REGINA, SK: The Canadian Taxpayers Federation (CTF) is bringing its historic National Debt Clock to Saskatchewan to display the provincial debt for the first time in nearly two decades.
The Debt Clock has been refitted to display the provincial debt, which since April 1 has been increasing at a rate of $2.7 million every day.
“Right now Saskatchewan is financially strong, but the provincial deficit is driving our debt up by nearly $2.7 million every day,” said Todd MacKay, Prairie Director for the CTF. “The problem is that spending has crept up too high. The good news is that we can get back on track with truly balanced budgets if we trim spending by a few percentage points.”
While Saskatchewan’s overall financial position is strong, there are some concerning numbers taxpayers need to watch:
Saskatchewan plans to borrow up to $700 million this year for infrastructure;
A projected operational deficit of $292 million;
By the end of this fiscal year, the debt is projected to be more than $5.7 billion; and,
Since 2007-08, provincial spending has increased 12.6 per cent even after accounting for inflation and population growth.
If the Saskatchewan government trims projected spending by 1 per cent each year for three years for a total of 3 per cent it would save about $845 million – more than enough to pay for this year’s infrastructure investments.
“Nobody is arguing that the Saskatchewan government shouldn’t be spending on roads and schools, but that’s not the reason we have a deficit,” said MacKay. “We have a deficit because we’re not reprioritizing unnecessary spending to pay for the things we need. Families and small businesses often have to tighten their belts by two or three per cent – it’s time for the government to do the same.”
The Debt Clock will visit the following communities:
Nov. 3 – Weyburn, Estevan and Yorkton;
Nov. 4 – Swift Current, Maple Creek and Shaunavon;
Nov. 5 – Humboldt, Melfort, and Prince Albert; and,
Nov. 6 – Rosetown, Kindersley, and North Battleford.
Saskatchewan’s debt can be viewed in real-time at: SaskDebtClock.ca.
