I wish to express my gratitude to Kam Hon Chu and Policy Options for giving me permission to republish this much needed Paper dealing with NL's existential fiscal crisis.
- Des Sullivan
Newfoundland and Labrador needs more than an economic recovery plan
Now that the dust has settled after the election in Newfoundland and Labrador, attention shifts to the Premier’s Economic Recovery Team (PERT), with the release of its final report just around the corner. The mandate of PERT is to come up a comprehensive plan to address the province’s ballooning debt, deficit and expenditures.
The economic recovery plan is important not only to Newfoundlanders and Labradorians but also to all Canadians because its policy recommendations will certainly affect the welfare of N.L., and a failure to avert a debt crisis there would have adverse spillover effects on the rest of Canada.