Dix-onomics? Sounds like the pot calling the kettle black to me

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. 

And who will end up paying for that?  Me … you … our children … and our grand-children.

I’m sorry to sound like a cynic, but given the track record of this government, I don’t hold out much hope they’ll be getting spending under control … or that we’ll get the straight goods.  That’s because they have said these things before, and what has it got us?

Gordon Campbell (2009)  "I hate budget deficits; I think they take away from future generations."

The Tyee (September 1, 2009)

British Columbia will have a record deficit of $2.8 billion, according to a budget update Finance Minister Colin Hansen presented today. That's five times greater than the $495 million projected in February and insisted upon by Premier Gordon Campbell during the election campaign.

Canadian Taxpayers Federation

… budget deficits and debt financing have pushed provincial debt to an all-time record high. In your 2010 budget, you forecast debt to increase to $52.4 billion in 2012, and $55.9 billion in 2013. We're already paying $6.3 million in daily interest costs on our existing debt, money that could instead go to health care, education or reducing taxes for B.C.'s working families, students, and pensioners.  It’s time you replaced debt management with debt elimination.

Canadian Taxpayers Federation

Interest costs will top $2.3 billion this year, more than $500 for every man, woman, and child in the province. That’s more than we spend on our entire university and college system. It’s more than double the cost of the entire provincial Pharmacare programme. With interest costs running at $6.3 million at day, we need to send the politicians in Victoria a wake-up call.

Oh ... and here’s a good one … the deficit has been cut?? Oh really!

CBC (September 14, 2010)

B.C.'s Finance Minister Colin Hansen says stronger economic growth has cut the budget deficit by $335 million and he's asking British Columbians what to do with the extra cash.

For those who need a refresher, this at the same time that the government was anticipating a $1.7B deficit for the year … along with total debt that was projected at $48 billion.   

There was NO extra cash!  What on earth was he dreaming ... or smoking?

Here’s just two more comments, on our provinces financial situation:

The Province (November 28, 2011)

The BC budget deficit has exploded to more than $3 billion — a jump of more than $300 million in just three months — as the province's economy is rocked by global economic jitters.  Finance Minister Kevin Falcon said the deficit is ballooning as government revenues plunge and private-sector analysts downgrade the province's economic outlook.

Global TV News (February 19, 2012):
Finance Minister Kevin Falcon plans to introduce a tight-fisted budget on Tuesday that holds the reins on spending during turbulent economic times and helps pave the way for a balanced budget next year, an election year.

The BC Liberal government has promised, year after year, to be fiscally responsible to the taxpayers of this province; yet they have been unable to do so.

Monday the Times Colonist said that “… fiscal prudence in tough economic times will be the government catchphrase on Tuesday when Finance Minister Kevin Falcon unveils what many are expecting to be a budget thick on austerity and light on spending …”

Yesterday the BC Liberals called Adrian Dix’s spending plans “Dixonimics” … and yet ‘fiscal prudence’, as shown by the BC Liberals in the past, has only seen government debt continue to rise.   

Sounds like the pot calling the kettle black to me.

I’m Alan Forseth in Kamloops, with the thoughts of one conservative.