BC's Economy and Economic Future.

[Babba_not_Gump]

The Business Council of B.C., who no doubt have a pretty good understanding of the economy is telling us BC is heading for trouble.

An $8.9 billion deficit for 2024, the province’s largest ever.

Ontario is running a deficit of 0.9% of GDP.
Alberta is running a deficit of 1.1% of GDP.
Canada is running a deficit of 1.3% of GDP.
BC is running a deficit of 2.1% of GDP.

Servicing our debt. By 2026/27 the province will be spending $600 for every person in the province.

Is Eby nothing more than a mini version of Freeland and Trudeau?

https://globalnews.ca/news/10879728/bc- ... -concerns/

[Fanboy]

The Business Council of B.C., who no doubt have a pretty good understanding of the economy is telling us BC is heading for trouble.

An $8.9 billion deficit for 2024, the province’s largest ever.

Ontario is running a deficit of 0.9% of GDP.
Alberta is running a deficit of 1.1% of GDP.
Canada is running a deficit of 1.3% of GDP.
BC is running a deficit of 2.1% of GDP.

Servicing our debt. By 2026/27 the province will be spending $600 for every person in the province.

Is Eby nothing more than a mini version of Freeland and Trudeau?

https://globalnews.ca/news/10879728/bc- ... -concerns/

Pretty much what happens we you impede the natural resource sector and try to push green energy which has never been profitable.

[seewood]

The Business Council of B.C., who no doubt have a pretty good understanding of the economy is telling us BC is heading for trouble.

Yes it is. The continued budget deficits and the reduced tax and royalty revenue will lead to a few things happening.
-Even more credit rating reductions making debt servicing even more expensive. Who wants to buy BC bonds when the BC government is indebting the province even more and the ability to pay interest can become more difficult as it eats into the operating budget. Think big cuts if it gets to that.
-The tax and spend NDP do not seem to have any issue speaking out of both sides of their mouth, Have to raise taxes for everyone to cover the budget shortfall, while at the same time, we will make BC affordable.. Just another case of the tax and spend NDP not able to do simple math.
-The ability to borrow for capital projects become more difficult/expensive, think schools, hospitals, hwy upgrades, Ferry replacements etc.

The new finance minister after being sworn in sure looked kinda shell-shocked as she said a few words including , "having to set a track to get back to a balance budget."

A battle between her and Eby could end up like the budget battles between Chretien and Paul Martin.

Wonder if I could talk my wife into moving to Alberta for a while...

[Gone_Fishin]

The NDP never met a tax they didn't fall in love with.

[Tack]

The NDP never met a tax they didn't fall in love with.

Mmhm, you can't really compare the two here. States generally have higher property taxes rather than income taxes. On top of that they have fully privatized health care. It's a bad comparison.

[A Concerned Citizen]

The NDP never met a tax they didn't fall in love with.

Mmhm, you can't really compare the two here. States generally have higher property taxes rather than income taxes. On top of that they have fully privatized health care. It's a bad comparison.

One can absolutely make the comparison. In many cases like Tennessee and Nevada they have no income tax and rely on property and sales taxes. What people fail to get (perhaps deliberately) is that before the trudeua government and the singh/eby needles drugs and poverty parties started setting public policy Canadians made about the same wage as the US …. Under their disastrous inflation fueling money printing taxation grabbing policies we now get about $15,000 less …

Every single policy those jerks have passed since roughly 2015 need to be rescinded, there needs to be criminal investigations, charges brought, prosecutions, convictions and restitution … politicians are not above the law …

[Catsumi]

I agree with you completely CC. ^^^^^^

It’ll be interesting to watch whether or not Putz and his portfolio (which has grown “remarkably” well in past decade) are thoroughly investigated after he is booted out, together with his questionable slush fund and the disappeared $600 million bucks.

[seewood]

British Columbia is expected to spend $9.6 billion on debt interest payments in 2023/24. This is a significant amount of money that could be used for other services or to reduce taxes. The B.C. government projects that debt interest payments will cost

Ok, my calculator says that is $26,301,369.86 per day in interest payments.

That number will be going up.

Canada's debt servicing is currently costing us $46.5 billion a year..... $127,397,260.27 per day...more than health transfers to provinces.
And like the tax and spend here in BC, the putz and co will increase that number every week they are in power with the wack-job ndp propping them up.

Both BC and Canada are digging a big hole. For the most part both do not have a revenue problem, they have a spending problem. There are so many advocacy groups I hear on the radio saying the governments have to spend more. Thank god the assembly of first nations turned down that $50 billion settlement the Putz was offering for one thing or another. Mind you, they probably want more..
Just how are these wants possible??

[Babba_not_Gump]

$26 MILLION a day to cover BC's debt.
$127MILLION a day to cover Canada's debt.

And they continue to hire more government employees.
And they continue to spend more money.
They're doing nothing to grow the economy.

Who voted for these crazies?

[westbeach]

Not supporting our debt level, but at least the dollars spent on debt servicing are primarily going back to the Canadian citizens..unless you're not a bond holder that is.

[seewood]

Not supporting our debt level, but at least the dollars spent on debt servicing are primarily going back to the Canadian citizens.

yep, many pension funds are carrying BC's debt. I'd rather see BC spend within their means as they have in the past.
The resource sector paid a lot of bills for BC and employed thousands with well paying jobs. Can it ever go back to those good old day?
Nope, but it sure can do a lot better than it is today.
Our tax dollars cannot be everything for everyone. Unfortunately some political ideologies try to do just that with corresponding high taxes and budget deficits.
Uncertainty in the resources sector has chased sawmills down to the states and mining investment to other countries where political unrest and environmental concerns are not the same as here.
Some mines are starting up. or wanting to. Pipelines have permits to start but are now held up again.

BC and Canada for that matter, have to get their spending in check. The paying of all that interest is just making all that spending just that more expensive.
If BC is running a deficit to operate its government, we're screwed.

[Babba_not_Gump]

Do socialists know anything about fiscal responsibility?
Eby is the guy who wrote a book on how to sue the police. And now he's in charge of our economy.

british-columbias-coming-debt-boom-in-historical-context-infographic.jpg