READ THE FULL REPORT HERE
Halifax, NS – Tomorrow, when the government releases their budget, there will be a lot of talk about getting “Back to Balance” as the provincial government makes deficit reduction its priority. To help Nova Scotians fully understand the fiscal situation and the full range of choices this government has, the Canadian Centre for Policy Alternatives-Nova Scotia has released a 12-point fact sheet that shows the deficit, and the debt, really aren’t the problem.
“The debt and deficit are shrinking, and given enough time economic growth can help to balance the budget,” says Christine Saulnier, Provincial Director of the CCPA-NS. “By sticking to an election timetable to balance the budget, the provincial government is putting real economic recovery at risk.”
Nova Scotia’s debt-to-GDP ratio and the portion of GDP going towards debt servicing costs have declined dramatically in the last few years. Nova Scotia can afford to take a year or two more to eliminate the deficit, save jobs, invest in the services Nova Scotians need, and build a real recovery where everyone benefits.
“This obsession with balanced budgets threatens long-term economic recovery in Nova Scotia, and cuts good public sector jobs and services that people in Nova Scotia rely on,” says Saulnier. This approach will just compound the cuts by the federal government our province is facing.”
This year’s Nova Scotia Alternative Budget provides a framework and fully-costed policy recommendations to move Nova Scotia ‘Forward to Fairness’, not ‘Back to Balance.’ You can view the NSAB here: http://www.policyalternatives.ca/nsab2012.
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