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Sure, government likes rising home prices because the property transfer tax is a major source of additional revenue to grow health care spending for an aging population — which again received the largest increase in government spending in the 2017 budget.

Older residents also benefit directly from rising real estate prices, because the typical person age 55 and over has gained hundreds of thousands in wealth, while taking on little extra debt.

By contrast, the provincial government’s approach to the economy imposes alarming amounts of personal debt on younger British Columbians compared to the national average. In addition to high home costs, post-secondary tuition increased more in B.C. than in any other province since B.C. Liberals took office, and child care now costs double university tuition.

In terms of government debt, B.C. is better than some other provinces, but not as strong as it implies. Although debt is smaller by comparison with the size of our economy, each British Columbian shoulders more provincial debt today than when the B.C. NDP were last in office in 2001.

All of these financial debt problems come on top of the environmental debt. While B.C. was a climate leader by introducing our carbon tax, Quebec, Ontario and PEI all report lower greenhouse gas emissions per person. There has been no reduction in B.C.’s carbon footprint since Clark took office.

So as people evaluate today’s budget, it’s time to ask “Growth for what?” Let’s judge the economic plan in terms of whether it requires more, or less, work from citizens to cover our major costs of living, and whether it is sustainable. On these terms, B.C. has failed its younger citizens. Failure will continue so long as governments budget based more on fantasy than fact.

Paul Kershaw is a policy professor at the University of B.C.’s School of Population Health and founder of Generation Squeeze (gensqueeze.ca)

The editorial pages editor is Gordon Clark, who can be reached at gclark@postmedia.com. Letters to the editor can be sent to provletters@theprovince.com.

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