CALGARY (660 NEWS) – A brand new report exhibits that Alberta is not lowest-debt province within the nation.
The findings have been revealed by the Fraser Institute and exhibits prior to now two years, the debt as a share of the financial system has greater than doubled to the most important enhance in Canada at 20.6 per cent.
The research discovered that from the 2007/2008 fiscal 12 months to 2020/2021, Alberta’s provincial debt, adjusted to inflation, grew from -$43.0 billion to $63.5 billion a rise of 247.4 per cent.
In 2008, the numbers confirmed that Alberta had extra belongings than debt.
“The Alberta authorities’s power deficits over greater than a decade have constructed a mountain of debt,” mentioned Jake Fuss, senior economist on the Fraser Institute. “It’s vital for Albertans to know the magnitude of the province’s debt, as a result of deficits and debt right this moment might lead to increased taxes sooner or later.”
Compared, British Columbia and Saskatchewan now have a decrease debt per individual than Alberta with Saskatchewan having a decrease provincial internet debt-to-GDP ratio.
“Alberta has loved the bottom debt burden of any Canadian province in latest historical past,” mentioned senior coverage analyst Steve Lafleur. “Not solely is that not the case, however authorities debt is rising sooner in
Alberta than wherever else in Canada.”
On a per-person foundation, Alberta’s provincial debt burden now stands at $14,350.
The report exhibits that Alberta additionally led in Provincial Internet Debt as a Proportion of GDP and Federal and Provincial Internet Debt per Particular person.
The Fraser Institute additionally appeared on the federal debt numbers and located that between 2007 and 2020, federal internet debt elevated by $570.2 billion or 89.9 per cent.
Examine these numbers to the interval between 1996/1997 and 2007/2008 when the federal authorities decreased its internet debt by $304.0 billion.