October 19th, 2020
NL needs changes to the Fiscal Stabilization Program
Statement by Jack Harris – St. John’s East – October 19, 2020
The Fiscal Stabilization Program must be overhauled to get money to Provinces like Newfoundland and Labrador suffering from serious loss of revenue.
Becoming a “have” province has been great for Newfoundland and Labrador. We became so because of oil revenues and royalties and the many thousand of workers and their families earning good incomes and living better lives because of it.
It also meant we no longer qualified or required payments under Equalization, the constitutionally mandated program to address inequities between the provinces.
But Equalization doesn’t help the sharp dip in revenues experienced by oil producing provinces like Newfoundland and Labrador, Alberta, and Saskatchewan, recently exacerbated by the downturn in markets due to the pandemic.
The Fiscal Stabilization Program is aimed at that - but it needs to be re-tooled and upgraded with funding sufficient to address the serious financial crisis facing these provinces.
The Liberal Government needs to step up now and fix the income stabilization program to provide the needed help.