Massive BC Debt

[Joe Public]

When the BC Liberal took power, the BC Debt was $33,000,000,000.

Today, the debt is estimated at $66,000,000,000.

That means that in a decade of BC Liberal rule, the BC debt has doubled. It took 140 years to accrue the first $33b, and 12 years to double it.

How can the BC Liberals suggest that they have a balanced budget when they have accrued $33b in new debt?

Given that rate, if the BC Liberals are re-elected for another term, then in 4 years, our children would owe $100,000,000,000.

[grammafreddy]

And then there's the national debt, as well.

[Bsuds]

then in 4 years, our children would owe $100,000,000,000.

My kids owe me that much now!

[Rwede]

When the BC Liberal took power, the BC Debt was $33,000,000,000.

Today, the debt is estimated at $66,000,000,000.

That means that in a decade of BC Liberal rule, the BC debt has doubled. It took 140 years to accrue the first $33b, and 12 years to double it.

How can the BC Liberals suggest that they have a balanced budget when they have accrued $33b in new debt?

Given that rate, if the BC Liberals are re-elected for another term, then in 4 years, our children would owe $100,000,000,000.

That's bad, eh? Can you imagine how much worse it would be under the NDP, who have already promised to further increase the debt, have no intention of balancing the budget, want to repeal balanced budget legislation so that they can deficit finance with impunity, and who threaten to lose our AAA credit rating which would further exacerbate the debt?

Totally scary prospect, which makes the BC Liberals' plans one heck of a lot better for the taxpayers of BC and our future generations.

[maple leaf]

And don't forget about the 96 billion in contractual obligations over the next 30-40 years for things like private power producers and their contracts that the Liberals signed, that by law BC Hydro has to buy their power at 4 or more times the rate that BC hydro can produce it for themselves. Also the contracts go for the many 3 P projects that this government has built.They have pretty much maxed out the credit cards and the grand kids ,kids will be paying for it.

[Rwede]

Of course, we all know that contractual obligations are not debt, since contractual obligations can be paid from incoming revenues.

[Joe Public]

Rwede..

I'm not sure if you get paid for your propaganda, but you should.

The current BC budget is not balanced, as you seem to suggest, but I do know that it is one of your talking points. Selling your house to pay your debt is not sound fiscal management, as the BC Liberals would have you believe. You do know that only 20% of BC residents actually believe the BC Liberals when they say that the budget is balanced?

It does not matter which party gets into power, the current fiscal plan does not meet the revenue needs of the province and whoever wins will have to raise taxes. Both the BC Liberals and the NDP have agreed to tax increases so your suggestion that only the NDP will raise taxes is moot. That tells me that the party that put the current plan into action has not managed it correctly.

So in the past 12 years, the BC Liberals have only balanced the budget 4 times. That is only 25% of the time, a pretty poor record. And you seem to state that it is better to have balanced budget legislation and not meet it, than to get rid of flawed legislation. It would seem that 75% of the time, it was the BC Liberals that ran up deficit financing with political impunity.

It would seem that the BC Liberal plan of not even admitting your errors and doing nothing to repair them would be the scariest plan.

[maple leaf]

Wrong thread, oops

[maple leaf]

Of course, we all know that contractual obligations are not debt, since contractual obligations can be paid from incoming revenues.

That is why I said contractual obligation not debt as that is the technical correct term to use.The bottom line though is BC tax payers are on the hook to pay it off.

[Its_Like_That]

And then there's the national debt, as well.

And then there is Dix PROMISING to increase it even before he takes his pedestal!

[Rwede]

Rwede..

I'm not sure if you get paid for your propaganda, but you should.

The current BC budget is not balanced, as you seem to suggest, but I do know that it is one of your talking points. Selling your house to pay your debt is not sound fiscal management, as the BC Liberals would have you believe. You do know that only 20% of BC residents actually believe the BC Liberals when they say that the budget is balanced?

It does not matter which party gets into power, the current fiscal plan does not meet the revenue needs of the province and whoever wins will have to raise taxes. Both the BC Liberals and the NDP have agreed to tax increases so your suggestion that only the NDP will raise taxes is moot. That tells me that the party that put the current plan into action has not managed it correctly.

So in the past 12 years, the BC Liberals have only balanced the budget 4 times. That is only 25% of the time, a pretty poor record. And you seem to state that it is better to have balanced budget legislation and not meet it, than to get rid of flawed legislation. It would seem that 75% of the time, it was the BC Liberals that ran up deficit financing with political impunity.

It would seem that the BC Liberal plan of not even admitting your errors and doing nothing to repair them would be the scariest plan.

1.) the current BC budget has undergone rigid investigation by the credit agencies and their financial experts, and by Dr. Tim O’Neil, a highly accredited economist, and it has been certified balanced by those independent reviews. The only people disbelieving are those with political motivation or ignorance of economics and finance (sometimes those are combined)
2.) I nowhere suggested that the NDP would be the only ones to raise taxes, instead, i suggested they plan on rasing taxes and spending more, which would increase the debt, They've already promised to do so.
3.) balanced budget legislation is important to keep politicians accountable. Also, the budget has been balanced (and in a surplus position) far more under the BC Liberals than the NDP. It was never balanced under the NDP, despite the generous amount of Fudge from Dosanjh.
4.) you say that we must raise taxes...no, not necessarily, although that is the NDP's plan and they will still run massive deficits. The BC Libs are also cutting spending to balance the budget, which the NDP have no intention of doing. The NDP currently has some $9 billion in outstanding promises to fulfill, as well, to add on top of the current spending levels.

[grammafreddy]

And then there's the national debt, as well.

And then there is Dix PROMISING to increase it even before he takes his pedestal!

What does Dix have to do with the national debt?

[Sn0man]

I keep hearing this "balanced budget" term being thrown around - wonder what they mean by that exactly...

[Captain Awesome]

I keep hearing this "balanced budget" term being thrown around - wonder what they mean by that exactly...

Traditional sense is that income from taxes and other revenue streams are covering (or covering +) current expenses - including debt servicing. In your household sense it would mean your paycheck covers all the living expenses + payments on credit cards. Contrary to some posters here, you can have debt AND balanced budget.

[Its_Like_That]

And then there's the national debt, as well.

And then there is Dix PROMISING to increase it even before he takes his pedestal!

What does Dix have to do with the national debt?

By "it" I meant the provincial debt, but I get ya.