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| British Columbian taxpayers will continue to be flattened by rising government debt |
Today
is budget day for Finance Minister Kevin Falcon, and the BC Liberal
government. Yesterday (February 20,
2012) Bloomberg had the following story, “British Columbia to
Beat Deficit Targets, Finance Minister Falcon Says”.
In this story they stated:
Falcon, who is scheduled to unveil his first budget tomorrow, said that as recently as November he was concerned a deepening of Europe’s sovereign debt crisis would further delay the U.S. recovery, undermining the western Canadian province’s effort to restore fiscal balance.The government forecast in a November update that it would have a shortfall of C$3.1 billion ($3.12 billion) in the year ending March 31; C$805 million in 2012-2013 and a surplus the following year.
The current fiscal year’s deficit had originally been forecast at C$925 million. That figure widened to cover the cost of reversing a value-added tax that was rejected by voters in a referendum in August.
Debt
is debt --- and deficits are deficits. Simply
put, this government continues to spend more money than it takes in.
