Premier Christy Clark won the provincial election in 2013 promising a “Debt-Free BC,” but an opponent now accuses her of overseeing a “historic debt binge” since coming to office.
Dan Brooks, who won back the BC Conservative Party leadership on Sept. 17 after stepping down earlier this year, said in a press release that last week’s first quarterly report shows the province’s total debt has grown by 45 per cent — $20.1 billion — under Clark.
Total provincial debt was around $45.2 billion when Clark took office in 2011 and has swollen to $65.3 billion, according to the quarterly report. It is projected to hit $71.9 billion in 2019.
The total debt includes accumulated operating deficits from past years as well as borrowing for any number of purposes, including building schools, hospitals, social housing and public transit. It also includes “self-supported debt” such as that carried by Crown corporations including BC Hydro.
Finance Minister Mike de Jong, commenting on the quarterly report, highlighted the operating surpluses that mean the province has stopped adding to the operating debt. He also pointed out that taxpayer-supported debt has been dropping when expressed as a percentage of the province’s Gross Domestic Product and is lower than in most provinces.
Brooks was unavailable Tuesday, but in the press release said: “From the moment she first took office in 2011, Christy Clark has been spending taxpayers’ dollars in a misguided, reckless manner… If somehow she is able to secure another four-year mandate in 2017, there can be little doubt that the BC Liberals will perceive it as permission to leave an even larger legacy of debt for future generations.”
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