Paul St-Pierre Plamondon expects not only no disruption after Quebec’s sovereignty takeover, but even an economic jump. The PQ leader also says he is prepared to sacrifice five federal ministries whose jobs would not be guaranteed.
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“I firmly believe that this event will stimulate the economy!” he says in an interview with our parliamentary office while holding his first year budget update. Sovereign Quebec.
The Parti Québécois document, which claims to have used the same methodology as François Legault in 2005, states that the deficit of a country in Quebec would be $10.2 billion this year, while that of a province in Quebec would reach $12 billion, including Quebec’s share of the federal deficit. Eliminating overlap with Ottawa would allow for savings to offset the balance.
PSPP argues that independence is not only financially feasible but even “profitable”. “It’s an advantage from the first year onwards,” he emphasizes.
However, it is clear that a sovereign Quebec would not achieve a balanced budget in 2027-2028, as currently planned by the Legault government.
When would the deficit be zero? “This is not a discussion about the budget balance, but about the evolution of the debt-to-GDP ratio and the evolution of debt service in relation to our financial performance,” replies the PQ chairman. The latter recognizes that once in power he would still have to “worry” about returning to a balanced budget, since the law obliges him to do so.
Slovakia
In 2005, Pauline Marois declared that Quebec would undergo a five-year period of disruption the day after a victorious referendum.
The talk of PSPP is completely different. Based on the experience from Slovakia, he assumes the opposite. “There is incredible visibility and opportunity for this emerging country at the international level, but there is also the virtual arrival of two hundred embassies. In fact, it will change the economic situation for the city of Quebec,” insists the sovereigntist leader, who has committed to holding a referendum in his first term if he becomes prime minister. It is based on a study by Vincent Geloso, an assistant professor of economics at George Mason University and a signatory to the document. However, this positive effect on the economy was not taken into account in the budget planning.
The PQ leader also doesn’t believe Quebec’s sovereignty would drive away corporations or the wealthy, or that political uncertainty would make consumers wary.
“I expect people will try to make us believe that Brinks trucks are leaving with gold bars or that very rich people are leaving the next morning. In fact, we are one of the most peaceful and pacifist places in the world and one of the strongest economies in the world thanks to our human capital, natural resources and stability.
Job losses
If the number of federal civil servants in the territory were to gradually decline due to turnover associated with retirement, a PSPP-governed Quebec would still sacrifice five ministries.
As a result, job losses are expected among employees of Health Canada, Immigration Canada, Canadian Heritage, Employment and Social Development Canada and Revenue Canada. “We cannot guarantee that all of these jobs will be transferred to the Quebec public service,” PSPP admits.
A $4-5 billion army
The PQ’s first-year budget plan calls for the portion of spending currently earmarked for Canadian defense to be invested in a force in Quebec. “That amounts to a $4 billion to $5 billion army,” says the sovereigntist leader.
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