Bookmark and Share

Economist says B.C. needs to lay off austerity measures

de jong.jpg
Finance Minister Mike de Jong gives his quarterly financial update in Victoria on Nov. 28, 2012 (CBC)
The provincial government has a lot of work ahead if it plans to balance the budget by next February.

Right now B.C. has a deficit of about $1.5 billion, a jump of almost $330 million since the last quarter. That means B.C. now carries a total debt of about $66 billion.

Finance Minister Mike De Jong was vague about just how the government plans to counter the deficit, except to say they'll reduce spending, and Premier Christy Clark says those cuts won't affect health or education.

So is austerity the right move? Ken Carlaw is an associate professor of economics at UBC-Okanagan. He shares his take on B.C.'s financial future.

Download Flash Player to view this content.

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Submission Policy

Note: The CBC does not necessarily endorse any of the views posted. By submitting your comments, you acknowledge that CBC has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that comments are moderated and published according to our submission guidelines.