We’re on track to balance the federal budget by 2015. The Conservative government was able to weather one of the worst recessions in the past 50 years with the best economic record in the developed world. The Conservative government was able to introduce the hiring credit for small business, reduce the GST from 7% to 5%, introducing new tax-free savings accounts and cutting taxes over 140 times.
What does a balanced budget mean to us as Albertans?
Ensuring we maintain a balanced budget is about living within our means in the present to ensure we do not endanger the future prosperity of our kids. Running deficits means borrowing money that places a burden on future generations to repay it. Controlling spending means less need to borrow, which means less need to raise taxes, and less accumulated debt in the long term.
Several European states such as Greece, Spain and Italy, are facing the burdens of austerity after many decades of continuous deficit spending. Closer to home, many provinces are struggling with a heavy debt load, high debt interest payments, and chronic deficits.
I am committed to ensuring we balance the federal budget and introduce legislation to keep future budgets balanced.