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Where Has All the Money Gone? NDP Finance Minister Bailey Admits Deep Fiscal Trouble While NDP Debt Soars


In the wake of Finance Minister Brenda Bailey’s recent remarks previewing a “tough budget” and acknowledging B.C. “can’t have the accumulation of debt continue,” the B.C. Conservative Caucus is calling out years of reckless NDP spending that have driven the province into record deficits and a crushing debt burden. 

Debt has exploded under Premier David Eby. When Eby took office in 2022/23, provincial debt was $89.4 billion. It is now projected to top $155 billion this fiscal year—an increase of roughly 75% in just three years. 

Despite this massive run-up in spending and debt, life has gotten harder for British Columbians. As the Minister says it is “time to make difficult decisions to secure our future and protect critical services,” people are facing the consequences of this government’s choices. 

“The numbers show that nearly every aspect of life in British Columbia has gotten harder under the NDP government, despite unprecedented spending,” said Peter Milobar, MLA for Kamloops Centre and Official Opposition Critic for Finance. 

“Where has all the money gone? When the government is previewing cuts and new difficulties for families in the upcoming budget, it’s a question that must be asked. Under this Eby government, announcements haven’t translated into actions or outcomes.” 

The BC Conservative Caucus has been sounding the alarm about BC’s deteriorating finances for over a year amid multiple credit downgrades. The cost of government borrowing is now effectively the fourth-largest line item in the provincial budget. Debt-servicing costs consume about 5% (five cents of every tax dollar) making that budget larger than all but three ministries (Health, Education, and Social Development).  

“This government inherited strong finances and squandered them. Families are paying more and getting less while the NDP piles on debt our kids will be stuck paying for generations. It’s time to get back to basics, restore fiscal discipline and present a credible plan to balance the budget,” added Milobar. 

British Columbians deserve a government that lives within its means, protects core services, and lays out a believable route back to balance. The Minister’s comments confirm what families and businesses already know: after years of reckless NDP spending, the bill has come due.  
 
Background:  

  • Minister’s admissions: Following her 2025 budget, Minister Bailey told business audiences that continuing to accumulate debt will put B.C. “in trouble,” and that government must review spending to get back to balance
  • Independent warnings: Analysts at major financial institutions and policy groups have repeatedly warned about record deficits, rising interest-bite, and ballooning debt under the NDP
 
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  1. AnonymousJanuary 30, 2026 at 2:55 PM

    Thanks for posting the added links to this. It always helps to see context. The TD report is a good one it shows that BC has the best debt to GDP ratio in the country and while it is rising it is poised to remain average. Also this conclusion: “ B.C.’s relatively manageable fiscal position has allowed them to push forward with incremental spending and key investments to support economic growth in the near-term. The province’s debt levels are projected to rise, creating some vulnerability to negative shocks moving forward. That said, substantial contingencies imbedded in the Budget should help reduce the risk of even larger fiscal deterioration. Like all provinces, B.C. ‘s economy is exposed to downside tariff-induced risks, though a more diversified trade profile may help soften the blow.”

    It’s wild times. Our health and education sectors are both in need of substantial investment. I understand that the Conservatives are playing their role but it doesn’t strike me that panic stations are the order of the day. I doubt they would be doing much better under the circumstances.

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