Per-person (inflation-adjusted) provincial government debt increased faster under Premier David Eby than any other B.C. premier over the last 50 plus years
"The numbers tell an extraordinary story—no premier over more than the last half century has racked up debt at anything approaching the rate that is occurring under David Eby," said Ben Eisen, senior fellow at the Fraser Institute and author of Debt Accumulation by Premier: British Columbia.
Specifically, provincial government debt per person reached $17,147 in 2024 under Premier Eby—an average annual increase of $2,612 (inflation adjusted to 2024$), or a total increase of 44 per cent over two years, and the highest-level on record covering the 1969 to 2024 period.
By comparison, among premiers who were in power for more than a year, the next largest average annual (inflation-adjusted) increase in per-person government debt was under Michael Harcourt (1992-1995), which averaged $487. In other words, Premier Eby is increasing per person provincial government debt (inflation-adjusted) at more than 5 times the rate experienced by the next highest ranking premier, Michael Harcourt.
"The comparison with Premier Harcourt, who continues to be considered a premier that accumulated substantial debt in the province is more than a little worrying given that Premier Eby is accumulating debt at more than five times the rate," commented Eisen.
In contrast, several premiers recorded actual declines in provincial debt (inflation adjusted) over their tenures. Both William Vander Zalm ($37 per year) from 1986 to 1990 and Gordon Campbell ($32 per year) 2001 to 2010 recorded average annual declines in per person provincial debt during their respective periods as premier.
"Compared to other recent B.C. premiers, the Eby government's pace and level of debt accumulation are truly record-breaking," Eisen said.
"B.C. taxpayers will ultimately pay for this debt binge in the form of higher debt interest costs and possibly future tax hikes."
The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, Halifax and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Global News
24 minutes ago
- Global News
Canada's exports to the U.S. fell again in May as trade war continues
The Canadian economy showed signs that it has been working to pivot away from doing business with the United States, according to new data from Statistics Canada. That comes as U.S. President Donald Trump's tariffs and trade war have forced many businesses to seek alternative trading partners to avoid impacts and higher costs. 'Trade diversification is still advancing, and we're seeing encouraging gains in other markets,' says principal economist Andrew DiCapua at the Canadian Chamber of Commerce. 'The worst may be behind us, but the road back will likely be uneven.' In May, Statistics Canada reports the total amount of merchandise exported increased by 1.1 per cent compared with April, led by metals including gold, silver and platinum to countries like the United Kingdom, as well as non-metallic mineral products. Story continues below advertisement Imports fell 1.6 per cent, marking the third straight monthly decline, the agency said, which helped narrow the overall trade deficit from $7.6 billion in April to $5.9 billion in May. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy A trade deficit occurs when the amount an economy imports, or buys, is more than the amount it exports, or sells. 5:12 How close is Mark Carney to striking a deal on tariffs with U.S. President Donald Trump? The agency also reports that in May, the amount Canada exported specifically to the U.S. fell by 0.9 per cent, marking the fourth consecutive monthly decline. Although expectations of higher costs from Trump's tariff policies may have motivated businesses to look away from the U.S., economists note that the numbers show these higher costs from tariffs haven't yet fully materialized. 'Ninety-one per cent of Canadian exports to the U.S. crossed the border duty-free, consistent with the view that the exemption for CUSMA/USMCA-compliant trade from blanket U.S. tariffs imposed in March is working effectively,' economist Nathan Janzen at Royal Bank of Canada says. Story continues below advertisement 'We continue to expect that current rules, if maintained as currently in place, would leave Canada with the lowest tariff rate of any major U.S. trade partner — putting Canadian exporters in a stronger relative position to compete for U.S. import market share than other countries.' Tariff measures are more costly for goods and services that do not meet the requirements of the Canada United States Mexico Agreement (CUSMA/USMCA). Prime Minister Mark Carney has been working with Trump on the terms for a new trade deal. This data from Statistics Canada comes just weeks ahead of the July 21 deadline for Canada and the U.S. to reach a new trade deal, or there could be further tariff escalations.
Toronto Star
35 minutes ago
- Toronto Star
U.S. trade dries up in May but Canada's exports to other nations rise: StatCan
OTTAWA - Canadian exports heading to the United States continued to dry up in May as trade picked up with other nations, Statistics Canada said Thursday. The agency said Canada's merchandise trade deficit narrowed to $5.9 billion in May as gold exports climbed higher.
Global News
39 minutes ago
- Global News
Ontario and Atlantic provinces rank lowest in Canada for worker happiness
A new report is shedding light on workplace happiness and workers in Ontario and Atlantic Canada are at the bottom of the list. ADP Canada's Happiness at Work Index report for June found that Ontario has now fallen to the bottom of the national rankings in workplace happiness, with a regional score of just 6.7 out of 10. Ontario is tied with workers in Atlantic Canada. The report says the drop in happiness for Ontario workers is a warning sign. 'From stalled career growth to lackluster recognition, Ontario workers are sounding the alarm on what's not working at work,' the report says. Given the boost other provinces are seeing, the report warns that Ontario's continued slide suggests deeper issues are at play. Story continues below advertisement Key factors outlined in the report include that just over half of Ontario workers feel like they are stuck in their current position with nowhere to grow. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The report also found that the province lags behind regions offering better flexibility and balance and that workers in Ontario feel overlooked and underappreciated. This comes as other provinces are seeing a summer boost in employee sentiment thanks to perks like flexible hours and time to disconnect. 'Workers in Canada are clear – supporting workplace relationships or offering meaningful summer perks, supports well-being at work,' says Heather Haslam, vice-president of marketing at ADP Canada. 'If employers align to some of these priorities, they can support environments where people feel valued and heard – ultimately encouraging a stronger employee experience.' A lack of flexibility and balance from workplaces could also be contributing to worker burnout. A 2024 report from HR consulting firm Robert Half found that more than four in 10 (42 per cent) of Canadian professionals reported feeling burnt out. Millennials (ages 27 to 42) reported burnout at work more than any other generation, at 55 per cent. Generation Z (ages 18 to 26) followed closely at 51 per cent, then generation X (ages 43 to 58) at 32 per cent and baby boomers (ages 59 and above) at 24 per cent. Story continues below advertisement The most reported contribution to burnout among respondents was heavy workloads due to understaffed teams, at 52 per cent. Forty-two per cent felt a lack of communication and managerial support contributed most to their burnout, while 39 per cent pinned it on missing tools/resources required to perform properly at work. — with files from Global News' Naomi Barghiel
