Justin Trudeau will increase the federal government’s per-person debt more than any prime minister in Canadian history who did not face a world war or recession, says a new report by the Fraser Institute.

The conservative think-tank says from 2015, when he assumed office, up to the end of his current Liberal government in October, Trudeau will have increased federal per-person debt by 5.6%, to $32,589.

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Trudeau’s legacy “will now include record high levels of debt accumulation, due to spending increases that continue to outpace revenue,” said Finn Poschmann in the study Examining Federal Debt in Canada by Prime Minister Since Confederation.

“Trudeau’s government has markedly increased the federal per-person debt burden, but without a world war or recession to justify it,” Poschmann said.

“More government debt ultimately means more tax dollars going to pay interest on the debt rather than on services or tax relief.”

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Poschmann’s calculations are adjusted for inflation, population growth and years when the government changed hands.

The study found only three of Canada’s 23 prime ministers going back to Confederation increased per-person federal debt without facing a world war or recession.

Trudeau was the largest accumulator of debt per-person at 5.6%, surpassing Mackenzie Bowell (1894-96) at 4.7% and John Abbott (1891-92) at 0.7%.

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Five prime ministers who, like Trudeau, did not have to deal with a world war or recession during their terms of office decreased Canada’s per-person federal debt: Jean Chretien (1994-2003) by 13.3%; Paul Martin (2004-06) by 7.6%; Lester Pearson (1963-67) by 6.7%, Joe Clark (1979) by 2.9% and John A. Macdonald (first tenure, 1870-72) by 1.7%.

Four prime ministers who faced economic recessions during their terms of office cut per-person debt, unlike Trudeau.

They were Louis St. Laurent (1949-56) who decreased it by 34.3%; Wilfrid Laurier (1896-1911) by 14.5%; Arthur Meighen (1920-21) by 8.1% and William Lyon Mackenzie King (first tenure, 1922-30) by 5.4%.

John Diefenbaker (1957-63) increased it by 5.5%, slightly less than Trudeau, despite having to deal with recessions in 1957/58 and 1960/61.

A January report by the Fraser Institute found Trudeau is also responsible for the two highest years of per-person government spending by a Canadian prime minister, excluding a world war or recession.

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The highest year was under Stephen Harper during the 2009 recession at $8,711 per person.

Trudeau, operating in a growing economy, came in only $62 below that at $8,649 per person in 2017 and $72 below at $8,639 in 2018.

The concern is what’s going to happen when Canada faces its next recession, as it inevitably will, and government revenues drop while costs increase.

Trudeau has saved nothing on behalf of Canadians for the rainy day we all know is coming.

Following his victory in 2015, Trudeau abandoned his election prediction of three years of “modest” deficits under his leadership followed by a balanced budget in 2019-20, which is the current fiscal year.

Instead, Trudeau racked up deficits at more than twice the rate he predicted.

This year, in which he told Canadians his government would have a $1 billion surplus, he’s now predicting a $19.6 billion deficit — $16.6 billion even if you factor in a $3 billion reserve fund.

This is what comes of electing a PM who believes budgets balance themselves.

Inevitably, we’re all going to pay for it.