The HEC business school has released a damning report which concludes that unless Quebec gets its financial house in order, it risks becoming the poorest province in the country.
The report cites debt levels that have climbed steadily since the early 2000's and policies that are unsustainable without increased productivity, higher exports and tough fiscal choices.
The authors also say that the quality of life in Quebec is now below that of several OECD countries and most Canadian provinces.
Only Nova Scotia, Prince Edward Island and New Brunswick are lower on the scale.
The Director of the Centre for Productivity and Prosperity at the HEC, Robert Gagné says that public finances have to be tightened and that the government must take a hard look at the financial viability of funding current social programmes, cut spending and try not to do more damage by raising taxes.