Eby’s Deficit Spending Is Crippling BC’s Economy as Jobs and Confidence Erode

IMAGE CREDIT:  HR Reporter

New data from Statistics Canada’s Labour Force Survey shows British Columbia’s economy continues to drift under Premier David Eby, just as the NDP prepares another high-deficit budget built on a fragile economic foundation.

 

The latest survey shows 6.1% unemployment in BC, down from 6.3%, while the labour force shrank by 5,600 people. In January, public sector jobs increased by 500 (up 3,100 year-over-year) while private sector jobs decreased by 100 (up only 700 year-over-year). This year-over-year ratio of 4.4 public sector jobs created for every private sector job follows years in which public-sector employment growth has outpaced the private sector economy.

 

“With debt at record highs and another massive deficit budget coming, David Eby has spent years weakening the very economy he’s depending on to pay for his surge in spending,” said Gavin Dew, MLA for Kelowna-Mission and Conservative Critic for Jobs, Economic Development, Innovation and AI.

 

“The money is gone, the jobs are gone, and private sector potential is fleeing.”

The Labour Force Survey adds to broader warning signs in the provincial economy. British Columbia has now experienced three consecutive quarters of population decline, making it one of only two provinces in Canada to lose population over the past year. According to provincial data, 14,335 people left BC in that time, driven by high costs and declining economic confidence, and another 3000 left in January.

 

“People are leaving BC, and what’s most concerning is that we’re losing the next generation of innovators, entrepreneurs, and job creators as they seek greener pastures,” said Dew.  

 

One of the clearest indicators of a weakening labour market is youth employment, which has risen to 13.8% – the fourth-highest monthly rate in the past year – with almost 55,000 young people unemployed. Entry-level opportunities are disappearing as the economy slows.

 

“Youth unemployment is symbolic of a bigger failure,” Dew said. “Getting that first job is a rite of passage. When the first rung on the ladder disappears, the entire climb becomes harder, and that’s happening because this government has hamstrung the private sector.”

 

Dew said years of government-first growth and anti-investment policies have left British Columbia economically exposed at a critical moment.

 

“David Eby has given us the worst economic management BC has seen in a generation,” he said. “Only a new Conservative government will get BC back on track, and that starts by getting the private sector firing on all cylinders again.”