Higgs government must remain focused on debt reduction

Author: 2022/02/15

The Canadian Taxpayers Federation is congratulating the Higgs government for keeping the budget balanced and lowering the provincial debt this year.

“New Brunswick’s debt is a serious issue and it’s good to see the provincial government is paying it down,” said CTF Interim Atlantic Director Renaud Brossard. “By controlling spending and paying down debt, the Higgs government is doing the right thing for future generations of New Brunswickers.”

The government of New Brunswick is projecting a $487.8-million surplus in its Third Quarter Fiscal and Economic Update. This is up from a $244.8-million deficit projected in the last budget.

The province’s debt is expected to go down to $13.0 billion from $13.5 billion in March of last year.

Third quarter results indicate this surplus is largely due to higher-than-anticipated tax revenues and spending staying within the government’s budget projections.

“We know it’s no longer a matter of if, but a matter of when interest rates will rise,” said Brossard. “Paying back the provincial debt, as the Higgs government has been doing, protects taxpayers against these high costs.”

Interest payments on the debt will cost New Brunswick taxpayers $639 million this year.

The Bank of Canada has signaled it plans to hike interest rates soon.

A Note for our Readers:

As you may know, we're working hard to stop Prime Minister Trudeau's attempt to add a 2nd carbon tax upon Canadian taxpayers. If you are against this tax, would you take a moment today to read and consider signing the petition below?

When you do, your name will be added to the growing list of tens of thousands across our country who want to tell the government that we are opposed to these new taxes. Please take a moment to read the petition below and consider signing it today.

To Prime Minister Justin Trudeau:

The federal government is introducing new fuel standard regulations to require industry to reduce the carbon content of fossil fuels. If industry can’t meet the standard, they’ll have to pay Trudeau's second carbon tax. This tax will ultimately hit already struggling families and businesses.

It’s bad enough that taxpayers are already paying for one carbon tax. Canadians certainly can’t afford a second carbon tax.

We, the undersigned, call on Prime Minister Justin Trudeau to scrap plans for a second carbon tax.

Looks good!
Please enter your first name
Looks good!
Please enter your last name
Looks good!
Please enter a valid email address
Looks good!
Please enter a valid postal code. Ex. K1K1K1