In a report released by the University of Calgary’s School of Public Policy, Tombe shows how the province’s debt will continue to rise well past the NDP’s goal of balancing the books by 2030.According to the projections, the province could see a deficit of almost $40 billion by 2040 unless there is”sustained action” from the government to tackle big problems.But the first step to fixing a long term problem is to recognize one exists something politicians in any political camp have yet to do,Tombe said.”Of course, politicians are going to like quick fixes,” Tombe said. “They’re going to like things that can be phrased in a very simple and sound bite kind of way. These challenges, though, are much bigger than that.”Story continues belowThis advertisement has not loaded yet, but your article continues below.The report ran long term projections for Alberta’s spending and revenues from things such as resource royalties, federal transfer payments, property taxes, and health and education spending, among others.He said fiscal issues which include increased health care costs for Alberta’s aging population (increasing to $6.5 billion annually by 2040) and the province’s reliance on declining oil revenues (which haven’t been this low since the 1940s) will continue to increase provincial debt unless action is taken “sooner than later.”.

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