Debt is BC’s Biggest Issue

Our provincial debt is now at record levels.  In the coming weeks leading up to the election, understanding the full extent of the provincial debt, including any and all outstanding obligations, should be a primary focus of the election coverage.  ”

“Every BC resident needs to understand the connection between our provincial deficit and their own financial well being.  There is a direct correlation.”

Quite simply, the deficit is the single largest issue.  Without fixing this, we will not have funding in the provincial coffers for healthcare, education, infrastructure and other important programs.    If we are broke, we will have no options to protect the environment, educate our children and preserve our way of life.  We are seeing first hand consequences in Cyprus this month.  The utter devastation of the economy in Cyprus has resulted in private wealth being seized to pay down sovereign debt.

If we elect a government in 2013 that continues business as usual, BC will be setting a dangerous precedent by allowing special interests to mortgage our future.

As for the current budget, it would be good to also get a clarification of what assets will be sold on page 135 of the BC Budget in years 2013-2015.  These total over $700 million. As a taxpayer, I want to know what these are.

The budget also contains contradictions with other statements being given to us.  I would like to see an explanation of the projected increased in natural gas production on page 134.  The budget projects a growth in gas volume from 1461 petajoules (2011) to 2025 in 2015 (approximately 30% increase).  I am not saying it is not true, just wondering why our government is telling us the carbon tax is working while GHG’s are going up.  This needs to be explained.  BC residents are too smart to allow such a double standard.

Balanced budget legislation is worthless if not followed.   Asking why the Health funding is running a budget deficit of around $5 billion despite the BALANCED BUDGET AND MINISTERIAL ACCOUNTABILITY ACT.  This act (Statutes BC 2001, Chapter 28) received royal assent on August 16, 2001.  It clearly states in section 2

The main estimates for a fiscal year must not contain a forecast of a deficit for that fiscal year.”

The following health funding report is from page 110 of the BC budget.

Screen Shot 2013-03-17 at 10.49.51 PM

Pay close attention to the bottom three lines.  Health care is important. If the true cost is $17, 266 million, then let’s budget that.  It is also fair to expect that the accounting for this be completely transparent so BC residents who can find ways to improve the efficiency of health care are able to help our province.  Having a budget that does not reflect reality just confuses everyone.

I’ve run business and started companies form nothing and grown them to be sold to Fortune 500’s.  This is not hard to do if everyone is transparent.  We need a change in BC on May 14.

2 responses to “Debt is BC’s Biggest Issue

  1. Debt is certainly a huge issue for all Canadians, and politicians are consistent in not facing the extent of the issue. The provincial government has relied on natural resource revenues to balance the budget and run surpluses. When the commodity price cycle declines, as it inevitably does, the province slides into a deficit position and the debt increases.
    Tax cuts have failed to deliver the increased growth in provincial GDP to justify the policy in the first place. Instead we are an economy with stalled real wages for the majority of British Columbians, with declining real funding of public services.
    Honest politicians would give a true accounting of our financial position including all liabilities along with a plan for funding public services for the long term including what we can truly afford.

  2. Who will be the first politician to publicly state the the era of unlimited, free healthcare is over ? It is not affordable.

    BC, like any province in Canada needs private healthcare options.

    Basic service is covered, but even a doctor’s visit should be at least 10% of the actual cost or $20, whatever is higher so users actually get to see the bill and appreciate the fact that this “free” service costs someone else’s money.

    With an aging population health care cost will rise faster than provincial revenues.

    Anything free will be used too much!

    For example, prescription extension do not need a doctor’s visit. It could be done for free, or certainly far cheaper by a pharmacist.

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