Why is nobody talking about paying down debt?

No one has mentioned using even a part of our so-called surplus to reduce this massive debt.

Why is nobody talking about paying down debt?

All the talk lately from politicians of all stripes, about B.C.’s “surplus”, is a continuing example of the misinformation given to voters regarding our true financial situation. We may indeed have taken in more than we spent last year, but the accumulated debt from years of spending more than what came in has resulted in a massive debt burden for the province.

No one has mentioned using even a part of our so-called surplus to reduce this massive debt.

This debt has burgeoned under the “fiscally responsible” Liberals, from $33 billion in 2001, to $ 67 billion in 2017, and instead of using at least some of the surplus this year towards reducing the debt, all the parties can talk about is where to spend it.

When will the reality set in that this massive burden needs to be reduced?

I guess the reality will set in when interest rates get high enough to cause carrying charges on the debt to become onerous. We already waste millions each year in finance charges to carry this debt. What will it be like if interest rates go up a few per cent?

By then it will be too late because typically that happens with a slowdown in the economy and we then face massive austerity cuts so we can carry the debt.

We’ve been here before folks and our children and grandchildren will get to bear the looming burden.

Michael T. Smith

Ladysmith

Just Posted

VIDEO: It’s Hometown Hockey time in Cowichan!

See our videos and pictures by our reporters from the big event at The Stick.

Column: Trump dangerous to Cowichan Valley’s economy

The tentacles of the controversial American president reach even into the Cowichan Valley.

Column David Suzuki: Large dams fail on climate change and Indigenous rights

Brazil has flooded large swaths of the Amazon for hydro dams

Heavy snowfall closes Mount Washington for the day

Road to ski resort deemed unsafe, “high avalanche danger”

Capture the Rain: Underground cistern helps rural couple expand gardens

Sandy McPherson and Alan Philip are continually working towards low-impact living.

VIDEO: It’s Hometown Hockey time in Cowichan!

See our videos and pictures by our reporters from the big event at The Stick.

Plan your Hometown Hockey weekend

Find your favourites on the Hometown Hockey schedule

Hometown Hockey: Cowichan Capitals events

On Jan. 20 there will be special features during the game for Hometown Hockey

Coming up in Cowichan: Rain workshop, Joseph Mairs Memorial, timely film

Participants are encouraged to bring their roof dimensions

Philadelphia Eagles headed to Super Bowl

After routing the Minnesota Vikings 38-7, they will face Tom Brady and the New England Patriots

VIDEO: Dramatic video shows return of rescued B.C. snowboarders

Two snowboarders were rescued near Rossland, B.C. on Sunday after being lost overnight.

Tom Brady leads Patriots back to Super Bowl, top Jaguars 24-20

New England to face winner of Sunday night’s game between Minnesota and Philadelphia on Feb. 4

Vessel washed ashore in Campbell River during last night’s storm

A vessel appears to have gotten loose and washed to shore on… Continue reading

Liberals quietly tap experts to write new paternity leave rules

Ideas include creating an entirely new leave benefit similar to one that exists in Quebec

Most Read