REMINDER to BC Finance Minister Mike de Jong: Moody's examines budget projections ... BUT do not verify them as balanced ... or not balanced

'Let me make this perfectly clear ...'

So BC Liberal Finance Minister Mike de Jong says that Moody's assessment concludes that BC's debt remains manageable during the CURRENT low interest-rate environment. 

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."

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."

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, with the thoughts of one conservative.

My Math teachers would have given Christy Clark, and BC Finance Minister Mike de Jong, a FAILING grade

Any of my math teachers from my school days would heartily agree math was never my strong suit. Despite that, I love math, I stuck with it, and today most would say I know my way around a calculator :)

That's why I find the BC Liberal version of a balanced budget to be interesting.  It's one I'm sure my Math teachers, in my hometown of Williams Lake, would be giving Christy Clark, and BC Finance Minister Mike de Jong, a FAILING grade on.

Christy Clark and the BC Liberals can say what ever they want about their so-called balanced budget -- but how do they explain CONTINUED excessive growth of BC's provincial debt?

The following is directly from page 35 of the "Budget 2013 - Province of British Columbia" ... Budget and Fiscal Plan 2013/14 -- 2015/16 ... dated February 19th, 2013.  

Total provincial debt:
2012 / 13 = $56,111 Billion (revised -- again)
2013 / 14 = $62,689 Billion
2014 / 15 = $66,548 Billion
2015 / 16 = $69,428 Billion

Part of this so-called balanced budget form 2013 / 14 also involves a bit a financial slight of hand as well. It involves MOVING $150 million of spending, that should be accounted for in this years budget, over the the 2012 / 13 budget.

And don't forget as well the fire sale of taxpayer owned property and structural assets -- that amounts to another slight of hand amounting to $800+ million

And all of that before tacking on an increase to personal income taxes, and increased costs to  Families (Pay) First with a new rate increase for the Medical Services Plan.

Now I understand why I had so much trouble with math in school -- there are no absolute in rules for adding and subtraction -- you make them up as you go.

The late Premier W.A.C. Bennett said the NDP couldn't manage a peanut stand ... well in looking through the 2013/14 Budget document, it appears neither can the BC Liberals

I'm Alan Forseth in Kamloops … with the thoughts of one conservative.

So Madame Premier ... given the facts ... would you now apologize for misrepresenting the true state of finances in our province?

Why people would ever try to accuse me of fudging and miss-representing figures, regarding the ACTUAL DEBT being racked up by this BC Liberal government, is beyond me. I have said, and will continue to say -- the BC Liberal government, being led by Premier Christy Clark, is LYING to us.

Despite spending millions of taxpayer dollars on partisan advertising, trying to convince us otherwise, the facts speak for themselves.  These are NOT numbers I have made up -- these figures that follow are directly from the BC Ministry of Finance.

Budget and Fiscal Plan ... for the years 2006 / 2007 through to 2008 / 2009

February 21, 2006 -- Ministry of Finance (http://www.bcbudget.gov.bc.ca/2006/bfp/Summary2.htm)  

Budget Estimate of debt (in billions) for the year:
2006 - 07  ... $36,590
2007 - 08 ... $38,175
2008 - 09 ... $39,800

 

Budget and Fiscal Plan ... for the years 2009 / 2010 through to 2011 / 2012

February 17th, 2009 -- Ministry of Finance (http://www.bcbudget.gov.bc.ca/2009/bfp/2009_Budget_Fiscal_Plan.pdf)

Budget Estimate of debt (in billions) for the year:

2009 - 10  ... $40,471
2010 -  11 ...  $44,203
2011 - 12  ... $47,215

 

Budget and Fiscal Plan ... for the years 2012 / 2013 through to 2014 / 2015

February 21st, 2012 -- Ministry of Finance
(http://www.bcbudget.gov.bc.ca/2012/bfp/2012_Budget_Fiscal_Plan.pdf )

Budget Estimate of debt (in billions) for the year:
2012 - 13 ... $57,603
2013 - 14 ... $62,714
2014 - 15 ... $66,354

So Madame Premier ... given the facts ... would you now apologize for misrepresenting the true state of finances in our province? Will you also now STOP running highly partisan ads cheering the obviously questionable financial management of our province by your government -- given the fact it is NOT the truth?

Finally --- given past performance, what on earth would ever convince us that there is any hope you will be able to present a balanced budget for the coming year --- any more than the BC NDP were able to do in the past?

Only one party stands for common sense government, and smarter government spending -- that's the BC Conservatives.

I'm Alan Forseth in Kamloops ... with the thoughts, and questions, of one conservative.

It is easier still to allow the emotional argument to compel lawmakers to make an imprudent and fiscally uninformed decision

The BC Liberal government, and the NDP on before it, have lost focus on the need to prioritize the expenditure of dollars to keep government efficient and limited, and instead have simply embraced a progressive ideology that suggests expanding, overreaching and overspending is the proper and fundamental responsibility of government.

This has led to a consistent, steep growth in government, to the detriment of a sustainable provincial budget and British Columbia’s private sector.

It is also too easy for our MLA's to become separated from the “bottom-line” of budget reality and instead become caught up in the dazzling attraction of single projects.  In my experience in the legislature, every project was presented as beneficial and necessary, with a compelling argument for funding.

This made it difficult to say no. 

And because projects presented outside the budget bill are disconnected from the overall fiscal reality, it is easier still to allow the emotional argument to compel lawmakers to make an imprudent and fiscally uninformed decision. These problems have added to the specter of less money in the pockets of British Columbia taxpayers thanks to a proposed gas tax increase in 2013

BC MLA's need to go back to basics and rediscover the benefits of prioritizing government functions and staying focused. 

They also need to reconnect with bottom line budget reality as each new enticing project is passed under their noses. 

And they need to reject the idea that more money has to be stripped from the taxpayers’ pockets to pay for roads. 

Clear common sense thinking will lead legislators down the right road; a road that rejects this muddled-thinking tax increase and transports them back to the prosperous reality of a limited, efficient government.

We’ve had enough of the BC Liberals – we don’t trust the NDP – and we want change

Here’s a question – have you ever taken a few minutes to read the Guiding Principles of British Columbia’s Conservative Party?

If not, I’d like to encourage you to do so.  What you will see is a commitment to concerns being raised by British Columbians from all across the province.

During the past year the BC Conservative Party, led by John Cummins, has begun announcing key planks that will be part of the election campaign next year.  All of them fit right in to the Guiding principles the party has.

For example there’s the Carbon Tax – tax foisted on us by the BC Liberals – and supported by the NDP.  The Carbon Tax is BOTH a hidden, and upfront, tax that we pay on everything.  Fuel, groceries, clothing, everyday household needs, winter wear and boots for your children, sporting and recreation events and activities --- it even robs financial resources from health and education.

BC Conservatives have been leading the way in calling for the elimination and banning of donations to political parties by BOTH unions and big business.  There should not be even the slightest indication are being controlled by special interests; that’s why we believe that political parties should be supported by individuals – not special interest groups.

Week after week --- month after month – we hear stories about alleged criminals being set free because of our “catch and release” justice system.   Government has lost control – and has failed us by refusing to take the courts and the justice system seriously.  We are paying the price with thousands of cases backed up in an obsolete and archaic system.   That is why BC Conservatives have made a commitment to public safety -- the justice system will have the resources to ensure that criminal cases are dealt with in an efficient and timely manner.

Today … John Cummins and the BC Conservative party announced one more important piece of policy, in a platform they will be taking to voters in next May’s general election. 

The party has committed to … immediately introduce legislation to establish a Legislative Budget Office … saying that  … British Columbians want greater scrutiny of, and accountability for, spending by our provincial government.

“The BC Conservatives, in sharp contrast to the BC Liberals and the NDP, are dedicated to spending smarter, to being prudent with the expenditure of taxpayers’ monies.”

The carbon tax was really nothing more than a tax grab, designed as a phoney green initiative, and the government knew that from the start

The other day I was asked on Twitter what BC Conservatives would do about the Carbon Tax. 

Twitter allows for a limited number of characters to respond, far more that what follows, but basically what I said was … It’s bad for business, bad for people in the interior and north, and it adds to the cost of goods and services.  It has yet to show any benefit.  It is negative, unfair, and with a BC Conservative government it will be gone!

They responded by asking, “How would you make up revenue? It’s a huge amount.”

To which I said … “I thot it was 2B revenue neutral.  4 starters we won't have the PCT giving free$ 2 corps/ org

Again in case a translation is needed here is what that meant:

I thought it was to be revenue neutral?  For starters we won’t have the Pacific Carbon Trust giving free money to corporations and organizations.

I wanted to say more, and using Twitter wasn’t going to work, so the remainder of my reply was sent as a message via Facebook instead. This is what I had to say:

Rather than the BC government trying to convince me / us that the Carbon Tax is reducing our carbon footprint -- they should cancel it and let me keep MY money.  I can then spend it on something I want to purchase, which helps keep people employed and helps creates new jobs.  Because I am spending money I have earned, on real purchases of goods and services, government will get tax revenue via the HST (or soon to be GST / PST).

BC Conservatives are the "Little Engine That Could"

The following story was published in the Cowichan News Leader Pictorial for March 5, 2012:

The leader of the British Columbia Conservatives says his party is the only one in the province committed to controlling government spending and lowering taxes.

Speaking to about 60 people at the Chemainus Theatre Feb. 28, John Cummins reacted to last week’s provincial budget and shared his views on other issues such as the negotiations between the provincial government and the British Columbia Teachers’ Federation and BC Hydro smart metres.

During his town hall meeting, Cummins also told the crowd he feels the Conservatives are poised to surpass the Liberals in the polls and can win the next provincial election.

Cummins says he was in Chemainus to help grown the constituency associations on the Island and spread the message that the BC Conservatives are alive and growing.

“Sort of like the little engine that could, we started from really nothing a year ago, and we’re now at 22 per cent of the polls,” he said. “The message is we can win the next provincial election.  "I think British Columbians are looking for change, and they’re tired of what they see in Victoria, and I think that’s why a lot of folks showed up here.”

In a poll that came out the day prior to his speech, the Conservatives stood at 22 per cent of decided voters, while the Liberals were at 24 per cent, and the NDP at 42 per cent, noted Reed Elley, president of the provincial BC Conservative Party.

“As I travel around this province, I know that what you’re reading in the polls is what people are thinking because that’s exactly the kind of message that I get,” said Cummins.

Cummins was critical of the provincial budget that was presented a week earlier.  "(The Liberals) were hoping that somehow or another, this budget was going to convince Conservatives that they should look at these Liberals as real small-c conservatives able to represent them and their issues in the legislature ... they hoped to present a budget that would be appealing to us who are fiscal conservatives. Well, it was anything but,” he said.

“The polling tells us that only 29 per cent of the people believe this budget was in their best interest, that it was a conservative budget.  And why is that?  Well, with a small-c conservative budget, you’re not going to see tax increases in these tough times, but that’s exactly what this budget does.”

The 2012 budget cancels tax cuts that had been planned for small businesses, noted Cummins.  "This is a huge disincentive to business to grow in British Columbia and to create jobs,” he said.

“One of the reasons we as a country have done well during this recent economic downturn is because our businesses taxes were low, businesses continued to invest in Canada because the corporate taxes were low, and in these tough economic times, to raise them is foolishness, and yet that’s what this Liberal government wants to do.”

Cummins says the Conservatives would do things differently by governing and managing this province based on two essential components — tax relief and spending restraint.

“Under tax relief, we already announced right at the get-go that we would eliminate the carbon tax,” he said. “We’re also committed to getting spending under control. You cannot keep accumulating debt the way we have been in this province and get away with it.”

To get spending under control, Cummins says a Conservative government would ask three questions before spending the province’s money: ‘does this program help economic growth’, ‘does this program help people who, through no fault of their own, can’t help themselves,’ and ‘does this program make B.C. a safer place to live, work and raise a family’.

“We have to address those things that really matter to people, we have to carefully manage spending in this province, we have to get the taxes under control,” said Cummins.

“We cannot continue to go back to the days of increases taxes for businesses and personal taxes; we’re paying far too much in taxes now. It’s not helpful.”

When asked how he would handle the negotiations with the British Columbia Teachers’ Federation (BCTF) differently, Cummins said both sides should bear responsibility.

“This should have been dealt with early last fall,” he said. “It should not have dragged on as long as it has, and I think part of that problem has to be placed squarely at the foot of the government.

“I think respect both ways is necessary — I think the government has to respect the teachers in a way that they haven’t, but I think the leadership of the teachers’ association could have done the job a lot better as well.”

Is Terry Lake setting up a situation for an ‘honorable retreat’?

Environment Minister Terry Lake

INTERESTING NEWS from the Globe & Mail, in the form of a story entitled, “BC Liberals announce review of province’s carbon tax”.  In part it read:

The Liberals are not announcing a new schedule of increases in the tax beyond the one that ends in 2012.  But Mr. Falcon rejected a reporter’s suggestion on Tuesday that he is laying the groundwork for the demise of the tax.

“I wouldn’t make that leap,” he said at a news conference during the budget lockup.

Instead, he said the government has been proud to lead in addressing climate change through the tax.

“The issue is: four years on is the right time to review where we are at,” he said.

The minister added that he is especially interested in whether the tax is affecting economic competitiveness, especially in the agricultural sector, which faces competition abroad from rivals unburdened by such a tax.

Mr. Falcon said B.C. always expected other provinces and jurisdictions to adopt carbon taxes, leading to an “equalizing effect.”  But he said that has not happened, and B.C. is isolated.

Later in this story they went on to quote George Heyman, who happens to be BC’s Executive Director of the Sierra Club BC, saying that Falcon’s remark were basically a signal of the governments intentions.

“There’s no way to read the minister’s hints except that they’re definitely looking for a way to get out of the carbon tax,” he said.

Now just in case you have forgotten, BC’s Environment Minister is Kamloops North Thompson Liberal MLA Terry Lake. 

That makes it odd that it’s Kevin Falcon talking about, and discussing, what is happening with the Carbon Tax.  It is after all part of the government’s environmental green plan --- and that would make it is something which would be on the radar for an environment minister.

We know that the people of deserve better than two tax and spend parties

This afternoon John Cummins, leader of the BC Conservative Party, spoke to the Surrey Board of Trade.  His speech covered the party's response to the BC Liberal Budget released earlier this week, and how a BC Conservative government would do things differently. Here is the complete text of that speech:

John Cummins, BC Conservative Party Leader

Good afternoon. Thank you for inviting me to speak at the Surrey Board of Trade. I especially want to thank Anita Huberman for putting together this great event.

I’m here to speak with you about the budget that the Liberal government tabled on Tuesday.

In order to understand the budget and what it means for the future of BC, we have to understand some facts about BC’s economy and the state of the economies we are competing against.

British Columbia has the worst unemployment rate in the west. It isn’t a surprise that unemployment is worse than Alberta, or even newly booming Saskatchewan. But we trail NDP-run Manitoba as well, and by a significant amount.

When comes to income taxes BC is very competitive, but families pay far more than just income taxes. When you include the highest gas taxes in Canada, that are going up another 3 cents this spring in the lower mainland, MSP premiums and other fees and surcharges – the average family in BC pays more in taxes than in any province west of Quebec. That means more than Ontario and more than NDP-run Manitoba.

On top of this is the cost of living in this province. I don’t need to remind you of the various international surveys that have come out in the past few months that show that living in the greater Vancouver area to be one of the most expensive places in the world.

When you combine higher taxes, higher unemployment and higher cost of living than the provinces we compete with the most, you would expect people to leave. And that is exactly what happened in 2011. Last year, more people moved out of BC to other provinces than moved here.   

For me this is an extremely telling measure – people have a choice about where they can afford to live, where they keep more of their money and where they can find a job. And they are not choosing BC.

Budget 2012 / 2103. Read what you can, and then you decide if the BC Liberal Party has delivered a budget focused on austerity … and fiscal prudence

Murray Langdon Comment (CFAX 1070):
 “Manageable debt”. I’ve never heard of such a ridiculous phrase

That’s just one of the comments, on yesterday’s budget, that caught my eye.  Media from across the whole spectrum were quick to have stories up and online … as were the politicians.  Here is just a snapshot of what they had to say.

The Tyee:
BC Conservative leader John Cummins released a statement blasting the budget as the kind of thing the NDP would deliver. "The core features of this budget are ballooning debt levels, higher taxes and growing spending masked by accounting tricks," he said.

"The [Premier Christy] Clark Liberals are raising taxes on the most productive part of our economy -- small businesses," he said. "By cancelling the planned reduction of small business taxes, with only a month's notice, they are killing jobs and reducing investment in British Columbia."

He said its "smoke and mirrors" to claim a balanced budget for 2013-2014 while also increasing the debt by $5.1 billion. "Even if the government is calling it a surplus, the government is spending more than it is taking in."

News 1130:

School districts are dealing with overcrowding and the BC government isn't providing a lot of new funding to build schools. A UBC professor says the problem is a lack of communication between municipalities and the province.

"These communities are, in part, created by long-planned policies on a municipal level that need to connect up to how the province, and in particular the Minister of Education, decides to build schools," argues Adjunct Planning Professor Andy Yan.

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. 

Isn’t that the kind of fiscal prudence we would expect of a government led by the New Democrats?

Saturday on CKNW News, they featured a story entitled “Premier says Tuesday's budget will demonstrate prudence -- Don't expect tax increases or big spending announcements.  Here is the story in full (my italicize and bold):

With the province determined to balance its budget by next year, British Columbians shouldn't expect any big spending announcements in Tuesday's budget.

Premier Christy Clark says the government wants to demonstrate it can manage its spending.

"I'm just not interested in dumping piles of debt on the backs of our children and grandchildren," she says.

She also says it's wrong to go to the public to ask for raises for public sector unions.

"You know, I think that's pretty sensible. I think that most British Columbians, in these very tough fiscal times, understand it's important to be prudent, and I'm going to make a virtue of being prudent."

The finance minister has already said British Columbians should not expect any tax increases.

That all sound fine and well, but what has the BC Liberal government been doing for the past 10+ years?  While they initially had spending under control, for the past five or six years, they have been running bigger and bigger deficits – and steadily increasing the debt.

Here’s just a quick look back at a few of the instances this has been pointed out by the media, and financial watchdogs:

The Tyee (August 2004)

Nobody seems to want to mention the fast growing $38 billion elephant in our living room. Each of us owes $9,003, sharply up under the Liberals.

Canadian Taxpayers (February 2010)

B.C.’s Liberal government was elected on a platform of fiscal responsibility and started off well. Between 2001 and 2004, government spending hovered around $30 billion per year.

The government commendably reduced the debt from almost $38 billion in 2003 to $33.4 billion in 2006. However in 2005, spending restraint started to fly out the window – a result of that dreaded second-term spending disease that seems to infect governments at re-election time.

Which BC leader would you hire to cut the lawn?

Today we have a guest comment / opinion piece from my friend, BC Conservative, and former MP Jim Hart.  An analogy, if you will, of lawn cutting, and BC Politics

Want it done right?  Click HERE for the manual 

Looking at the recent political party polls in BC, one wonders exactly what it all means to the average family, guy or gal when it comes to real life in BC. So I decided I would analyze the recent polls by adding a task that most British Columbians will face in the coming weeks. As the groundhog has haphazardly told us that spring is just around the corner, I pose the question: Which BC political leader would be the best person to hire to cut your lawn? Here's what the polls suggest.

BC Green Party – Jane Sterk, is the most unlikely to accomplish the job as she would want to pass legislation to make Kentucky bluegrass or Canada Green an endangered plant life.

Instead of cutting the grass we would all be transplanting our lawns and relocating them to a government nature site or new provincial park, where grass would be protected and allowed to grow in an effective government-supervised fashion. Cutting and trimming devices would have to be registered in a government database to protect innocent plant life.

Common sense ideas and policies are making a comeback once again.

Edmund Burke -- viewed as
the philosophical founder
of modern Conservatism

Here is what Murray Langdon, of CFAX 1070, had to say in his radio editorial today (January 30, 2012)

When the BC’s Finance Minister unveils his budget in a couple of weeks, we will get a sense and snapshot of how we’re coping financially in this world of turmoil. Sadly however, because of the political climate in the air, we may not get that.

As Kevin Falcon adeptly put it, BC, on a world stage, is a “small, resources-based economy”. As such, that means we are subject to shocks, gyrations and swings that occur on a continent-or-world-wide basis. But we still have control over our own destiny, and much of that revolves around our expenditures.

What we have right now in BC is a situation where several areas of concern drastically need funding. Areas such as our criminal justice system, which has been mired in a multi-year funk over shortfalls in legal aid, the judiciary, etc. This is but one area requiring more money to function as it properly should. This isn’t a wish list; it is a must have list. There are several other areas of similar state; the list could go on and on.

The point is for every extra dollar taken in tax, fees or licensing, there is already a home for it. We have an acute need for revenue, which our looming or demanding expenditures can’t wait to get their hands on.

A tale of two billion five hundred and fifty five million misspent dollars

For the past few days now I have been trying to find out what the average cost would be to staff, provide equipment, and maintain, etc the average hospital operating room in British Columbia.   I haven't been able to get an answer, but I have spent a few hours on Google Search trying.

So why, you ask, was I trying to find this out??  Well I happen to be one of those people in BC who is concerned with the debt being racked up by successive Liberal governments in our province.  Most people, I believe, have no idea what our debt is, but that information is actually quite easy to find. 

For example, there is the BC governments Fiscal Plan (2011/12 to 2013/14), which was presented to the legislature on May 3^rd, 2011.  At that time, here is what Christy Clark and our BC Liberal government estimated the provincial debt will be this year ... and over the next 2 budget years.

                                                    Budget Estimates

Provincial debt:                        2011/12                  2012/13            2012/14

Direct operating debt …………         8,763                      9,267                  8,599

Taxpayer-supported debt …        36,816                    39,162                 40,500

Self-supported debt ……………      16,271                    18,060                 19,505

Total debt (in billions)          $53,437 (billion)    57,572                 60,355

Nearly 53 and a half billion in debt this year ... 57 and a half billion next year ... and an estimated total debt of 60 billion two years from now.  That's a lot of money, and trying to get a concept of what billions of dollars are, is not that easy.  We can make it easier to comprehend however, by looking at what it costs to service those billions of dollars of debt.  That is, the cost of the interest payment being made on those BILLIONS of dollars. 

Many British Columbians lack confidence

BC Legislature in Victoria

Here’s an excerpt from the February 14^th, 2011, BC Government Speech from the Throne:

We now gather together on the eve of transition to new leadership. Both the government and the opposition will select new leaders in the days ahead. With change there is always excitement and opportunity to discover new paths ahead and new means of achieving our shared goal of a better future for all.

This is a time when British Columbians are encouraged to discuss new ideas about making our province an even better place. Through this period, government will ensure a smooth and orderly transition while continuing to deliver the quality services that are important to all British Columbians.

Tomorrow's budget will meet statutory requirements while providing maximum flexibility for future decisions by the new executive council and this legislature. As laid out in government's three-year plan, spending priorities will continue to be focused on health and education.

Okay, so the Speech from the Throne said that, "… government will ensure a smooth and orderly transition while continuing to deliver the quality services that are important to all British Columbians." 

What happened instead??

BC Politics … week of Feb 13th, 2011

Well this week we saw three candidates (2 Liberal and one NDP) drop out of the races to lead their parties … a Throne Speech and Budget delivered that mean nothing as a new premier will be elected next weekend by the BC Liberals … more on Basi Virk / BC Rail and a multitude of other stories. 

As usual, I have tried to stick with one perhaps you may have missed, or that offer another side or viewpoint.  Regardless, take a minute to click the link in each headline and read on for the political stories that made the news this week in BC.

MLAs back after 256-day break -for four days
BC politicians return to work at the legislature Monday for a bizarre one week session that includes a …

BC Liberals no more fiscally responsible than NDP.

Plain and simple, the BC liberal Party has given up any right to claim being fiscally responsibile, when it comes to the finances of British Columbia.  In fact, with the provinces debt now approaching the $60 billion dollar mark, the BC Liberals have shown themselves to be no more fiscally responsible than the NDP.

The NDP actually appear to have been more fiscally responsible than the Liberals because they took the debt up to $30 billion from its initial starting point. Liberals however; including current Finance Minister Colin Hansen, have actually raised the debt by $30 billion.

In so doing, they are holding future generations to ransom to pay down this debt, and they have left today’s taxpayers responsible for debt payments of $8 million dollars a day.