NDP losing the fight for fiscal credibility

[Rwede]

NDP losing the fight for fiscal credibility

Former Liberal finance minister calls NDP platform promises 'reckless and unfunded'

By Kevin Falcon, CBC News Posted: Apr 20, 2017 6:00 AM PT Last Updated: Apr 20, 2017 1:39 PM PT



Week one of the provincial election campaign has laid out the broad stroke approaches the B.C. Liberals and NDP will take in their respective attempts to form government.

When determining which approach deserves support, one must consider the credibility issue.

The B.C. Liberals have largely maintained the fiscally responsible approach that has seen the government receive the highest possible credit rating by the big three credit rating agencies.

Why does this matter?

The government's credit rating determines the interest rate that is charged on government debt and today B.C. taxpayers benefit from paying the lowest possible rates. That means less must be spent on interest payments and more can be spent on important services.

B.C. also enjoys the lowest level of taxpayer-supported debt in relation to the size of our economy at 15.9 per cent. Ontario is over 40 per cent and Quebec almost 50 per cent. Canada is 30 per cent.

These rating agencies care little about politics or politicians. They focus only on results or the lack thereof. They are great independent validators.

That's why the slew of NDP promises in the opening week of the campaign is so worrisome. They are undermining their credibility with a number of reckless and unfunded promises.

Take the tolling issue. The B.C. Liberals say they will cap bridge tolls and limit commuters to a maximum of $500 per year, at an annual cost to government of $30 million.

Not to be outdone, the NDP say they'll eliminate the tolls altogether and fund the resulting $200 million per year in lost revenues by raiding the LNG prosperity fund. That will cover just over two years of lost revenue. They don't say where the rest will come from.



SNIPPPPPPPPPPP



The NDP also promises to eliminate MSP premiums, but they don't account for the $1.7 billion in lost revenues. The B.C. Liberals have said they'll aim to eliminate MSP premiums, but will only go forward if economic growth is higher than they've projected.

The NDP go on to say they'll freeze ICBC and BC Hydro rates, but once again don't account for the cost of these commitments. And they talk about providing a $400 yearly credit to renters, but at the time of their announcement the NDP was unable to say how many rental units this would apply to, nor what the costs of this program would be.

They do say they'll find $680 million in "savings" without identifying where those savings will come from. Given they have opposed every single cost management initiative the B.C. Liberals brought in to balance the budget, this again strains credulity.

Ultimately, there is no free ride. Most of the public understands this.

The B.C. Liberals are not a perfect government — and I have yet to discover one — but their fiscal credibility has been hard won.

The NDP has yet to demonstrate it can earn voters' trust in this key area.

http://www.cbc.ca/news/canada/british-c ... -1.4076857

[Urbane]

NDP losing the fight for fiscal credibility

Former Liberal finance minister calls NDP platform promises 'reckless and unfunded'

By Kevin Falcon, CBC News Posted: Apr 20, 2017 6:00 AM PT Last Updated: Apr 20, 2017 1:39 PM PT



Week one of the provincial election campaign has laid out the broad stroke approaches the B.C. Liberals and NDP will take in their respective attempts to form government.

When determining which approach deserves support, one must consider the credibility issue.

The B.C. Liberals have largely maintained the fiscally responsible approach that has seen the government receive the highest possible credit rating by the big three credit rating agencies.

Why does this matter?

The government's credit rating determines the interest rate that is charged on government debt and today B.C. taxpayers benefit from paying the lowest possible rates. That means less must be spent on interest payments and more can be spent on important services.

B.C. also enjoys the lowest level of taxpayer-supported debt in relation to the size of our economy at 15.9 per cent. Ontario is over 40 per cent and Quebec almost 50 per cent. Canada is 30 per cent.

These rating agencies care little about politics or politicians. They focus only on results or the lack thereof. They are great independent validators.

That's why the slew of NDP promises in the opening week of the campaign is so worrisome. They are undermining their credibility with a number of reckless and unfunded promises.

Take the tolling issue. The B.C. Liberals say they will cap bridge tolls and limit commuters to a maximum of $500 per year, at an annual cost to government of $30 million.

Not to be outdone, the NDP say they'll eliminate the tolls altogether and fund the resulting $200 million per year in lost revenues by raiding the LNG prosperity fund. That will cover just over two years of lost revenue. They don't say where the rest will come from.



SNIPPPPPPPPPPP



The NDP also promises to eliminate MSP premiums, but they don't account for the $1.7 billion in lost revenues. The B.C. Liberals have said they'll aim to eliminate MSP premiums, but will only go forward if economic growth is higher than they've projected.

The NDP go on to say they'll freeze ICBC and BC Hydro rates, but once again don't account for the cost of these commitments. And they talk about providing a $400 yearly credit to renters, but at the time of their announcement the NDP was unable to say how many rental units this would apply to, nor what the costs of this program would be.

They do say they'll find $680 million in "savings" without identifying where those savings will come from. Given they have opposed every single cost management initiative the B.C. Liberals brought in to balance the budget, this again strains credulity.

Ultimately, there is no free ride. Most of the public understands this.

The B.C. Liberals are not a perfect government — and I have yet to discover one — but their fiscal credibility has been hard won.

The NDP has yet to demonstrate it can earn voters' trust in this key area.

http://www.cbc.ca/news/canada/british-c ... -1.4076857

Well said! His last two sentences sum up my feelings exactly:

The B.C. Liberals are not a perfect government — and I have yet to discover one — but their fiscal credibility has been hard won.

The NDP has yet to demonstrate it can earn voters' trust in this key area.

[Gone_Fishin]

How much has Horgan's Leap Manifesto implementation been costed out at in his platform? Does he even reference it? He has promised to bring it in, after all...

[Urbane]

How much has Horgan's Leap Manifesto implementation been costed out at in his platform? Does he even reference it? He has promised to bring it in, after all...

Horgan will strike yet another committee to figure out how to pay for his Leap Manifesto once he's elected and ensconced in his office. After all the calls for more transparency by NDP'ers on here over the years they're absolutely silent about Horgan's failure to level with the voters about how he'll pay for his promises.

[gordon_as]

How much has Horgan's Leap Manifesto implementation been costed out at in his platform? Does he even reference it? He has promised to bring it in, after all...

Not True. You have been watching too many adds from CC4BC (corporate contributors 4 backing christy)
Perhaps you could spend 5 minutes finding out the truth about the Leap Manifesto before posting nonsense.

[gordon_as]

Referencing Liberal Hack , and past leadership hopeful Kevin Falcon and thinking you will have an unbiased opinion is kind of like .........

[Urbane]

Not True. You have been watching too many adds from CC4BC (corporate contributors 4 backing christy)
Perhaps you could spend 5 minutes finding out the truth about the Leap Manifesto before posting nonsense.

It's party hard to deny Horgan saying something when we have him on video saying it. But some on here keep doing it. He says he's bring in his own Leap Manifesto but he hasn't mentioned how much it will cost. You can deny it a thousand times but he said it. Meanwhile, despite the claims on here about our debt, Kevin Falcon has this to say:

B.C. also enjoys the lowest level of taxpayer-supported debt in relation to the size of our economy at 15.9 per cent. Ontario is over 40 per cent and Quebec almost 50 per cent. Canada is 30 per cent.

That's impressive!

[gordon_as]

http://www.news1130.com/2013/04/26/kevi ... th-anthem/

Anthem properties $ 362,000.00 in political contributions. Probably didn't get anything at all in return.

[gordon_as]

It's party hard to deny Horgan saying something when we have him on video saying it. But some on here keep doing it. He says he's bring in his own Leap Manifesto but he hasn't mentioned how much it will cost.

OK here is what he actually said.

... and I don't begrudge the good people who worked on the Leap Manifesto , and I don't even disagree with the bulk of what's in the leap manifesto. What I want though , as the leader of the BC NDP is to put forward a platform to the people of this Province , that we can actually implement , that will see economic growth , that will see a reduction in our greenhouse gas emissions , will see innovations that will lead to new energy sources , and new energy opportunities for all British Columbian's.
And transit , as a fundamental pillar of the Leap Manifesto , I absolutely support that. In the lower mainland getting people out of cars , and building more transit so we can move goods and services around in our metropolitan areas.... all good .... , so , when I said "hold on" on the leap manifesto , what I was saying was "that's fine for the federal NDP and talk about those issues as much as you want " ..... My responsibility as a political leader in British Columbia that has to put forward a viable platform in an election campaign is " I'll put forward my Leap manifesto in the next election , and people can make their choices there.

^^^ pre Liberal spin and editing.

[Gone_Fishin]

How much has Horgan's Leap Manifesto implementation been costed out at in his platform? Does he even reference it? He has promised to bring it in, after all...

Not True. You have been watching too many adds from CC4BC (corporate contributors 4 backing christy)
Perhaps you could spend 5 minutes finding out the truth about the Leap Manifesto before posting nonsense.

Oh it's very true. John Horgan said he will bring in his own Leap Manifesto, and he's on video saying it. You know, your post would fit well in the "denying the obvious" thread.

Why don't you NDPers just come out and admit what you're selling, as it would certainly help with gaining the trust of people who are undecided about voting for Leaping Johnny. Either they'll embrace his Leap Manifesto or they'll move on to something else, but at least they'll know what he stands for. Hiding your agenda is why you lose elections, as people don't trust you.

[Leifer]

NDP losing the fight for fiscal credibility

Losing it?
I am not sure they ever had it.

[Gone_Fishin]

NDP losing the fight for fiscal credibility

Losing it?
I am not sure they ever had it.

The NDP had already been behind the barn before their first kiss?

[maryjane48]

The first set of stats: The number of children living below the poverty line in B.C. in 2009 was 137,000. That statistic was revealed in a report issued last fall by First Call Child and Youth Advocacy Coalition. That report also revealed the number of children living in poverty soared by 16,000 over the previous year. The coalition's calculations led its authors to conclude that B.C.-for the eighth consecutive year-had the highest child poverty rate of any province.

The second set of stats: More than 90,000 people per month (32 per cent of whom are children) need the assistance of a food bank in B.C. each month. That statistic was revealed in Food Banks Canada's annual survey, which was released in March 2011.

- See more at: http://www.vancourier.com/news/challeng ... z2YgD52yR2