Sunday, 3 March 2013

Contractual obligations.

We have this huge debt in BC now. But those Liberals who attack the NDP say we had more debt with the NDP.  They are constantly trying the usual scare tactic saying you know what the NDP did to BC. But when pressed, really aren't sure themselves about what they say was so bad.

According to 2011 figures, when the NDP took power in 1991, the provincial debt was 20 billion. In the decade of NDP rule to 2001, it became 33.8 billion, an increase of 13.8 billion.

Then the BC Liberals won the right to govern in 2001. I am using 2011 figures because it is nice and easy to use 10 year periods.
So, after another 10 years of Liberal rule, the government debt was now 47.3 billion. This is an increase of 13.5. Construed by Liberal hacks as WAY lower than the NDP! (.2 billion)
But wait. Is everything on the up and up? 

Not quite. The Liberals went to those public/private/partnerships, or P3s to work BC projects. A lot of people were suspicious of this Gordon Campbell stuff anyway. Wondering what was going on? Why we couldn't KNOW what was going on? How were we going to look after our publicly owned assets? Who were these people getting shadowy deals? Who was making all the money on projects that effectively cut OUT the people's government of controlling what was happening to our own resources?

When you consider the creative accounting of the BC Liberals today, you want to get in on that yourself! When is a debt not a debt if you just call it something else?
So the BC Liberals, began calling certain debts, 'contractual obligations'. Nice. Creative. Deceptive. Lies? You still have to pay it.

Because of these contractual obligations, which simply mean money we have to pay out to the owners of those notorious P3 contracts, there is a huge debt not accounted for on our government's books. Because they are 'private', say our accountants, and not privy to public scrutiny.
But IF we DID add in these moneys that we certainly DO owe! Then exactly what IS the amount? We could only get the Public Accounts statement for 2009/2010 figures, (page 75) but at that time, this debt was 53 billion! Fifty-three BILLION. 

So we add that to the Liberal figures of debt for British Columbia, and we get a figure of $66 billion as our total debt! And that is a three year old figure. But one has to believe it is true. Non fudged.

That in case you don't want to figure it, is FIVE TIMES higher than the NDP decade of government in spite of us losing some of BC`s most important assets through the (mis)management of the BC Liberals, namely our railroad. So why are the Liberal shouters still shouting? Do they have any credibility at all? Why are some still trying to scare you off? Why are the BC Liberals still playing dominoes with your money?

Seems simple to me, BC Liberals management against BC NDP management. 

Which is better?

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Keep it civil, folks, I know you're angry but try not to swear too much.