Canadian Taxpayers Federation pans BC budget

VANCOUVER (NEWS1130) – The real story of yesterday’s BC budget is spending overruns and rising provincial debt, according to the Canadian Taxpayers Federation.

The province expects total public debt to balloon by $7.5 billion in the current fiscal year, and $6.1 billion next year. The Federation says someone’s going to need to pay the interest on all the new debt.

Gregory Thomas with the Federation claims the BC Liberals‘ spending grew faster than the economy, faster than the population, and faster than the rate of inflation. “It’s not just future generations that are going to be paying for this, it’s this generation.”

“We’ve had a big spending binge, we’re getting ready for a hangover. Someone’s going to have to tighten their belt on capital projects,” adds Thomas. He says this will cost you. “Hydro wants 10 per cent increases in each of the next five years. That’s 20 per cent of the debt coming home to roost.”

Thomas points to another planned six per cent hike in MSP premiums — the third annual increase in a row — as one example of tax-gouging working families to cover cost overruns. He adds the HST is at least two points too high, thanks to all the rebates, credits, and special deals for special interests.

“What this underlines is that this government has taken its eye on the ball. We can’t wait for the new sheriff to roll into town because they need to get a handle on spending,” he says.

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