Finance Minister Siobhan Coady delivered the 2022-23 Provincial Budget last week, enshrouded in the kind of rhetoric that suggests the Government is prudently managing our finances.
Let’s take a look at the 2022-23 Budget Estimates to see
if what she is selling is in line with the reality that the PERT Report described only one year ago.
PERT stated: “The Government of Newfoundland and
Labrador is facing an unsustainable fiscal situation that requires immediate
action. Spending is out of control and the Provincial Government is paying out
far more than its revenue allows…This untenable situation must be addressed.” The
Report also noted that “Cash deficits in the last five years have averaged $1.9
billion annually.” (P.10)
If, as Minister Coady suggests, she is close to Budget balance, how did Moya Greene get her stark analysis so wrong?
