government debt
Provincial net debt has increased by approximately $160 billion since 2003/04.
Canada enjoyed an economic and fiscal renaissance starting in the mid-1990s that lasted more than a decade.
Over the last decade, higher energy prices and entrepreneur-friendly policies drove Alberta’s booming economy, generating a significant windfall in government revenue.
After seven years of budget deficits and over $160 billion in new debt, the federal government confirmed in its financial update Wednesday that it expects to record a surplus next year.
“B.C. is currently on target to balance the 2014/15 budget,” declared Mike de Jong, B.C.’s finance minister while unveiling the government’s latest financial update. Understandably, many British Columbians will take de Jong’s comments at face value.