The Canadian Taxpayers Federation released a new report today warning Islanders about the province’s debt.

“Government debt is exploding in Prince Edward Island,” said Devin Drover, CTF Atlantic Director. “The Lantz government must ditch the taxpayer credit card and begin to live within its means.”

Key findings of the CTF’s report include:

• Total provincial debt has increased by 68 per cent between 2018-19 and 2025-26
• Every Islander’s per capita share of the provincial debt is about $19,500
• Increased debt is driven by spending in both health care and non-health care programming
• The provincial government is planning to increase the debt by nearly 100 per cent in a 10-year period under the current plan
• Interest costs will increase by 40 per cent by 2027-28

“Islanders are being buried in government debt and crushed by the interest charges,” Drover said. “Every dollar wasted on big government debt is money not being used for core services or tax relief.”

Debt interest costs are expected to cost Islanders $170 million this year, or about $930 per person. Unless a different path is charted, interest costs are expected to increase by 40 per cent over to $238 million by 2028, or about $1,250 per person.

“Debt interest already costs Islanders more money that the government takes in from corporate income tax,” Drover said. “The Lantz government needs to act immediately to get the province’s finances under control and cut spending immediately.”