Fiscal Policy Trends: Who will pay the interest on Alberta’s public debt?
DOI:
https://doi.org/10.11575/sppp.v11i0.52822Abstract
William Lyon Mackenzie King, Canada’s 10th Prime Minister, used to say “Today’s promises are tomorrow’s taxes”. A more up-to-date version would be “Today’s deficits are tomorrow’s taxes.”
Alberta’s governments began running deficits in 2008-09 and the NDP government only plans to balance the provincial budget in five years’ time. By then, Alberta’s public debt will have risen to about $90 billion with annual interest payments of $3.8 billion in 2023-24.1 Who will pay the taxes to pay the interest on Alberta’s public debt? — Future taxpayers.
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