Standard and Poor gives B.C. highest possible rating over budget and fiscal plan

[Wetcoaster]

In the wake of the high rating given by the other two ratings services (Dominion Bond Rating and Moody's) S&P has accorded BC its triple A credit rating.

And why should this matter to taxpayers? Because the higher the rating, the less the cost of borrowing by the provincial government which saves taxpayers millions of dollars.

Only three provinces have this high a rating - BC, Alberta and Saskatchewan.

The common denominator? They are in the West and they do not have NDP governments. Saskatchewan like BC is governed by a conservative/liberal coalition party (the Saskatchewan Party) and Alberta is under the Progressive Conservatives.

Standard and Poor's Rating Services has cemented British Columbia's triple A credit rating, following similar credit-and-bond ratings from Dominion Bond Rating and Moody's.

S&P says it has reaffirmed the highest possible rating, citing strong budgetary flexibility and a fiscal plan designed to bring the province's operating budget back to balance.

B.C., Alberta and Saskatchewan are the only provinces with the triple-A stable rating.

S&P says it could revise its outlook to negative or lower the rating if tax-supported debt as a share of operating revenues continue to rise.

Finance Minister Mike de Jong says three top-level ratings coming so soon after Budget 2013 are proof his government's goal of balancing the budget has been well received and the fiscal plan is on course.

The triple-A rating saves taxpayers millions of dollars annually in borrowing costs.

http://www.vancouver...l#ixzz2QMbx7B4K

The danger of electing the Dix led BC NDP is that by raising taxes as announced and altering the fiscal plan, there is a significant danger that the rating could be downgraded and that means the cost of borrowing goes up and costs taxpayers millions - way more than any perceived tax savings by reverting to the PST from the HST.

And if you raise corporate taxes and reinstae the disastrous tax on financial institutions, you drive business and investment from BC leading to a compounding downward spiral as we saw the last time the BC NDP were in power.

Memo to Adrian Dix - capital is portable and investment will go where it is welcomed.

As the Tax and Spend Party (aka the BC NDP) have confirmed:

The New Democratic Party will fund its spending promises for the May 14 election with measures including higher taxes on businesses and the wealthy, reintroducing a tax on banks and credit unions, and expanding the province’s carbon tax.

The proposals will go toward generating an extra $2 billion over three years, said Bruce Ralston, the party’s long-standing finance critic and co-chair of its platform committee.

...

Those measures include: increasing the corporate income tax rate to 12 per cent from 11 per cent; reinstating a corporation capital tax on financial institutions; and increasing personal income taxes to 19 per cent for those making more than $150,000 a year.

...

Finance Minister Mike de Jong called the NDP’s overall plan bad for the province, saying it would send negative signals to the investment community.

“This is a bad choice, the kind we have seen in the past from the NDP,” he said.

“The tax increases in a variety of areas will ensure we go back to the days when investment fled or avoided British Columbia and when people fled or avoided British Columbia.”

De Jong said the plan would push up the province’s debt-to-GDP ratio, sparking a downgrade in the province’s credit rating.

“B.C.’s credit rating will be downgraded,” he said. “That is a certainty.”

Conservative Party leader John Cummins said the NDP is “living in a fantasy world, where tax increases on the very businesses that provide jobs to British Columbians somehow helps the economy.

“As if this job-killing tax increase on job-providers isn’t enough, the NDP also plans to raise income tax and expand the carbon tax, both of which will negatively impact jobs and the economy,” Cummins said in a news release.

http://www.vancouver...l#ixzz2QMdEVEuW

If you liked the Glen Clark led BC NDP you will love the Adrian Dix led BC NDP - just the same old discredited tax and spend polices that drove investment and people out of BC the last time the BC NDP were in power.

[Gross-Misconduct]

Deceiving subject title. I thought this was about BC having the highest child poverty rate in Canada.

The BC Liberal party's priorities are keeping their Liberal insiders happy with corporate welfare programs in return for party donations.

The provincial debt has doubled since 2001. The year the BC Liars took power.

[Dittohead]

The NDP are Horrible and will be a disaster for BC if elected.

[inane]

I love how the NDP are taxing socialists and the Liberals are free market lovers even though they both raise taxes.

[Gross-Misconduct]

Btw, that phony "balanced" budget that Mike deJong regurgitated isn't fooling anyone.

Remember this beauty of a lie tabled before the last election?

In 2009, then-finance minister Colin Hansen tabled a pre-election budget with a $500-million deficit.

After voters went to the polls and put the Liberals back in Victoria, Hansen presented a new budget with a deficit of almost $3 billion.

[Ghostsof1915]

I'm sure if I had the ability to siphon off funds from ICBC and BC Hydro and raise rates that makes any bottom line look great.

Take out $300+ million that's coming from OUR insurance premiums each year to go into "general revenue", I'm sure the budget doesn't look quite as balanced.

The Lieberals are robbing Peter to pay Paul. The issue is, they are really robbing the taxpayers. Twice. Maybe put your politics aside and ask yourself critically is that what you want from government?

One that taxes you, and siphons money from the Utilities and Crown Corporations to provide a hidden revenue stream.

[DIBdaQUIB]

I'm sure if I had the ability to siphon off funds from ICBC and BC Hydro and raise rates that makes any bottom line look great.

Take out $300+ million that's coming from OUR insurance premiums each year to go into "general revenue", I'm sure the budget doesn't look quite as balanced.

The Lieberals are robbing Peter to pay Paul. The issue is, they are really robbing the taxpayers. Twice. Maybe put your politics aside and ask yourself critically is that what you want from government?

One that taxes you, and siphons money from the Utilities and Crown Corporations to provide a hidden revenue stream.

[EmployeeoftheMonth]

I love how the NDP are taxing socialists and the Liberals are free market lovers even though they both raise taxes.

[EmployeeoftheMonth]

So your solution is to replace a thief with organized crime?!!

EDIT: and to suggest this election is about integrity and honesty when the NDP is being represented by Adrian Dix is just laughable!!

[Gross-Misconduct]

I'm sure if I had the ability to siphon off funds from ICBC and BC Hydro and raise rates that makes any bottom line look great.

Take out $300+ million that's coming from OUR insurance premiums each year to go into "general revenue", I'm sure the budget doesn't look quite as balanced.

The Lieberals are robbing Peter to pay Paul. The issue is, they are really robbing the taxpayers. Twice. Maybe put your politics aside and ask yourself critically is that what you want from government?

One that taxes you, and siphons money from the Utilities and Crown Corporations to provide a hidden revenue stream.

[Perfect From Now On]

Btw, that phony "balanced" budget that Mike deJong regurgitated isn't fooling anyone.

Remember this beauty of a lie tabled before the last election?

In 2009, then-finance minister Colin Hansen tabled a pre-election budget with a $500-million deficit.

After voters went to the polls and put the Liberals back in Victoria, Hansen presented a new budget with a deficit of almost $3 billion.

[Neil HD]

God, I hate choosing a party to vote for in this province.

[Gross-Misconduct]

Not to mention all our "contract obligations" meaning any money we've guaranteed towards P3s like the Portman, Canada Line, etc that conveniently don't get included in the budget.

Also once the liberals get booted out of office and the books get opened up, taxpayers will find out just how much we are in debt and this rating will plummet. Of course I'm sure some will try and blame the NDP for that.

[DIBdaQUIB]

And don't forget BC Hydro. They've needed to put in incremental increases in rates to cover costs but Christy Clark and her thug Rich Coleman took unprecedented steps to muscle in on the BC Hydro board and tell them not to raise any rates.

Another bad idea cooked up by the Liberals so Christy could say "I'm keeping hydro rates low because families can't afford it"

But of course once BC Hydro gets the muzzle taken off when the BC Liars are gone, the flood gates will open. We can all expect BC Hydro rates to jump. Thanks Christy.

[Common sense]

Deceiving subject title. I thought this was about BC having the highest child poverty rate in Canada.

[Perfect From Now On]

And don't forget BC Hydro. They've needed to put in incremental increases in rates to cover costs but Christy Clark and her thug Rich Coleman took unprecedented steps to muscle in on the BC Hydro board and tell them not to raise any rates.

Another bad idea cooked up by the Liberals so Christy could say "I'm keeping hydro rates low because families can't afford it"

But of course once BC Hydro gets the muzzle taken off when the BC Liars are gone, the flood gates will open. We can all expect BC Hydro rates to jump. Thanks Christy.

[bolt]

Here's just some of what the BC NDP achieved in government between 1991 and 2001:

Economy: The lowest unemployment in 20 years

greatest job growth in Canada 1991-2000 (up 24%)

economy grew 3.4% in 2000

booming film, tourism and high tech sectors

second or third lowest income taxes in Canada for ordinary families

income taxes cut $800 million since 1995

lowest small business income taxes in Canada

best small business growth in Canada 1991-2000 (6.8% a year)

second lowest provincial debt per person

books balanced, last three budgets

second highest average wage in Canada ($17.48 an hour)

highest minimum wage in Canada

third lowest Hydro rates in North America and no increase since 1993

car insurance rates among lowest in Canada (no increase since 1996)

Health Care: Increased health funding every year since 1991.

BC is the only province that did not cut health care funding in 1990s

health budget increased by almost $1 billion in 2001 to fund new hospital equipment, train and recruit additional nurses and doctors

four new cancer clinics since 1991

best screening mammography program in Canada

best cancer recovery rate in Canada

most comprehensive health coverage of any province (including chiropractors, physical therapists, naturopaths, massage therapists, eye exams and podiatry)

one of the most extensive Pharmacare programs in Canada

a world leader in protecting kids from tobacco

guaranteed choice on abortion for BC women

innovative new BC HealthGuide Handbook and NurseLine

Environment: The best record in North America.

first in North America to reach UN goal of 12% protected parks and wilderness

created Tatshenshini-Alsek and 345 new protected areas and park additions since 1992

worked with communities, First Nations, companies, unions and environmentalists to protect coastal (Great Bear) rain forest

2.5 billion trees planted in ten years

moratorium on grizzly bear hunting, and Khutzeymateen grizzly bear sanctuary

toughest forest practices rules in North America ensured sustainable forestry and access to international markets

new laws protected fish-bearing streams

urban salmon habitat program restored salmon runs

cut chlorine discharge from pulp mills by 80%

Green Economy Initiative promoted innovative environmental technology

Eco-tourism strategy

2,500 km of recreational forest trails built

10,000 km of damaging logging roads removed

Advanced Education: From second worst to second best in Canada.

tuition fees cut 5% in 2001, after five-year freeze

BC tuition fees 44% lower than Alberta, 46% lower than Ontario

three new universities (Northern BC, Royal Roads, Tech BC)

40,000 new post-secondary student spaces since 1992

most comprehensive student assistance programs in Canada

5,025 additional post-secondary spaces and

3,150 more apprenticeship spaces in 2001

five community colleges designated as University Colleges

participation rate in post secondary education improved from second worst in Canada in 1991 to second in 2001 (after Quebec)

Children: A strong start for BC kids.

lower class sizes in Grades 1 - 3 improved reading and writing skills

a new school was built every 19 days

136,000 new spaces and 5,423 classrooms were added since 1991

only province that did not reduce education funding in 1990s

4,000 additional teachers hired since 1991

658 portables removed since 1998

school lunch program helped kids in need

heritage language program in 150 schools offered 26 languages including Chinese, Punjabi and aboriginal languages

before and after school care program launched in 2001 helped 19,000 kids

lowest child poverty rate in Canada after PEI

BC child care was ranked best in Canada (Vancouver Sun, Sept.26, 2000)

Social Justice: Fairness and respect for all.

eliminated provincial income tax for 100,000 low-income British Columbians

one of only two provinces that continued to build social housing (6,500 units completed, 275 planned for Woodward's Building/Downtown Eastside)

BC Family Bonus helped low and modest income families

strengthened human rights legislation

public and private sector pension benefits extended to common-law and same sex spouses

pay equity law worked to end wage discrimination against women

improved occupational health and safety standards

anti-scab law protected workers' rights

balanced Labour Code reduced days lost to strikes/lockouts and ensured fair union certification process

finalized the Nisga'a Treaty - Canada's first modern treaty

commitment to negotiating land claims, not courts and referenda

In May 2001, after ten years of making real progress for ordinary people in B.C., the NDP was defeated by the provincial Liberal party. Since that time, many British Columbians have been hurt by the Liberal government's mean-spirited and uncaring approach -- an approach that broke key election promises, cut health and education, neglected the needs of seniors, children and the most vulnerable people in B.C., and left average families paying more taxes and fees but getting fewer services in return. Despite an economy made prosperous by cyclical commodity prices and low interest rates, too many British Columbians were being left behind.

[Gross-Misconduct]

Did you actually read the commentary and news in the OP"s post?! ...or are you just one more socialist who fels entitled to what others have earned?

The Liberals have been stupid, careless and less than honest in many cases. However, based on the potential to manage finances, I would still take them over an Adrian (the crimninal) Dix socialist government and apparently the world credit rating agencies agree.

Wealth re-distribition at the hands of socialist gevernments is bankrupting the free world but the "entitled" continure to blithely believe if we just tax someone with more than I have, all will be well.

Greece, here we come!

[DIBdaQUIB]

Here's just some of what the BC NDP achieved in government between 1991 and 2001:

Economy: The lowest unemployment in 20 years

greatest job growth in Canada 1991-2000 (up 24%)

economy grew 3.4% in 2000

booming film, tourism and high tech sectors

second or third lowest income taxes in Canada for ordinary families

income taxes cut $800 million since 1995

lowest small business income taxes in Canada

best small business growth in Canada 1991-2000 (6.8% a year)

second lowest provincial debt per person

books balanced, last three budgets

second highest average wage in Canada ($17.48 an hour)

highest minimum wage in Canada

third lowest Hydro rates in North America and no increase since 1993

car insurance rates among lowest in Canada (no increase since 1996)

Health Care: Increased health funding every year since 1991.

BC is the only province that did not cut health care funding in 1990s

health budget increased by almost $1 billion in 2001 to fund new hospital equipment, train and recruit additional nurses and doctors

four new cancer clinics since 1991

best screening mammography program in Canada

best cancer recovery rate in Canada

most comprehensive health coverage of any province (including chiropractors, physical therapists, naturopaths, massage therapists, eye exams and podiatry)

one of the most extensive Pharmacare programs in Canada

a world leader in protecting kids from tobacco

guaranteed choice on abortion for BC women

innovative new BC HealthGuide Handbook and NurseLine

Environment: The best record in North America.

first in North America to reach UN goal of 12% protected parks and wilderness

created Tatshenshini-Alsek and 345 new protected areas and park additions since 1992

worked with communities, First Nations, companies, unions and environmentalists to protect coastal (Great Bear) rain forest

2.5 billion trees planted in ten years

moratorium on grizzly bear hunting, and Khutzeymateen grizzly bear sanctuary

toughest forest practices rules in North America ensured sustainable forestry and access to international markets

new laws protected fish-bearing streams

urban salmon habitat program restored salmon runs

cut chlorine discharge from pulp mills by 80%

Green Economy Initiative promoted innovative environmental technology

Eco-tourism strategy

2,500 km of recreational forest trails built

10,000 km of damaging logging roads removed

Advanced Education: From second worst to second best in Canada.

tuition fees cut 5% in 2001, after five-year freeze

BC tuition fees 44% lower than Alberta, 46% lower than Ontario

three new universities (Northern BC, Royal Roads, Tech BC)

40,000 new post-secondary student spaces since 1992

most comprehensive student assistance programs in Canada

5,025 additional post-secondary spaces and

3,150 more apprenticeship spaces in 2001

five community colleges designated as University Colleges

participation rate in post secondary education improved from second worst in Canada in 1991 to second in 2001 (after Quebec)

Children: A strong start for BC kids.

lower class sizes in Grades 1 - 3 improved reading and writing skills

a new school was built every 19 days

136,000 new spaces and 5,423 classrooms were added since 1991

only province that did not reduce education funding in 1990s

4,000 additional teachers hired since 1991

658 portables removed since 1998

school lunch program helped kids in need

heritage language program in 150 schools offered 26 languages including Chinese, Punjabi and aboriginal languages

before and after school care program launched in 2001 helped 19,000 kids

lowest child poverty rate in Canada after PEI

BC child care was ranked best in Canada (Vancouver Sun, Sept.26, 2000)

Social Justice: Fairness and respect for all.

eliminated provincial income tax for 100,000 low-income British Columbians

one of only two provinces that continued to build social housing (6,500 units completed, 275 planned for Woodward's Building/Downtown Eastside)

BC Family Bonus helped low and modest income families

strengthened human rights legislation

public and private sector pension benefits extended to common-law and same sex spouses

pay equity law worked to end wage discrimination against women

improved occupational health and safety standards

anti-scab law protected workers' rights

balanced Labour Code reduced days lost to strikes/lockouts and ensured fair union certification process

finalized the Nisga'a Treaty - Canada's first modern treaty

commitment to negotiating land claims, not courts and referenda

In May 2001, after ten years of making real progress for ordinary people in B.C., the NDP was defeated by the provincial Liberal party. Since that time, many British Columbians have been hurt by the Liberal government's mean-spirited and uncaring approach -- an approach that broke key election promises, cut health and education, neglected the needs of seniors, children and the most vulnerable people in B.C., and left average families paying more taxes and fees but getting fewer services in return. Despite an economy made prosperous by cyclical commodity prices and low interest rates, too many British Columbians were being left behind.

[inane]

Liberal playbook chapter 1 : Anyone pointing out the BC Liberals mistakes must be a socialist who feels entitled