Finance Minister on ice + fudge = Fudgsicle Budget ’13 |
History says you should not believe BC Liberal Finance Minister Mike de Jong when he stands up and delivers his budget speech in the Legislature on Feb. 19.
The fund does not exist in the sense that it can easily be turned into cash tomorrow, the way your bank account can. At the extremes, accounts can be manipulated to present a horn of plenty to the stockholders or a deathbed scene to the taxman.Similarly, the government slants its accounts to produce certain effects.Before an election, it wants the balance sheet to look as healthy as possible.
Couvelier said the fund, which amounts to a promise by the government to pay itself $450 million at some point, could be used “to support social programs or lower taxes or whatever the government decides to do with it – build highways, get themselves re-elected, whatever they want. . . “When it was suggested that re- election might be the so-called Budget Stabilization Fund’s primary purpose, Couvelier replied: “Okay, that deals with motive. I’m saying the fund is there to be used for a rainy day.”Now, my definition of a rainy day is not an election. But that’s not to say we won’t have a need to spend it in an election year.”
Glen Clark’s NDP government is fighting to contain a mounting controversy over allegations it misled the public by campaigning on a balanced budget that turned out to be a $235-million deficit. Clark campaigned during May boasting that the NDP had brought in a balanced budget for the 1995-96 fiscal year.
Auditor-General George Morfitt criticized both Cull and Petter for “inappropriate” actions. Morfitt criticized (Elizabeth Cull) particularly for injecting “$156 million of optimism” into forecasts for how the 1995-96 fiscal year would end up, optimism even above her own staff’s most optimistic forecasts. Morfitt’s report shows that Cull was frequently uncomfortable with the optimistic figures that were being urged upon her, mainly through the actions of (Glen Clark)’s confidante and top aide, Tom Gunton.
British Columbia will have a record deficit of $2.8 billion, according to a budget update Finance Minister Colin Hansen presented today. That’s five times greater than the $495 million projected in February and insisted upon by Premier Gordon Campbell during the election campaign.Back to de Jong and 2013.
UPDATE (Feb. 22): The nearly $44 billion budget did nothing, zip, nada to tame the debt! The debt goes higher: it’s $56.1 billion this year, forecast to grow to $62.7 billion next year and, by 2015, $69 billion. A make-believe scenario to tame the deficit now without anything demonstrative to address the ballooning debt only shifts the burden from today’s families to families of the future.
The best line of de Jong’s budget speech?
“Starting today, as British Columbians travel to other parts of Canada, they will be able to say with pride, “I come from B.C. where the government doesn’t spend more money than I send it. Where the government doesn’t burden future generations with the cost of programs being delivered today.”
Most British Columbians do not belong to the Liberals or any political party, for that matter. They’re not worried about those “socialist hordes at the gate” once feared by Premier W.A.C. Bennett. They’re actually worried about the persistent bill collectors and impatient bankers showing up at the door.
“This so-called balanced budget,” van Dongen said in the Legislature on Feb. 21, “is designed to manage and manipulate perceptions. As such, it is imaginary, a mirage, a facsimile of the real thing. The facts don’t back up the perceptions being left with the public in saying that this is a balanced budget.”
van Dongen
“Madam Speaker, think for a moment of the apparent sleight of hand that occurred Tuesday. Did we loot the treasury as may have happened in Shakespearean days? Did we rob Peter to pay Paul? Or did we bank on selling millions of dollars in taxpayer assets and depend on reaching deeper into the pockets of families and business people as government spending on advertising itself continues to escalate?
“I’ve been asking questions about the spending of millions of dollars by government, missed revenue opportunities and missed investment opportunities, and my search for the most basic answers has been blocked at every turn. I probably don’t have to tell you what those questions are, Madam Speaker, but I can tell you my efforts to pursue those answers have led me to a continued search for good government…
“This budget is a pre-election document that can change quickly after the votes are counted on May 14. The budget faces none of the normal scrutiny of this Legislature, which again emphasizes the need to move to a fixed fall election date to remove the obvious politicizing, regardless of political party, of election year budgets.
“I have always strongly agreed with the objective of a real balanced budget, but I do not believe it is achievable in this fiscal year based on current economic conditions and the measures presented on Tuesday by the Minister of Finance.”
News and views on Vancouver 2010 (and beyond) from Bob Mackin.
Could one of the bigger box of fudgsicles be hidden deep beneath the sludge puddles where all that affordable housing at Little Moundtain used to stand?
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The article is dead on. What a bunch of deceitful Aholes!
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