Yesterday’s B.C. Budget update included a few minor changes to provincial debt levels. There was both good news and bad news.
First, the good news. With the 2012-13 bills rolling in, we aren’t in quite as much debt as we thought – for the moment. Based on the February 2013 budget, our B.C. Debt Clock calculated the provincial debt to be $57.6 billion yesterday. But the new documents put us ahead of that mark, at $57.4 billion.
Before we plan a parade down the streets of Victoria, hoisting the Premier and Finance Minister on our shoulders, there was also a lot of bad news.
Long-term, the debt will be higher than originally thought. On March 31, 2016, it’s expected to be $69.76 billion, higher than the $69.4 billion originally budgeted in February.
Our debt today is also growing faster than previously thought, based on these new numbers.
Originally, the B.C. Debt Clock grew by $209 per second. With these new numbers, it’s $214 per second.
That works out to $12,854 per minute, $771,233 per hour, and $18.5 million per day.
Debt-free B.C.? Not yet… not even close.
Is Canada Off Track?
Canada has problems. You see them at gas station. You see them at the grocery store. You see them on your taxes.
Is anyone listening to you to find out where you think Canada’s off track and what you think we could do to make things better?
You can tell us what you think by filling out the survey