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| 'Let me make this perfectly clear ...' |
Lets take
a look at what Jordan Bateman (British Columbia Director, Canadian TaxpayersFederation) has had to say however ... and I quote:
"By the end of the 2012-13 budget year, it will hit $57.6 billion. And in 2015, it will rise to $66.4 billion --DESPITE two years of planned surplus budgets."
"By the end of the 2012-13 budget year, it will hit $57.6 billion. And in 2015, it will rise to $66.4 billion --DESPITE two years of planned surplus budgets."
So what
happens WHEN (not if) interest rates go higher?
Mike de
Jong also stated today that BC taxpayers 'will pay lower interest rates' ...
but NOTHING could be further from the truth.
We will continue to pay the 'going rate'!
That means the resources of government will be reduced, by nearly $7 million EVERY DAY, for debt service costs (interest the government pays on roughly $60 billion in debt).
Again ... that's $7 million EVERY DAY just to make the interest payments on that debt.
That's $7 million EVERY DAY that could and should be going to provide from line services in health, education, senior care and more.
And that interest payment ($7 million a day) is before this BC Liberal government even begins to start reducing the debt; something which they have been unable to do year after year. And just to be clear, the Liberal government of BC has not even had a balanced budget since 2006!
I think perhaps it would be wise to mention two more things ... one from a Ministry of Finance news release sent out today ... and the other from a CBC "Reality Check" with regards to what Moody's really says.
First , the news release from the Ministry of Finance makes the claim that:
"Moody’s Aaa rating confirmation follows the first quarterly report, issued Sept. 10, 2013, which confirmed that B.C. is on track to balance the 2013-14 budget."
Now to the CBC Reality Check which quoted Helmut Pastrick, the chief economist of Central One Credit Union who said:
" ... Moody's and other credit rating agencies examine budget projections, but do not verify them as balanced or not balanced."
We will continue to pay the 'going rate'!
That means the resources of government will be reduced, by nearly $7 million EVERY DAY, for debt service costs (interest the government pays on roughly $60 billion in debt).
Again ... that's $7 million EVERY DAY just to make the interest payments on that debt.
That's $7 million EVERY DAY that could and should be going to provide from line services in health, education, senior care and more.
And that interest payment ($7 million a day) is before this BC Liberal government even begins to start reducing the debt; something which they have been unable to do year after year. And just to be clear, the Liberal government of BC has not even had a balanced budget since 2006!
I think perhaps it would be wise to mention two more things ... one from a Ministry of Finance news release sent out today ... and the other from a CBC "Reality Check" with regards to what Moody's really says.
First , the news release from the Ministry of Finance makes the claim that:
"Moody’s Aaa rating confirmation follows the first quarterly report, issued Sept. 10, 2013, which confirmed that B.C. is on track to balance the 2013-14 budget."
Now to the CBC Reality Check which quoted Helmut Pastrick, the chief economist of Central One Credit Union who said:
" ... Moody's and other credit rating agencies examine budget projections, but do not verify them as balanced or not balanced."
So Mike
... but there's no thanks coming your way from me ... only wonderings why you
continue to misrepresent the truth of BC finances (debt and interest), how credit rating agencies
work, and how much we really pay for the overspending by consecutive
governments from the NDP, right down through the BC Liberals.
I'm Alan
Forseth in Kamloops
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