Now where would the PQ gov't find a new source of revenue to help offset this crisis? Hmmmmmmm.....

http://www.theglobeandmail.com/report-on-business/economy/quebec-facing-massive-fiscal-crisis-report-warns/article1804121/

Quebec is facing a fiscal crisis of epic proportions as it struggles with soaring health-care costs and limited revenue growth over the next 20 years, says a Conference Board of Canada report.

“If Quebec's taxation rates remain unchanged and historical trends in actual per capita program spending are maintained, the Quebec government will hit a wall in the future,” said Mario Lefebvre, the Conference Board's director of Quebec Affairs and director of its Centre for Municipal Studies.

In a report unveiled Thursday, the board says the Quebec government's revenue growth will be limited to an average of four per cent per year over the next 20 years, while expenditures are forecast to grow at an average annual rate of 5.1 per cent.

The report attributes the significant increase in expenditures to the rapid increase in the province's health care spending, which it expects will grow at an average annual rate of 5.9 per cent over the period covering 2009-2010 to 2030-2031.

Health care's share of total Quebec revenues will balloon to 63.4 per cent in 2030-2031 from 43.1 per cent today, according to Conference Board projections.

If the current taxation and spending patterns continue, the board forecasts an annual deficit of more than $45-billion by the end of fiscal 2030-2031.

“The Conference Board of Canada is not telling the Quebec government what to do, but is pointing out that the Quebec government's financial situation is shaky and that maintaining the status quo is not an option,” said Mr. Lefebvre.