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EDMONTON — Following years of reliance on revenue from future pipelines, the first Alberta budget of the global pandemic banks on mass vaccination to propel an economic recovery. As Premier Jason Kenney promised, there are no new taxes. Instead, the latest budget reveals that Alberta will have to borrow its way out of a pandemic. “It’s a plan that will see Alberta past its current crisis by focusing on what matters most,” said Finance Minister Travis Toews. While Budget 2021 spends a record amount on health care, and sets aside dollars for COVID-19 response and recovery, Kenney’s United Conservative government continues to reel in spending elsewhere, particularly the public sector. DEFICIT INCREASE $3B OVER LATEST PROJECTION So long as COVID-19 continues to afflict local and global economies, Alberta is scrapping any hopes of balancing its budget. The province’s deficit is $18.2 billion, an increase of about $3 billion over the last projection, mainly due to the cost of the COVID-19 response. Toews said a path to balance the budget would be unveiled after the pandemic is over. Alberta’s total debt has soared to $115.8 billion, with taxpayers footing a record $2.8 billion in annual debt-servicing costs. The debt is […]
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