CTF to take giant Debt Clock showing Manitoba's debt around the province during election

The Canadian Taxpayers Federation (CTF) launched its “No Money for New Spending” Debt Clock tour today at the provincial legislature. The CTF will be touring the giant Debt Clock around Manitoba; educating taxpayers about our province’s growing debt and encouraging politicians to balance the budget a year ahead of schedule; by 2013-14.

The clock shows Manitoba’s net debt is increasing by about $49.47 per second or roughly $4.3 million per day. The debt clock figures are based on figures from the provincial government’s 2011 budget (shows net debt will rise $1.56 billion this year) and 2010-11 public accounts (shows net debt reached $12.837 billion by the end of the fiscal year.)

The clock does not include Hydro debt. Including such debt, would show an increase of $69.29 per second, or roughly $6 million per day.

“When taxpayers see politicians promising new spending, during the election, they need to remember the cupboards are bare,” said CTF Prairie Director Colin Craig. “When the government borrows money to spend on things like rooftop barbecues for the WRHA’s executive offices, those dollars have to be paid back with interest.”

The CTF was joined at the press conference by Peter Holle, President of the Frontier Centre for Public Policy and a former Director for the Manitoba Taxpayers Association. Holle was involved in the original debt clock tour back in the 1990 and helped draft Manitoba’s original balanced budget legislation.

“If public sector employment in Manitoba was on par with the national average, spending in Manitoba would fall by $1.2 billion which would easily eliminate the deficit and pay down debt,” said Holle. “Bringing Manitoba in-line with the national average would be easy to do as thousands of civil servants will be retiring over the coming years. This would also help reduce the high tax burden in Manitoba.”

The CTF dispelled the myth about how hard it will be to cut spending by noting that spending has been skyrocketing over the past decade; at more than double the combined rate of inflation. From 2009-10 to 2010-11 alone, summary spending increased by a jaw dropping $808 million.

The CTF has also released an educational PowerPoint presentation on spending (click here) and a video to show Manitobans some examples of wasteful expenditures (click here.)

The debt clock’s tour schedule is still being finalized, but a schedule will be available on www.Taxpayer.com.

Taxpayers can sign the petition for an early balanced budget by visiting www.ManitobaDebt.ca.