deficits until 2027-28.
federal deficits
The federal government projects a $52.8 billion budget deficit for 2022/23.
Canada's productivity growth and levels of business investment have been lacklustre for decades.
Rules that impose mandatory fiscal discipline help produce better and more responsible fiscal outcomes.
Canada ranked 30th of 38 industrial countries for its average rate of economic growth from 2015 to 2019.
Canada has the fifth-highest level of total government debt among 29 industrialized countries.
Due to federal tax changes, 61 per cent of low-income families face higher personal income taxes.
Many economists warn about ballooning budget deficits and the potential for higher interest rates in the future.
Interest payments on the federal debt are expected to equal $20.2 billion in 2020/21.
This year's federal budget deficit will reach a projected $381 billion.