July 12, 2020
Like other provinces, Newfoundland and Labrador is currently looking to the federal government for financial assistance. Unlike other provinces, our debt-to-GDP ratio is approximately 85 per cent. That is largely unprecedented for a sub-national jurisdiction.
“We can’t cut and tax our way out of this, as this would have a devastating effect on the people of the province and on our prospects for economic recovery.” said Finance Minister Tom Osborne, as he gave the province’s dreaded financial update on June 4.
This is an astonishing admission from a political leader after almost a decade of cuts, on the part of four different governments and two different parties.