A new report from the Fraser Institute has delivered a devastating reality check to Canadians: our country has posted the third-largest increase in total government debt relative to GDP among 40 high-income nations over the past decade.

Between 2014 and 2024, Canada's total government debt exploded from 85.5% to 110.8% of GDP, a 25.3 percentage point increase. Only Japan and Korea saw worse deterioration.

And this wasn't just a pandemic blip. According to the report's author, economist Livio Di Matteo, Canada was already trending toward fiscal recklessness before COVID hit—and used the crisis as an excuse to double down on deficit spending, even after the worst had passed.

The numbers are ugly:

• Debt-to-GDP: Up 25.3 percentage points

• Spending-to-GDP: Up 6.3 percentage points, from 38.4% to 44.7%

• Deficit-to-GDP: Rose by 3.1 points, worse than 32 of 39 countries studied

• Net Debt Position: Canada’s net debt rose from 41.3% to 57.6% of GDP, a 16.3-point increase

• Interest Payments: Soaring due to rising debt loads and higher rates

Canada moved from having the 14th-highest gross debt among developed countries in 2014 to the 7th-highest in 2024. Unlike countries that invested in long-term infrastructure or debt reduction after COVID, Canada has ramped up operational spending, bloated bureaucracy, and ideologically driven programs.

The Fraser Institute specifically warns that this level of sustained deficit financing will have long-term consequences: higher interest payments, increased vulnerability to economic shocks, and pressure for future tax hikes.

"Rising debt levels and large primary deficits make the government vulnerable to interest rate increases," the report notes. "Canada now ranks among the countries with the greatest deterioration in public finances."

While the rest of the world tightens belts, Canada's government is still bingeing:

• Second-largest increase in government spending as a share of GDP among the 40 countries, behind only Estonia.

• Deficits among the worst in the G7.

• Net debt up 16.3 points, placing Canada among the worst 20% of all nations in the study.

And yet, Trudeau's handpicked successor, Prime Minister Mark Carney, continues to pitch bigger green schemes, larger bureaucracy, and more centralized control of the economy. In other words: more of the exact policies that got us here in the first place.

Read the full Fraser Institute report here:
The Deterioration of Canada's Finances in International Perspective (May 2025)

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Mark Carney wasn’t elected — he was installed by the global elites. And now that he’s in charge, they think they’ve won. But not if we have anything to say about it. While the bought-and-paid-for media slobber over their new golden boy, we’re hitting the streets, digging into his World Economic Forum playbook, and calling out the radical agenda they’re trying to ram down Canada’s throat. This is the fight of our lives — and we’re not backing down. Help us keep our reporters on the ground, our billboard truck on the move, and our message uncensored. Pitch in now if you want to stop Mark Carney before he does irreversible damage.

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