OPINION: Eby government faces clear choice in first budget
The Eby government will table its first budget on Feb. 28. Despite budget surpluses in 2021 and 2022, the government must still make tough decisions and control spending to ensure surpluses continue in the years ahead and provincial finances are sustainable.. The province’s per-person spending increased by just 8.4 per cent over this timeframe compared to 66.1 per cent in Alberta and 35.0 per cent in the rest of Canada.
But after the 2017 election, things changed. Government spending ballooned, growing by an annual average rate of 4.7 per cent compared to less than 1 per cent during the prior two decades. Consequently, after six consecutive years of surpluses, the government ran operating deficits in 2019 and 2020. And of course, British Columbians pay interest on government debt already accumulated and will also pay interest on any new debt the government adds. With rising interest rates, this means debt will become more expensive to service in years ahead. The government expects to spend $2.7 billion on debt interest this year alone—or approximately $512 per British Columbian. That’s money unavailable for health care and education.
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