Manitoba’s growing debt load is reaching unsustainable levels, according to a report released today by the Canadian Taxpayers Federation. The watchdog group says taxpayers are paying billions in interest on government borrowing, leaving little room for essential services.“Billions of taxpayers’ dollars are being wasted on debt interest payments because the government is irresponsibly borrowing too much money,” said Gage Haubrich, CTF Prairie Director. “The government needs a plan to find savings and dig Manitoba out of this financial hole.”The report shows that Manitoba’s debt has climbed 61% since 2016-17, leaving each resident with a per capita share of about $24,831. Since 2016-17, debt interest payments have cost taxpayers nearly $18 billion, representing roughly 21% of provincial tax revenues. This year alone, the government will spend $2.3 billion on interest, more than all but the two largest government departments combined.Debt interest payments now exceed the province’s total revenue from education property taxes, the health and education tax, corporation taxes, fuel taxes, and the land transfer tax combined.Haubrich said the report should serve as a warning to Premier Wab Kinew and his government. “Manitobans can’t afford any more debt. The government needs to control spending and work to pay down Manitoba’s increasing debt.”
