Could the deficit be $2.5 billion or higher?

Yesterday, Finance Minister Colin Hansen told reporters provincial government revenues have eroded by more than $2 billion since June. But, as reported by The Times Colonist's Rob Shaw, "It's unclear what that means for the provincial deficit. Hansen has said the deficit will be 'significantly' larger than the $495 million promised in the February budget. He offered no updated figure yesterday." But could it be that figure is $2.5 billion or higher? Perhaps it could even be around $2.8 billion? And could it also be the government will soon announce that figure?

4 Comments

What I don't get is how every other jurisdiction in the world but BC saw this coming and moved 6 - 8 months ago to mitigate the devastation via deficit spending and fiscal stimulus. A 10th grader could have figured out that BC's boom & bust, resource-dependent economy would be shattered by the global crisis.

Is BC's Finance Ministry being managed by those three little monkeys (See no evil, Hear no evil, Speak no evil), is it gross incompetence, or was it all just a huge election scam?

And these guys used to argue that the NDP had no right to run anything as they were not business savvy? I don't recall that party ever having a defecit anywhere close to some of the ones the Cambpell group has produced. Each time Hansen opens his mouth, his noise gets longer

It appears it was an election budget. They knew welfare numbers were out of hand, that tax revenue from income and business was down and they knew Natural gas, forestry and other royalties were going down.

Just wait till the Olympic numbers come in. The Liberals have run the biggest deficits in BC History, this will likely be the 3rd or 4th biggest ever!

Well, Colin Hansen Premier... HA HA HA! Carole James has better odds.

I forsee a cry from the Fraser Valley... a roar for libertarianism... as a rant against whatever hodgepodge morass mess monster the urbanites are leaving behind the province & region.... and cut taxes, cut spending again like it's 2001.

But I don't think BC should wait for 2013 at the rate BC is going...

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