Thursday, August 20, 2009

BC Short $3 Billion

Deficit Will Be 'Significantly' Higher
Than Projected

It is being reported in the Times Colonist that BC Finance Minister Colin Hansen says the government has seen more than $2 billion in expected revenue disappear since June.

Corporate and personal income tax drops have accounted for a tax lose of $1 billion, while natural gas revenues have dropped by $500 million. projected revenue from the PST is $200 million less than expected also.

The government recently stopped funding to leaky condos, eliminated the Premier's Excellence Awards scholarships, closed Tourism BC, ordered $300 million in health savings, closed the LiveSmart energy rebate program and announced the new HST which is supposed to provide more revenue for government coffers.

Hansen will be delivering the next budget in September and did not say if further cuts could be expected.

Editor's Comment: There could be some wisdom in governments at all levels only spending money they 'do' have rather than always spending what they 'think' they might have. If the HST is good now, why in the world wasn't it good all the way along? Is it only good now, because our fearless leaders see it as the only way out of this financial mess they have created by spending like drunken sailors all the time?
Isn't this the government which made it illegal to run a deficit? Whatever became of that lofty ideal anyway?

Update Aug. 21; the provincial government now has to introduce another law so they can run a deficit for an additional two years. So it goes like this, they passed a law saying no deficits, then changed it to allow for a 2 year deficit, and now they are changing that again to four years. All of this in the course of six months. Do you think that ANYONE really knows what they are doing?? And what in the world is the point of making laws you simply change if you can't keep them? What exactly is the message you are to take away from that?

Here's a really old fashioned idea, but why don't we force ALL governments to start living within OUR means. Stop spending money we don't have, in the hopes we will have it later. Are we really any better off for all of the levels of government welfare we have built into our society? I don't think so.


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