Tuesday, July 22, 2014

Gifts for our children

When Liberals formed British Columbia's government in 2001, they had a commitment to manage provincial finances responsibly. The result: program cuts, reduced capital spending and lower costs of administration. Fiscal conservatism was the BC Liberal mantra and provincial debt reflected the style. In Gordon Campbell's first term, debt rose by $577 million.


However, parsimony discourages existing friends and wins few new ones. As the end of the second Liberal term came into view, the commitment to fiscal conservatism altered. It didn't merely soften; it dissolved.


The outflow of public cash was suddenly unrestrained. In the last four years, debt increased by $19 billion, a rate 33 times higher than in the Liberals' first four years.


Amazingly, direct provincial debt is only part of the story. Liberals were tossing out contracts and commitments by the billions. The political party that arrived with a promise of fiscal conservatism had become recklessly extravagant and wasteful. A different kind of party was in progress; a party marked by greed, waste and personal enrichment.

Clearly, Christy Clark, Rich Coleman and friends think there are more fortunes to be distributed and more pals to be rewarded. Despite the financial disaster that is ongoing, they are planning to spend tens of billions on the LNG fantasy that replaced the failed dream of exporting electricity. The province is on the hook for $55 billion for private power but LNG could be worse.


The claim of fiscal conservatism is proven a fraud. Liberal politicians governing British Columbia have been as prudent and conservative as Ken Lay and Bernie Madoff were while robbing investors of more than $100 billion. However, at least the victims of those fraud artists got angry and put a few people in jail. We won't do that; we're Canadian; we're too nice.
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16 comments:

  1. I think part of the debt thing is that interest rates have been crammed down, allowing for higher debt. Interest rates don't stay low forever. If rates rise, large mortgages, huge government debt are in big trouble.

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  2. The BC Liberal government has been one of flim-flam, con-jobs, and fraudsters. As such, one could call the BC Liberal Party organized crime.

    P-3 were created, not to benefit the taxpayer, rather to enrich political friends, with very generous operating agreements. The more expensive the project (Canada line - $2.5 billion; BC Place roof - $600 million +; SFPR + needless new Port Mann Bridge - $7 billion; and on it goes) the wealthier political friends get.

    The casinos in BC are specifically designed to launder tainted money and the police in BC are impotent.

    The is the world that Gordo the Gone and premier Photo-op have created and maintained. This is the world supported by the mainstream media, playing the role of a latter day Judas for lucrative advertising monies, because very few buy newspapers anymore. This is the world that talk show hosts and senior reporters ignore.

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  3. Ndp must use these as visuals when they announce next press announcement using your graphs.alas not to be seen ever in sun province cknw or global tv probably.?too in depth.?

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  4. didn't gordon campbell receive an award from some P3 group while he was still in office?

    btw: in my interview with MLA Laurie Throness, I mentioned contractual commitments and then he threw it back at me that shouldn't we also consider all the contractual commitments to public servants? he also said that the size of the debt doesn't matter so much because BC's debt to GDP ratio is so wonderful compared to the rest of Canada. I countered that, if you add the contractual obligations as part of the debt to GDP ratio, then BC is around the same as Quebec's. he just started a circular arguement at that point

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    Replies
    1. Once established, trends are difficult to redirect. In business, trend lines are important indicators of where an organization is headed. And, if we are headed for disaster and don't change direction, we end up where we are headed.

      Fiscal conservatives understand that truism. BC Liberals apparently do not.

      Delete
  5. The thing that gets me Norm,is it's our kids that believe the LIES and keep voteing for the LIEBERALS or they don't vote at all...

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  6. @ Len, of course our kids believe the lies as our school system is designed to graduate idiots. Critical or logical thinking is gone, rather the kids have to cram in so much information, in such a short time, many just give up and take on basket weaving.

    Kids are coming out of school today with nothing and with mostly nothing jobs to be had, they are growing very bitter and spiteful. Remember the Stanley cup riot that scared the piss out of the establishment, just wait folks, wait till a real riot happens and watch Vancouver burn!

    There is so much wrong in BC, so much poverty had by so many and massive wealth had by so few. Drug dealers are hero and so are the BC Liberals for the few who bother to vote. A society can only stand so much strain and ill will then it will burst forth in cascade of malevolence that will still shock historians a century later. BC is rotten to the core with corrupt politicians and a corrupt bureaucracy, who ensure they take their share of what's left after the pigs are finished at the financial trough.

    What what was, is no more and in our new age, latter day fascists rule - "might is indeed right".

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  7. How does one connect the dots, follow the money, and work with limited foi responses combined with 10 years of unarchived BC 33,ooo boxes according to bob M.and you still get the scoop.?

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  8. I know you have charts and graphs but Christy had a giant bus that told me we were debt free.
    I think I will wait for my 100 gazillion dollars thanks.

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  9. Bc libs- trending bc towards bankruptcy.?at least a debt downgrade.?

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    Replies
    1. Read Linda McQuaig's discussion of debt rating agencies and who they serve,

      "...Unembarrassed by its utter failure to warn creditors in the US sub-prime mortgage debacle, the Wall Street credit rating agency weighed in on the Ontario debt, its intervention warmly welcomed by Canada’s media elite...'

      Canada’s activist soul vs. the Moody’s bogeyman

      .

      Delete
  10. Thanks for all the leg work Norm. I just sent a letter to our local Mission Record explaining that Tom had left out a few "facts" in his latest on the budget.

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    Replies
    1. Tom's family business is communicating BC Liberal messages. He and the Mrs. work hard at it.

      Delete
  11. http://www.comoxvalleyecho.com/news/local/2-1-million-excavation-contract-issued-for-valley-hospital-construction-1.1214612

    http://www.courierislander.com/news/local/green-bonds-help-finance-new-hospitals-1.1193309

    http://www.comoxvalleyecho.com/news/local/construction-to-start-on-new-comox-valley-hospital-with-video-1.1193833

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  12. Thank you for providing this information. Once again one person has done more to educate the public than all the MSM put together. IF one retired guy can put so much information out, you really have to wonder why the MSM with all their staff can't even get a fraction of this information out. Oh, well we know the answer.

    By the time the lieberals are through with this province we will be making Detroit look good. If interest rates go up in the next 35 yrs, this province will be well and truly screwed without any of the taxpayers being kissed.

    Whenever I tell people about the information I've read on your blog they just are flabbergasted. They ask how does he get this information and the MSM doesn't. I then have to explain you use FOIs and then publish. The MSM reports on car accidents and sports, etc.

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  13. http://northerninsights.blogspot.ca/2012/05/kleptocracy-rule-by-thieves.html

    ReplyDelete

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