Wednesday, August 26, 2009

Government Spending Hits Wall

BC Residents Protest Government

The above Times Colonist photo shows one of several groups assembled at the Legislature to greet Gordon Campbell and his newly elected government.

The throne speech says the fiscal cupboard is bare and is only hanging on the wall by deficit spending, further saying this is the worst recession in 27 years.

As a result the current government will be scrambling to find every wasted dollar it can find, not only in government but also in Crown corporations. To that end, auditors will be sent out to examine all spending in these organizations to find ways to stop wasting money. (Perhaps if this was on going practice we would not be in the financial mess, we now find ourselves).

Ironically on the lawn of the legislature you have people protesting ever increasing taxes, the HST grab being the latest creative way of extracting more money from the masses to help fund government and crown corporation waste.

At the same time you have people demanding that government make interest free money available to fix their leaky condo. They seem to forget that government has no money of it's own and the 'free' money was actually coming from a $750 assessment being made on all new condo's which had been built. Basically people buying new, properly built condo's were throwing $750 into the pot to help people who bought poorly built buildings.

Here you have a small snapshot of one of the reasons taxes will continue to spiral, no one wants to pay more taxes while at the same time they demand money for their pet project.

One of the first pieces of business for the new Campbell government is to amend it's own 'no deficit' legislation to extend for another 2 years bringing the total of deficit budgets to 4 years, as they currently project. Of course their guesstimates have proven most unreliable, making one wonder if they really know what they are doing.


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