When a cowboy hat-wearing Ralph Klein took to the steps of McDougall Centre on July 12, 2004, to declare the eradication of Alberta’s debt, he likely didn’t imagine the record-setting figures revealed in Thursday’s budget by Jason Kenney’s UCP government.
Hoisting a “Paid in Full” sign above his head to symbolize the $3.7 billion in debt that had been paid off ahead of schedule, then-premier Klein vowed “never again will this government or the people of this province have to set aside another tax dollar on debt.”
Fast-forward 17 years and taxpayer-supported debt is expected to reach $98 billion in the 2020-21 fiscal year. That figure will climb to $115.8 billion by the end of 2021-22, according to forecasts in this week’s budget, which projected debt servicing costs on taxpayer-supported debt to be $2.3 billion this year.
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