Back to Balance
How do we get back to balance?
Government is looking for your advice on the way forward. We have to look at
- Increasing revenues
- Reducing spending
- Growing the economy over the long term
Each choice will affect the others, so all must be considered together.
The following chart shows the impact that some possible measures could have on closing the gap. Remember—these are examples only and not proposed measures.
Increase revenues
Government can try to generate higher revenues to minimize the impact on programs and services people use. Taxes and fees are the kind of revenues that the government can adjust on its own. However, getting more money from citizens and businesses may be a burden for many people, and may also harm the economy.
Reduce spending
Reducing spending helps the government avoid increasing taxes. However, it means limiting services or stopping programs that Nova Scotians are now using. This also affects the economy and our standard of living.
Grow the economy over the long term
Government should promote growth in the economy. A strong economy adds to tax and other revenues. However, investments in the economy today will reduce money available for other areas of spending —and will produce results only in the long term.
The Government of Nova Scotia believes that it is essential to bring the province back to balance—doing nothing is not an option.
