A new study on the finances of a sovereign Quebec reveals that an independent Quebec would have one of the strongest economies in the world. Parti Québécois Leader Paul St-Pierre Plamondon released a Year One budget plan for an independent Quebec, emphasizing the benefits of homegrown decision-making over centralized control. The study refutes traditional criticisms of the independence option, highlighting the financial viability of Quebec as a sovereign nation.
The report asserts that Quebec’s economy is fundamentally strong, positioning the province to achieve a prominent place among the concert of nations without significant costs. Plamondon emphasizes that being in total control of its own destiny would propel Quebec further. The study underscores the importance of making choices based on one’s own interests, rather than on competing interests of other provinces. Plamondon compares Quebec’s potential relationship with the rest of Canada to examples like Slovakia and the Czech Republic, as well as Norway and Sweden, where mutual respect and recognition of different peoples improved their respective relationships.
By using a similar model to analyze finances as previously used in 2005, the analysts provide a comprehensive overview of federalism’s impact on Quebec. The report portrays Ottawa as a big spender, particularly in areas of provincial jurisdiction, while delivering limited services in Quebec. It notes the doubling of federal debt and a 40% increase in the size of the government during Justin Trudeau’s tenure. The study suggests that eliminating overlapping jurisdictions between federal and provincial levels of government would result in an additional $8.8 billion for Quebec. By 2024, an independent Quebec would recoup a total of $82.3 billion in revenues currently sent to Ottawa.
The report also counters arguments against independence and highlights the “intellectual dishonesty” of claims that Quebec would lose $13 billion in equalization payments. It clarifies that Quebec’s financial contributions to Ottawa should be considered, with the net amount of equalization payments being $9.6 billion. In terms of debt, Quebec’s debt-to-GDP ratio would place second in the G7, falling just behind Germany.
Overall, the study demonstrates that an independent Quebec would have a thriving economy and a favorable financial position comparable to the richest and most developed countries worldwide. The report effectively dismantles misconceptions and falsehoods propagated by opponents of Quebec sovereignty.
1. Will an independent Quebec have a strong economy?
Yes, according to the study, an independent Quebec would have a highly advanced and prosperous economy.
2. How would Quebec benefit from independence?
Independence would allow Quebec to make decisions that align with its own interests, rather than those based on competing interests of other provinces.
3. How would an independent Quebec relate to the rest of Canada?
Plamondon envisions Quebec as a friendly neighbor to the rest of Canada, much like the relationships between countries such as Slovakia and the Czech Republic, and Norway and Sweden.
4. What impact would independence have on Quebec’s debt?
Quebec’s debt-to-GDP ratio would place second in the G7, just behind Germany, indicating a comfortable starting point for the province as an independent country.
5. How does the report counter arguments against independence?
The report refutes claims that Quebec would lose $13 billion in equalization payments by highlighting the amount of money Quebec currently sends to Ottawa. The net amount of equalization payments is $9.6 billion.