Taxpayers Federation debt clock criticizes Sask. government borrowing

The Canadian Taxpayer’s Federation (CTF) is telling the province to cut up the credit card.

Touring the country with its debt clock, the CTF argues the amount Saskatchewan is borrowing is growing too fast.

This past provincial budget recorded public debt at $13.26 billion.

Finance Minister Kevin Doherty maintains borrowing is necessary.

“We are borrowing $700 million this year for capital infrastructure purposes to invest in things like highways, health care facilities and joint-use school,” he said.

All of which, Doherty argues, show up on the balance sheet.

The borrowed money comes with a two per cent sinking fund attached to be paid back over 30 years.

Doherty maintains “that is a responsible use of taxpayer dollars”.

While the NDP disagrees with the figures released by the CTF, the opposition is concerned with the amount the province is borrowing.

In a written response, Trent Wotherspoon says “after a decade of resource wealth, it’s shocking that the Sask. Party has to borrow or use pricey P3 rental schemes to get the infrastructure we desperately need”.

“The fact is, we’ve had windfall revenue, but they’ve spent every penny and then some just on operations,” Wotherspoon wrote. “They’ve drained the rainy day fund, and now they’re piling on debt that we all pay, and our children will pay.” 

The NDP argues the borrowing comes from Crown debt which is then used to balance the books.