One of the most important graphs and the two most important posts, you will ever read about BC’s coming debt load.

Source: http://www.fin.gov.bc.ca/PT/dmb/ref/netDebt.pdf

Our good friends over at Blog Borg Collective has a very important post up this morning that clearly show the amount of debt the province is carrying – without including crown corps etc. The chart  above is from one he has embedded in his post today….. and all I can say is a big thank you to the BC Liberals for accumulating so much debt that they have to avoid having a fall session so they wont be held accountable.

What the hell did they think would happen when they reduced  all corporate and personal taxes to some of the lowest points ever ? Without generating new revenue streams as replacements? Natural gas prices are down, China is heading into some rough economic times and our government is putting everything they have into exports to China and Asia……Well, good luck with that and good luck to the incoming government after our election next year, trying to wade out of this one. Don’t expect miracles. Now go, read the post and weep.

http://blogborgcollective.blogspot.ca/2012/09/port-mann-bridge-tolls-and-hst.html

When you are done that, come on back and read this post explaining how this all came to be. The best explanation of how the BC Liberals created their own crisis to introduce P3′s to the province. Looking back at the last 10 years, I think it’s bang on.

http://lailayuile.com/2010/11/23/tax-cuts-ensuing-loss-of-revenue-a-deliberate-financial-crisis-and-a-reason-to-introduce-the-p3-method-of-building/

This entry was posted in BC Liberals, BC NDP, BC Politics, crime, Enbridge, forestry, Independent power projects, Laila Yuile, P3 projects in BC, The China Connection, The Environment and tagged , , , , , , , , , , , , , . Bookmark the permalink.

11 Responses to One of the most important graphs and the two most important posts, you will ever read about BC’s coming debt load.

  1. We did an earlier Post back on June 18, 2012 on the amount of Debt that the BC Liberals have been incurring for the past ten years. They claim that the debt owed per year will be $5 billion, and these fools called the BC Liberals can’t even claw their way out of a 2009 election where they found themselves promising that their un-balanced budget would only be a half a billion dollars. The BC Liberals won in 2009, and then the Finance Minister, didn’t see the larger deficit looming by claiming it wasn’t on his radar. Guess what folks, Finance Minister Kevin Falcon bailed out because he did look at the Graph and didn’t want to have to look back and say he too didn’t see it on his Radar.
    If you want more information as to the original Post in June, and other pertinent information having to do with the Finances of BC, just click on my name and it will take you to my linked Post.

    • Laila says:

      I agree NVG, I think it was more than a difference with the princess Clark as well. The finances speak clearly for themselves. Good strategy for them all to bail for a term while the NDP slog through the mess left behind,not much for them to work with to reverse cuts already made. I know where I would cut fat. The BC Infrastructure Royalty program could be easily reduced http://www.empr.gov.bc.ca/OG/oilandgas/royalties/infdevcredit/Pages/default.aspx this is something that has goverment $$ via credits to help build roads, pipeline etc for oil and gas companies.. up to a 50% credit in some cases which gives a whole new meaning to giving away our provine.I understand business incentive, but really a 50% credit? What other industry gets that?

  2. Scuffers says:

    The way this information is being shared is very difficult to follow and it fails to communicate current and future debt in a comprehensible manner for the general public. It needs to be capsuled in a short concise summary with more simplistic graphs. It needs to be done by someone who completely understands the information and who can write a short summary at a grade four level.

  3. Curt says:

    And the IMF had this to say (not that I care about the IMF or any other global entity) but: http://finance.sympatico.ca/home/imf_warns_about_canadian_housing_market_debt_levels/862d68d7
    Yeah, these governments, these great “money managers/business people” sure have done well for us haven’t they? Shameful.

  4. Pingback: BC Debt graph etc. |

  5. Laila says:

    It’s my opinion we are going to see another wave of foreclosures here in BC, and across Canada because of this. Far too many flooded the housing market a few years ago buying with no money down in some cases who should never have been allowed to purchase homes,and those tend to be the same people getting into a world of consumer debt. Banks never ever should have allowed this to happen – I was shaking my head at the time to see some of the ads out there for homes for sale.

    Banks are being so careful right now with new purchasers and examining assets harder than ever. In speaking to a friend who is a mortgage broker, he mentioned many banks are looking at things like depreciation reports,financial plans for strata purchases that they never would have worried about before, but they are looking to protect their interest. Same for homes, valuations etc for people renegotiating mortgages. The upside if there is one, is that some of the interest rates out there for mortages right now are considerably lower than 4 years ago, so if your are ready to look for a new mortgage you can save nearly a full percentage point in some cases, taking years off your debt.

  6. Curt says:

    Laila, I still read your 100 at the top and it disgusts me more and more each and every time I read the list. I think Norm too hits it right on, posted just over a year ago. We must continue to bring the lies made by Christy (El Gordo) and Co.’s company to the attention of the citizens of our great province What this government has cost the citizens of BC financially, morally, is truly shameful. But then the lieberals have no shame do they? We must never forget the lies, deceit, corruption, coverups.
    http://northerninsights.blogspot.ca/2010/06/we-can-work-but-we-wont.html

    • Laila says:

      Bang on Curt.Far too many focus simply on Christy, and while I occasionally focus just on her, I try to keep peoples minds fresh as to the history as well, which the public forgets occasionally. Christy’s biggest failure by far,has been simply not holding a fall session, and justifying that by using budget preparations as the excuse. Pure BS. Very much like a corporation,senior staff and accounting confer with department heads etc, to pull together a draft budget, which would be presented and amendments made etc… to second draft to final draft… How involved are the specific ministers in this process? Not very other than to be educated,briefed etc on they who what when where and whys to justify it to the opposition first and the public second.

  7. Pingback: BC Liberal Party politcians are just plain psychos | On First Nation Issues, Jobs, Events, And Environmental Issues On The West Coast And World Events.

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