Montreal, March 25, 2021 – The Montreal Economic Institute’s Quebec Debt Clock has accelerated since the tabling of the provincial budget by Finance Minister Eric Girard.
“It was to be expected that the debt would increase at a faster rate given the pandemic. It will be important to stick to a very clear and ambitious timeline for returning to a balanced budget so that we don’t place additional burdens on future generations. We all know that temporary government measures have the unfortunate tendency of becoming permanent,” says Miguel Ouellette, Economist and Director of Operations at the MEI.
“Over the next fiscal year, the Quebec debt will increase by $13.5 billion. Basically, each Quebecer will carry a debt of $35,846,” adds Mr. Ouellette.
“There are some simple ways for the government to reduce the province’s debt in the months and years to come. The one that seems most realistic in the wake of the pandemic is for Quebec to stop being the country’s corporate subsidy champion and instead ensure a competitive business environment for all. State planning of the economy has never been a path to prosperity,” concludes Miguel Ouellette.
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