Nova Scotia's debt climbs to $14.8B
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Nova Scotia's debt climbs to $14.8B

Nova Scotia Finance Minister Diana Whelan announces the results of the 2013-2014 fiscal year.

Nova Scotia’s debt is at an all-time high of $14.8 billion, according to the province’s latest financial statements released Thursday.

Finance Minister Diana Whelan says it won’t be easy to climb out of the hole.

“It signals that we still have a lot of work to do,” said Whelan, “and whenever you hit another key point, another billion dollars, that’s a big concern.”

The province’s deficit for the past fiscal year was just shy of $680 million, despite the previous government’s prediction of a surplus.

Whelan said despite the discouraging numbers, there are reasons to be optimistic.

“We only need to look at Barrington Street and see the structure rising around the shipbuilding project … We’ve got the Nova Centre under construction … There’s quite a number of big projects that I would expect to have a positive impact in the future,” she said.

Whelan said the government plans to cut the deficit over the next few years.

A balanced budget should come just in time for the next election, scheduled for 2017.

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Darren

Has it occurred to any politician that the problem lies in with Canadian monetary policy. The debt can never possibly be paid. Every single dollar in the country was created at interest.

Nova Scotia should take the lead, create its own currency backed by gold/silver and return to honest sound money.

July 31, 2014 at 3:58 pm
Dax

the budget is easy enough to fix if you had a strong-willed and capable gov’t. The gov’t cannot be all things to all people.
First look for a 6% cut almost across the board: Health and Wellness– remove all of middle management and cut all the waste (yes there is a lot of waste) Education–6% cut–get rid of school boards and close smaller schools, etc Community Services, Labour & Advanced Education, Justice, Public Service–6% cuts; gov’t is to bloated, again people cannot expect the gov’t to be all things to all people. Assistance to Universities cut at least 50%; a prov this size cannot continue to support 10 universities as well as community colleges. Cut the number of funding to four universities max.
Decrease personal income tax, the HST, corporate tax and the fuel tax while raising the taxes on tobacco. More competitive taxes will stimulate the economy resulting in more jobs. Tax and spend doesn’t work.

July 31, 2014 at 4:03 pm