The Fraser institute says the Couillard government's plans for the economy don't go far enough. In a report released Thursday, the institute recommends Quebec target taxes and the provincial debt in its next budget.

"The situation in Quebec is especially dire when you look across Canada," said Charles Lammam. "When it comes to individual tax rates the higher they are, the more they discourage people from doing productive activities, things like working more, saving more, investing, being entrepreneurial."

Lamman said that the numbers indicate the need for "bolder reforms."

According to Fraser Institute statistics, Quebec's debt increased by 83 per cent between 2004 and 2013, from $99 billion to $181.3 billion.

The debt now equals 50 per cent of the province's GDP (the value of all goods and services produced in the province). When broken down on a per person basis, every Quebecer owes $22,230 in government debt.

But the Liberal government austerity measures will eventually lead that debt to decline, according to a cabinet minister.

“As a percentage of GDP it will gradually decline. We have an objective to reach 45 per cent of GDP by 2026,” said Quebec Treasury Board President Martin Coiteux.

“We are going to be very firm on that. We won't increase taxes on Quebecers and we will not postpone the return to a budget balance,” he said.

One political observer said that the Liberal government is likely gong as far as it can go.

“They are doing it in a very fast way compared to other governments but they can't go any further. otherwise it will be chaos,” said political analyst Jean Lapierre.