Memorial University economist Dr. Wade Locke said last night during a presentation on the province’s fiscal situation that the government’s debt could be up to $10 billion within the next 10 years. By 2020, he said the government could run a $1.6 billion deficit on the provincial budget. “If we don’t start dealing with it, it will become quickly unmanageable,” he told reporters after the event. “There are three options you can do: you can borrow, you can raise taxes or you can cut expenditure,” said Locke. “All three have negative consequences for you, so what you need to think about is which of these options are the most effective way of dealing with your issues.”The lecture hall at MUN was packed for the presentation. “I hope not only government heeds this message, but the rest of the province does as well.”
