Image: BC Legislature / B.C. Govt. / Flickr

By MLA Peter Milobar - BC United Shadow Minister for Finance

OPINION

YOUR PERSPECTIVE: B.C.’s financial mismanagement is trouble

Apr 24, 2024 | 8:00 AM

The recent credit rating downgrades by S&P Global Ratings was the third drop in three years. It is a glaring billboard announcing the NDP’s financial recklessness under Premier David Eby’s watch where British Columbia’s fiscal responsibility has plummeted.

Each downgrade pulls more money from the pockets of hardworking British Columbians. Higher taxes and less money for services are direct consequences of the NDP’s inability to manage our province’s finances. What does this mean for B.C. taxpayers? Higher costs for loans, a skyrocketing cost of living, and tougher roads ahead for anyone trying to make ends meet.

We’re talking about a government that’s not just spending beyond its means but is also failing to deliver results. With rents the highest and housing affordability the worst in North America, these downgrades translate into real hardships for families and individuals striving to build a life in British Columbia.

Numbers can help put this into perspective. The provincial debt per person is expected to skyrocket from $8,500 to $22,000. The cost to service this ballooning debt? It’s set to more than double from $2.6 billion to $5.7 billion by 2026. This isn’t sustainable and it’s unfair to every British Columbian saddled with the bill for this NDP government’s oversights. And their children, and grandchildren who will be left with these bills.

Here’s the kicker: with each downgrade, borrowing gets pricier. The NDP’s spree of high spending, growing deficits, and piling up debt means British Columbians face soaring interest payments. When S&P and Moody’s sound the alarm, warning of oversized deficits and shifting their outlook to negative, it’s a sign that our provincial economy could be heading toward a fiscal cliff.

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Since losing our AAA status back in 2021, our credit status has continued to decline. Each new downgrade confirms a worrying trend that the NDP is steering us down a dangerous path.

BC United, under Kevin Falcon’s leadership, has a solid plan to turn things around. Fiscal prudence, accountability, and smart management will build the foundation of our fiscal approach. With a proven record of getting results, this isn’t just talk — it’s how we plan to run things. We’ll ensure government spending translates into tangible benefits for the people of B.C., not just more debt for future generations to repay.

The NDP might think these downgrades are merely bumps in the road, but for the people across this province, they’re major potholes that can cause permanent damage. It’s time for a change. It’s time for a BC United government that practices fiscal responsibility while getting results for people in this province.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of Fraser Valley Today or Pattison Media.