CALGARY, AB: The Canadian Taxpayers Federation is sounding the alarm as the Alberta government’s debt will pass $70 billion on Sunday, Jan. 19, at 11:06 a.m.

“Taxpayers are in for a rude awakening when it comes time to pay the piper,” said Franco Terrazzano, Alberta Director for the CTF. “Every man, woman and child now owe thousands of dollars in Alberta government debt because politicians have been fast and loose with the provincial credit card – this needs to stop.”

The Alberta government’s debt is increasing at $290 per second and will reach $70 billion on Sunday, Jan. 19, at 11:06 a.m. This means every Albertan owes more than $16,000 in provincial government debt alone. Albertans must also pay interest charges to service the government’s debt, which now costs taxpayers about $2 billion per year, according to the government’s 2019 budget.

The government’s most recent budget is increasing total spending by $174 million between 2018 and 2022 and adding $30 billion to the provincial debt tab.

The Blue Ribbon Panel on Alberta’s finances found that Alberta’s per-person spending is the highest in Canada. The Alberta government brought in more revenue per person than British Columbia did last year.

“The best time to put out a fire is before it gets bigger, but, the Alberta government is burning through another $30 billion in debt,” said Terrazzano. “It’s time for Premier Jason Kenney to get serious about the debt and tackle the spending problem.”