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Prime Minister Justin Trudeau is on track to increase Canada’ federal debt at a record pace, says a new study by the Fraser Institute.

“According to his own government’s projections,” the study concludes, Trudeau “will increase per person federal debt by 5% from 2015 to 2019 — the largest increase of any prime minister whose time in office didn’t include a world war or economic recession.”

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“The fact is, Justin Trudeau is the only prime minister in the last 120 years who has increased the federal per person debt burden without a world war or recession to justify it,” said Charles Lammam, the Fraser Institute’s director of fiscal studies.

Lammam co-authored the study, “An Analysis of Federal Debt in Canada by Prime Ministers Since Confederation” with the Fraser Institute’s Hugh MacIntyre.

It found that in the 150 years since Confederation, only three prime ministers who did not experience a world war or recession increased per person federal debt over their time in office: Trudeau, based on his government’s current fiscal projections, along with John Abbott and Mackenzie Bowell, both of whom served in the late 19th century.