BC surplus

[occasional thoughts]

It would depend. Didn't Stephen Harper announce he'd be running a strategic deficit when the last bit downturn hit, a year or two ago? Nevertheless, the B.C. Liberals as Urban had said should have been announcing a deficit when the whole view is taken, but they hid a lot of it in borrowing and so the game: "surplus".

[sooperphreek]

why is it so dangerous? all we have to do is look at the financial crisis. things were propped up and carried on. there is no appetite for a collapse. because there would be too much at stake for the 1 percent. it is just like the brexit vote. the top 1 percent lost billions overnight. but did they really? those numbers in reality were just on paper. its not like they carry it around in their pockets.
the problem is that we give liberty (especially if we vote conservative) to those rich to pass off that burden on the 99 percent. which is sad.

[madmudder]

In BC it's only about $14,000 and that's one reason that the rating agencies have maintained our AAA rating.

This coming from an agency that rated all those funds loaded with bogus mortgages in 2008 as AAA. What a crock!

[bob vernon]

The Liberals "privatized" BC Hydro years ago. But the BC Government is the only shareholder. Why would they do this? It's because BC Hydro can pile up debt and hand over the money to the province to be used in balancing the budget. It doesn't show on the BC Government's books, only on Hydro's.

The same thing is true about BC Ferries. The province is the only shareholder.
The same thing is true about BCBC (BC Building Corporation). This is the corporation that builds, owns, and maintains all the BC government buildings. They don't charge the government any rent. They just rack up debt.

See how easy it is to balance the budget in BC. BC Hydro alone is over $65 BILLION in debt. But none of it shows on the books. And BCFerries and BCBC are used the same way. But you and I are still responsible for the debt.

Why would the Liberals do such a thing? To say the budget is balanced. Then they can all retire to Palm Springs, Arizona, or Hawaii like the Socreds before them and leave us holding the debt.

[Urbane]

This coming from an agency that rated all those funds loaded with bogus mortgages in 2008 as AAA. What a crock!

Here's what Standard and Poor's actually said - in part:

“Chief among the province’s credit strengths is its very strong, wealthy, and well-diversified economy,” the credit agency wrote in its report. “Large resource endowments, high-ranking livability, and close proximity to Asian markets underpin the affluent tax base.”

Full article: http://vancouversun.com/business/local- ... dit-rating

Let us know what part(s) you disagree with.

[Urbane]

And here's what Moody's had to say in March, the month before Standard and Poor's rating was released:

Moody’s said, “The stable outlook on the Province of British Columbia’s ratings reflects our opinion that the province has presented a credible plan of consistent balanced budgets with little risk that the debt burden will exceed current forecasts.”

The agency explains the AAA rating demonstrates B.C.’s high debt affordability, strong fiscal management and fiscal flexibility.

British Columbia’s proven track record of fiscal prudence and meeting fiscal targets over the past 10 years, and the province’s large and diverse economy are praised by Moody’s as contributing to B.C.’s credit strength.

Full article: http://www.bcliberals.com/blog/news/moo ... it-rating/

[flamingfingers]

Most people do not understand 'operating expenses' for which the ChristyLiberals have posted a surplus, thanks to transfer tax on real estate (and the higher the purchase price of a property, the higher the transfer tax).

And 'capital expenditures' and 'contractual obligations' - and those that can be deferred under deferral accounts as "future expenses'.

Do some digging and your jaw will drop to see what the latter amounts to.

[occasional thoughts]

Dishonest and manipulative, just like governments before them, including governments I supported at the time.

[Urbane]

Dishonest and manipulative, just like governments before them, including governments I supported at the time.

Absolutely. Take what they ALL say with a huge grain of salt and don't pretend that this particular government is unique.

[jayro]

Surplus...hahhahah seriously really?? the facts are clear the debt has doubled since Crooked Christy took over not only that she is robbing BC hydro and ICBC, taxes, and MSP premiums have skyrocketed Then she has the gull to give herself a huge bonus of like $50000 from private political donations then campaign on open and transparenat government and debt free BC how are people so stupid seriously even the NDP could do a better job and I thought they were bad apperantly it can get worse ...... Please vote this crooks out next election!!

[Symbonite]

You really have to wonder who that money is owed to? Who owns the debt...it's like in the states they are trillions in debt they will never be able to pay it off. We may have to bite the bullet if we really want to be debt free we will need to raise taxes by 20% and after we hit debt balance then the tax level will still have to be higher than it is now to maintain it.

But back to guesses on who owns the the debt...possibly China .

[jayro]

You're probably right I bet we owe a lot of money to China. Woulden't it be great if we could sent Old Christie the clown.. there too forever!!!!!!!!!!!!! better yet let her swim

[maryjane48]

vote clark out next election . its our only hope

[dieseluphammerdown]

vote clark out next election . its our only hope

Only hope at what? Who would you suggest we vote in? We don't have a viable less corrupt party in BC to vote for? We don't need to relive the horrors of the NDP or their stupidity that has them opposing valuable forward thinking projects like site C. Sorry but BC has to bright of future to entrust it to the NDP.

[Symbonite]

^^^Exactly