No one has a more impressive fiscal record in recent decades than New Brunswick Premier Blaine Higgs, and it’s time for him to cement his legacy.

Higgs’ fiscal record sets his government apart from any other government in Canada. He led the only government that balanced the books every year during the pandemic. And he leads the only government in Canada that has decreased its debt load over the past five years.

But whether Higgs remains premier for another six months or six years, it’s time for him to start thinking about locking in the major gains he’s made for New Brunswick.

The key to Higgs’ enduring legacy is balanced budget legislation. Higgs has proven that governments can balance the books in even the most difficult of times. He should pass legislation that commits his successors to keeping the province’s debt going down, not up.

Yes, there are many critics of balanced budget legislation. In some of the provinces in which balanced budget legislation has been enacted, including in New Brunswick, new governments have come into office and rolled back the pro-taxpayer legislation.

But governments don’t do so without consequences.

When there’s no balanced budget legislation on the books, governments aren’t forced to go through the embarrassing process of repealing legislation that was designed to protect present taxpayers and future generations.

Balanced budget legislation used to exist in New Brunswick, but it didn’t really have any teeth. Under the original legislation, governments were only obligated to balance budgets over a multi-year fiscal period. Despite those requirements, successive governments posted deficits from 2008 all the way until 2017. Multiple premiers embarrassed themselves by claiming to adhere to the province’s balanced budget framework while delivering years of large deficits.

When Higgs became premier, he turned the ineffective balanced budget law into a deficit and debt reduction law. This new bill committed the government to reducing the deficit annually by at least $125 million. Once the books were balanced, the government would also have to lower the debt by the same amount until its net debt-to-GDP ratio fell below 35 per cent.

Unlike his predecessors, Higgs delivered a balanced budget. Instead of reducing the deficit in year one, he eliminated it.

Since then, New Brunswick has turned a corner.

Over the past five years, the Higgs government has presented five balanced budgets and reduced the debt by $2 billion. For a province that presently has a debt load of just under $13.5 billion, that degree of debt reduction is a massive accomplishment.

Higgs now also leads a majority government.

New Brunswick is in a much better place today than it was five years ago. Higgs has also already achieved his debt reduction legislation’s target.

It’s time for Higgs to introduce new balanced budget legislation with staying power. This legislation should require a balanced budget every year, except for in exceptional circumstances, such as natural disasters. And there must be no more multi-year fiscal period nonsense. Balanced budgets must be a habit, not a stretch goal. 

Higgs has been prudent. He’s resisted the urge to spend for spending’s sake, even when the political temptation was there. But future premiers might not have the same discipline.

At a minimum, strong balanced budget legislation would force a future New Brunswick premier to go through the embarrassing process of amending or repealing balanced budget legislation and formally acknowledge that they plan to saddle future generations with more government debt.

And at best, it would stop a future premier from running short-sighted deficits.

New Brunswick would be fortunate to continue to have premiers so adverse to running deficits as Higgs. Unfortunately, far too many politicians are willing to abandon sound budgeting practices at the drop of a hat.

That’s why Higgs should pass new taxpayer protection legislation. Higgs should put as many roadblocks as he can between his legacy of debt reduction and other politicians’ penchant to spend.