[LINK] "Newfoundland and Labrador premier on economic state: ‘It’s terrible’"

[rfmcdonald]

MacLean's carries a Canadian Press article noting the dire state of post-oil boom Newfoundland and Labrador, so bad that apparently the province may return to receiving equalization payments.

Newfoundland and Labrador’s premier made clear Tuesday his province’s precipitous drop from national economic leader to fiscal basket case, as his Liberal government set a grim course with its first throne speech.

“It’s terrible,” Premier Dwight Ball said.

“There’s no one even close to us when you look at other provinces,” he told reporters outside the legislature. “We’ve never seen this ever before in our history.”

Fixing the mess, and an “unprecedented” $2-billion deficit, will start with a budget in April or May, Ball said. He signalled that everything from tax hikes to job losses and spending cuts are on the table.

Ball also raised the E word — as in equalization. It was a proud day as Newfoundland and Labrador, powered by oil and mining earnings, became a “have” province for the first time in 2008. It stopped receiving equalization payments that Ball now says would come in handy. The complexities of related requirements, however, mean little help is available so far, he told reporters.

“We’re at Ottawa’s door for all the programs that are in place.”