The Canadian Taxpayers Federation is criticizing the Furey government for significantly increasing the size of the province’s debt this year beyond the projected increase in the 2023 budget.
“The rapid increase in the province’s debt is deeply concerning,” said CTF Interim Atlantic Director Jay Goldberg. “This year alone, the government plans to borrow $2.2 billion, which is $700 million more than the government told taxpayers it would borrow in budget 2023.”
The government’s fiscal update shows that Newfoundland and Labrador’s debt will grow to $17.1 billion by the end of the current fiscal year. The government claims the budget deficit is largely unchanged at $154 million, but a significant increase in borrowing for capital projects means that debt is growing much larger than the government wants to admit.
“Despite having a smaller population, Newfoundland and Labrador has a provincial debt that is nearly $5 billion larger than that of New Brunswick,” Goldberg said. “This reckless spending and borrowing has to end. The government must live within its means, just as Newfoundland and Labrador families have to do.”
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