Government finances ‘a zero-sum game’

Visiting Kelowna on Labour Day weekend I read the Capital News with interest.

To the editor:

Visiting Kelowna on Labour Day weekend I read the Capital News with interest.

Kudos to letter writer John O. Powell for the kind of insights about the fallout from the HST loss, er, “win”—insights that often are absent from Lower Mainland media.

Fundamentally government finances are a zero-sum game: More outgo than income spells nasty results for us beleaguered taxpayers due to politicians who would rather spend than save. The fiscal crises across the Eurozone and in the USA herald ugly times ahead if B.C.’s profligate MLAs don’t grind down our public debt aggressively.

Meanwhile, the $65,000 personal debt each B.C. household carries—much of it at credit card rates between 20 and 27 per cent or more—signals another “underwater” exercise about to happen here, not unlike the sub-prime mortgage farrago south of the 49th. Public sector employees should rejoice they have jobs and comfy pensions and eagerly accept another few years of net-zero compensation increases.

W. Baird Blackstone,

Tsawwassen

 

Just Posted

Kelowna council approves 33-storey downtown hotel tower

Overwhelming support for what would be the tallest building in the city Tuesday at council meeting

Condition of the Coquihalla concerning for tourists

“They don’t make a show called Highway to Hell for nothing…”

ChangeUP finalists announced

The social enterprises will be sharing their stories Feb. 28

Smoke sparks evacuation at Penticton apartments

Fire crews were called to 88 Duncan Ave just after 6:30 p.m., Tuesday

Accident backs up Glenmore

Commuters in Lake Country, between Vernon and Kelowna, advised to avoid area

VIDEO: Top 10 B.C. budget highlights

The NDP is focusing on childcare, affordable housing and speeding up the elimination of MSP premiums

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Okanagan filmmaker to screen ice-climbing documentary

Penticton’s Dave Mai debuted his ice climbing film in Vancouver last week

Canucks blow three goal lead, lose to Avalanche in overtime

Vancouver struggled on the penalty kill, as Colorado scored all five goals on the powerplay

Letter: BC forest practices need to change

Letter writer says forestry is in need of an overhaul

Smoke sparks evacuation at Penticton apartments

Fire crews were called to 88 Duncan Ave just after 6:30 p.m., Tuesday

Widow of avalanche victim sues Golden lodge operator

A woman from Alberta is suing guides, their mountain guide association and the lodge operator for negligence

BC BUDGET: NDP hope to nix court delays with $15 million cash influx

Union says funding could stop sheriffs from leaving for higher paid jobs

Thompson, Chilcotin Steelhead Trout in danger of extinction

‘Once it’s gone, it’s not coming back’ says longtime Steelhead advocate Steve Rice.

Most Read