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BC debt per capita among lowest in Canada

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BC debt per capita among lowest in Canada

Postby Rwede » Feb 18th, 2013, 8:57 am

RBC Economics report shows B.C. debt per capita among nation’s lowest


February 15, 2013


If you had to make up your mind based on the political jockeying going on at the moment particularly among B.C. New Democrats, you’d conclude that British Columbia’s public finances had gone to hell in a handbasket. You’d think this was Argentina or someplace like that.

But if you turned instead to the economists at Canada’s largest bank, you could only conclude the opposite. B.C. is actually in incredibly strong shape compared to all of Canada.

In fact, according to the Feb. 7 fiscal update issued by RBC economics (their report is right here at their site in PDF format), one of the clearest and most illustrative measures available shows that B.C. remains one of the least burdened provinces in confederation.

The current state of affairs is shown here:

Image

This shows that on a per capita basis, B.C.’s provincial debt of $8,408 is the third lowest of any province (PEI’s current year figures are not available but last year it was about $13k). Alberta’s debt situation is best in class, far beyond any other province, while Saskatchewan is also relatively strong.

Right now there is a lot of healthy discussion and debate because of next week’s debate and the coming election season. But at times the exchanges we are seeing are quite devoid of facts. Those RBC tables are a great source of data to get informed about the reality of the situation. They cover revenues, spending, and other key measures for all the provinces and the federal government going all the way back to the early 80s.
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Re: BC debt per capita among lowest in Canada

Postby Urbane » Feb 18th, 2013, 9:06 am

Very informative article. Of course the far left posters on here have been trying to convince everyone that our debt levels are the worst in Canada, if not the entire Western World, and that we're on the verge of collapse. As the article says "But at times the exchanges we are seeing are quite devoid of facts." Ain't that the truth! Thanks for posting that article.
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Re: BC debt per capita among lowest in Canada

Postby NAB » Feb 18th, 2013, 10:06 am

So, lessee, a per capita debt of $8,400 times a population of 4,400,000 "suggests" our total provincial debt is what....
?

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Re: BC debt per capita among lowest in Canada

Postby Rwede » Feb 18th, 2013, 10:10 am

It was nice of Nab to add $364 (that's a full 4.3% of the total debt figure) to the per capita debt number when he voted out the HST, just on the repayment figure alone. But, at least he saved 70¢ on his haircut. :trippyquoter:
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Re: BC debt per capita among lowest in Canada

Postby NAB » Feb 18th, 2013, 10:17 am

I hope you are not now trying to suggest we will pay interest on that repayment as we flow the cash back over the next 5 years ;-) And a stated per capita debt of $8400.00 and population of 4,400,000 suggests our "total" provincial debt is what again? Do we (and our government) know differently?

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Re: BC debt per capita among lowest in Canada

Postby Rwede » Feb 18th, 2013, 10:19 am

Where do you think the money will come from, Professor? And why do you fail to take personal responsibility for your part in adding 4.3% to the per capita debt?
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Re: BC debt per capita among lowest in Canada

Postby SmokeOnTheWater » Feb 18th, 2013, 10:31 am

Maybe because the other provinces share some of their revenue to take care of their own.


Prior to this year, B.C. posted the highest child poverty rates in Canada for eight years in a row

http://www.vancouversun.com/business/cent+child+poverty+rate+ranks+second+worst+Canada+says+report/7588641/story.html
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Re: BC debt per capita among lowest in Canada

Postby NAB » Feb 18th, 2013, 10:49 am

Rwede wrote:Where do you think the money will come from, Professor? And why do you fail to take personal responsibility for your part in adding 4.3% to the per capita debt?


I might, on the day the BC business community takes responsibility for the rather substantial role they played in its creation too.

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Re: BC debt per capita among lowest in Canada

Postby Rwede » Feb 18th, 2013, 10:53 am

SmokeOnTheWater wrote:Maybe because the other provinces share some of their revenue to take care of their own.



So you believe we should plunge all residents of BC into deep debt to fund social services? You seem to favour that approach used in other provinces.
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Re: BC debt per capita among lowest in Canada

Postby Rwede » Feb 18th, 2013, 10:57 am

Rwede wrote:Where do you think the money will come from, Professor? And why do you fail to take personal responsibility for your part in adding 4.3% to the per capita debt?


NAB wrote:[

I might, on the day the BC business community takes responsibility for the rather substantial role they played in its creation too.

Nab



The BC business community didn't add 4.3% to per capita debt by voting out the HST. You did.

In fact, the BC business community reduced the per capita debt by being more competitive with proximal jurisdictions and paying more taxes since the HST came into effect. Without that increase in business, BC would have been much deeper in debt than we are now.

The responsibility for adding 4.3% to the BC debt is squarely on Nab, VanderScalm, and the anti-HST movement.
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Re: BC debt per capita among lowest in Canada

Postby NAB » Feb 18th, 2013, 11:02 am

Going to dodge and deflect rather than answer my question eh? :-) Oh well, so what else is new LOL.

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Re: BC debt per capita among lowest in Canada

Postby George+ » Feb 18th, 2013, 11:11 am

Yes. Weedy the dodger and deflector.
Reminds me of the Liberals trying to answer a question in the legislature, or to reporters. :dyinglaughing:
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Re: BC debt per capita among lowest in Canada

Postby NAB » Feb 18th, 2013, 12:03 pm

Jordan Bateman summarizes.. please - someone reconcile that with the alleged total provincial debt of $8408 per capita in BC.

"When the debt clock was in Victoria last February, the B.C. government debt was $46.7 billion. Today, it's $51 billion. 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.

Think about that for a second (oh, and by the way, in that second, B.C.'s debt rose $213). Our debt is $12,891 per person in B.C.

That's just our provincial debt. Many municipalities have huge borrowing obligations and the federal government's debt is now sitting at $582 billion -- almost $17,000 for every Canadian alive today. Add that to the B.C. total, and we're each $30,000 in debt thanks to government."
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Re: BC debt per capita among lowest in Canada

Postby George+ » Feb 18th, 2013, 12:20 pm

Weedy?

Time to face reality.
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Re: BC debt per capita among lowest in Canada

Postby Rwede » Feb 18th, 2013, 12:28 pm

Jordan Bateman can write whatever he wants. I'll go with the professional opinions of the economists and accountants at RBC who prepared the report to get an objective view of the facts. Yeah, it doesn't support the retired NDP union ditch digger and retired, failed NDP school teacher on Castanet, but that's just too bad.


From the RBC report, we see that per capita debt increased from $1,917 in 1991 to $5,728 in 2001, an increase of 199%.

From 2002 to 2013, it increased from $5,728 to $8,408, an increase of 47%.

Debt per capita grew under the NDP 4.23 times FASTER than it has under the BC Liberals. Those are the facts, Jack.
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