You Owe $60,000 – Welcome To Alberta’s Avoidable $100B Debt Crisis
Last week the NDP Alberta Government introduced yet another budget without any cuts in it. Instead they are relying on growth to balance the budget by 2023 leaving us with colossal debt of about $96B.
Citizens, including me, do not seem to grasp numbers larger than about $10M so some context is key to understanding. To put that debt in perspective, there are just over 4 million people in Alberta, which makes YOUR personal portion of the Provincial debt $24,000. Statistics Canada shows that Alberta averages 2.5 people per household. This means your household will owe $60,000.
The Canadian Tax Payers Federation calculates that the Alberta’s debt is currently increasing at a rate of $315.80 per second.
Let’s contrast that number of other Provinces.
How Much Debt Do BC Citizens Owe?
Both the previous Liberal and current NDP governments in British Columbia have been on similar spending sprees and while certainly not as deep, BC has had many similar economic problems to Alberta in recent years. Think about BC’s primary industries (Oil collapse, softwood lumber disutes…). However, in February 2018 their NDP Finance minister announced:
“Government’s direct operating debt is projected to be eliminated in 2018-19, one year earlier than forecast. This will be the first time government has been direct operating debt-free in over 40 years.”