Province in Crisis: The Fiscal Challenges Facing Newfoundland and Labrador
The recently released Greene Report underscores the financial difficulties faced by Newfoundland and Labrador. A province with a debt load of $47-billion, an aging and declining population, and an over-reliance on the oil and gas industry. The province has a structural deficit as a result of spending during premier Danny Williams' time in government and has had 61 deficits in the 71 years since joining Confederation. The question is whether or not the province is ready to face its problems head-on and accept the strong medicine prescribed by Dame Greene. Former Liberal Finance Minister Cathy Bennett joins us to address this question.
The recently released Greene Report underscores the financial difficulties faced by Newfoundland and Labrador. A province with a debt load of $47-billion, an aging and declining population, and an over-reliance on the oil and gas industry. The province has a structural deficit as a result of spending during premier Danny Williams' time in government and has had 61 deficits in the 71 years since joining Confederation. The question is whether or not the province is ready to face its problems head-on and accept the strong medicine prescribed by Dame Greene. Former Liberal Finance Minister Cathy Bennett joins us to address this question.
