Business group launches P.E.I. debt clock
The Canadian Federation of Independent Business is trying to pressure the P.E.I. government to end deficit spending.
'Every Islander now owes 10,000 bucks.'— Leanne Hachey, CFIBOn Tuesday CFIB launched the P.E.I. debt clock, a web page that tracks the size of the province's debt in real time. That debt is approaching $1.4 billion.
Leanne Hachey, vice-president for the Atlantic region at CFIB, said P.E.I. is the only province running a deficit.
"It's simply unacceptable," said Hachey.
"It's a dirty word in every other part of the country except the Island, and it's hurting Islanders. It means every Islander now owes 10,000 bucks, you know, man, woman and child. Doesn't matter if you just had a baby, the day they were born they're owing 10,000 bucks at least. So our goal really is to make sure this trend stops, and the premier has the power to do that."
The government is projecting a $35-million deficit this year. The CFIB believes the province could have a balanced budget within two years if it would limit new spending to the rate of inflation.
In bringing down the 2008-09 budget, provincial Treasurer Wes Sheridan said he was aiming to get rid of the deficit in two years.
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