My political history doesn't go that far back, but as I remember Mulroney (Con) racked up some pretty big deficits. Chretien/Martin (Lib) balanced the budget and had surpluses. Harper (Con) increased spending and reduced taxes eliminating any surplus, preventing the government from paying down the debt. This also didn't leave any cushion for when the economy tanked. I'm not blaming him for having a deficit during a recession, but the deficit didn't have to be so big if he had maintained a surplus. Looking forward, The Conservatives and NDP appear to have platform numbers that don't completely add up, while the Liberals do, on their plans to eliminate the deficit.
Compared to other countries, our debt really isn't that bad. But when 30-40% of every dollar in taxes you pay goes towards paying interest on that debt, it really does seem like a waste.