BC —Largest Deficit Per Economy Of Any Province
Finally , someone is ringing the alarm besides yours truly and the Fraser Institute.
The Business Council of BC is actually getting it’s act together .
Global News says :
“B.C.’s latest fiscal update forecasts an $8.9 billion deficit for 2024, the province’s largest ever and something the Business Council of B.C. says is unsustainable.”
“That’s larger than the deficit we ran during the COVID-19 pandemic,” said Business Council of B.C. vice-president of policy David Williams.
“We have the largest deficit relative to the size of our economy of any province, we’ve got rapidly rising indebtedness, and we’ve seen repeated credit rating downgrades.”
According to the council, the federal government is currently running a deficit of 1.3 per cent of GDP, Alberta’s is 1.1 per cent of GDP and Ontario’s is 0.9 per cent.
British Columbia’s deficit is 2.1 per cent of its GDP.
The BC Government of both political stripes have been fooling the people for a long time. And in the last election they were all promising to spend even more.
Now the chickens are coming home to roost.
Several years ago when the Liberals were in power, some now with the BC Conservatives, they fooled the people by announcing a balanced budget —when it was only the operating budget —which they, of course , did not say. The Capital Budget was all borrowed. Now we have a lot of the operating borrowed and all the Capital.
I pointed that out at the time. But no one was listening.
They will have to start listening now.
by The Honourable A. Brian Peckford
November 25, 2024
