Total provincial debt to reach $42 billion in 2018.
Alberta’s NDP government is trying to put a positive-spin on more terrible budget numbers.
The projected deficit is set to surpass $10 billion once again, and will bring the overall debt level to $42 billion by 2018.
And while the government is projecting strong economic growth in the upcoming year, others are questioning whether those forecasts will really improve the budget situation as much as the government claims.
Underscoring that lack of trust is a new credit rating downgrade for the province.
The DBRS credit rating agency downgraded Alberta’s rating from AA (high), to AA and a negative outlook.
Said DBRS,“the plan to return to balance relies on a recovery in resource revenues, rather than fundamental adjustments to the budget.”
Additionally, “any real willingness to address the weakest budget outlook among all provinces, despite high levels of per capita spending and the lowest tax burden in the country.”
Socialist spending spree
It’s no real surprise to see the socialists spending money like there’s no tomorrow. After all, whenever they are in power they throw taxpayers money all over the place, ramp up the debt, and leave future generations to foot the bill.
Until common-sense conservatives retake power in Alberta, the debt will continue to grow out of control.