If you put any faith in the truthfulness of the media, then you would have to form the opinion the future of Newfoundland and Labrador is very bleak, some would even say we’re done, our goose is cooked.
This province with a population of 522,000 people and declining, a total public-sector debt of approximately $35 billion, revenues of approximately $8.5 billion and a yearly payable interest of $1.4 billion is in an insurmountable situation.
We have a public sector workforce of 48,000, or one for every 11 residents.
No doubt each and every one of them are very hard workers but they do not generate revenues. Their salaries and mandatory employment related costs are a direct expense to our coffers.
Within the next year or so this government will have to make $726-million payment on Muskrat Falls or our electric bills will increase.
According to the minister of finance our gross public-sector debt will increase by $944 million with associated interest costs.
This government has negotiated and is negotiating higher public sector salaries and benefits for public sector employees.
My question to minister of finance, the premier and public sector union leaders is how will we survive as a province without going insolvent?
Jerome Terry,
Mount Pearl
RELATED: