VANCOUVER, B.C.: The Canadian Taxpayers Federation is calling on Finance Minister Brenda Bailey to cut spending to save taxpayers money as she prepares to present the provincial government’s budget on Feb. 17. 

“Bailey needs to cut government spending and stop piling more debt on taxpayers,” said Carson Binda, B.C. Director for the CTF. “Government spending has rocketed up too far too fast and Bailey needs to bring that spending back down to earth.”   

The government spent an inflation-adjusted $71.6 billion in 2021-22. Government spending is projected to total $95.5 billion in 2026-27. That means the government’s inflation-adjusted spending is growing by 33 per cent since 2021. 

That increase in government spending far outpaced British Columbia’s economic growth. For comparison, B.C.’s economy grew 20 per cent since  2021, after accounting for inflation. 

Credit rating agencies have continued to sound the alarm over the government’s borrowing spree.

“The province’s commitment to fiscal discipline and stability has wavered in recent years,” wrote S&P Global when downgrading B.C.’s credit rating. “B.C.’s budgetary performance will be the weakest of peers, both domestically and internationally.” 

The government’s per person debt increased 88 per cent in the past five years, from $17,300 in 2021-22 to a projected $32,500 in 2026-27. 

Paying interest on the government’s debt costs taxpayers $5.3 billion this year, which will grow to a projected $6.4 billion next year. 

“Bailey needs to cut spending because taxpayers can’t afford to keep wasting billions of dollars every year paying interest on the government credit card,” Binda said. “It’s time for Bailey to put down the credit card and pick up some scissors.”

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