The Eby administration in BC is under fire as the Canadian Taxpayers Federation urges immediate action to curb spending after S&P's downgrade of the province’s credit rating from AA to AA-minus.“This government’s abysmal fiscal management has led to another round of credit rating downgrades," said Carson Binda, BC director of the Canadian Taxpayers Federation (CTF). "Massive deficits and a steep increase in provincial debt are threatening the sustainability of our province.""Premier David Eby needs to start making responsible financial choices for British Columbians.”This marks BC’s second credit rating downgrade since Eby took office. Last year, S&P downgraded BC’s credit rating from AA+ to AA.With each downgrade, the province faces higher borrowing costs. Taxpayers are expected to shoulder a staggering $14.6 billion in interest charges on the provincial debt over the next three years.Driven by substantial deficit spending, the BC government aims to push the provincial debt to $123.3 billion by year-end. The current budget records the largest deficit in BC history at $7.9 billion. In contrast, in 2017, when the NDP took power, provincial debt stood at $69.8 billion.“A drop in our credit rating means that taxpayers will be on the hook for even more money every time Eby borrows,” said Binda. “Eby and Finance Minister Katrine Conroy need to start being responsible with taxpayers’ money.”
The Eby administration in BC is under fire as the Canadian Taxpayers Federation urges immediate action to curb spending after S&P's downgrade of the province’s credit rating from AA to AA-minus.“This government’s abysmal fiscal management has led to another round of credit rating downgrades," said Carson Binda, BC director of the Canadian Taxpayers Federation (CTF). "Massive deficits and a steep increase in provincial debt are threatening the sustainability of our province.""Premier David Eby needs to start making responsible financial choices for British Columbians.”This marks BC’s second credit rating downgrade since Eby took office. Last year, S&P downgraded BC’s credit rating from AA+ to AA.With each downgrade, the province faces higher borrowing costs. Taxpayers are expected to shoulder a staggering $14.6 billion in interest charges on the provincial debt over the next three years.Driven by substantial deficit spending, the BC government aims to push the provincial debt to $123.3 billion by year-end. The current budget records the largest deficit in BC history at $7.9 billion. In contrast, in 2017, when the NDP took power, provincial debt stood at $69.8 billion.“A drop in our credit rating means that taxpayers will be on the hook for even more money every time Eby borrows,” said Binda. “Eby and Finance Minister Katrine Conroy need to start being responsible with taxpayers’ money.”
