Email
Print
Letter to Editor
ShareEDITORIAL: Economic steps promising
October 23, 2008The B.C. Liberals are off to a good start dealing with the global economic crisis.
Measures announced by Premier Gordon Campbell include a five-per-cent personal income tax cut and lower ferry fares as well as a restoration of runs BC Ferries recently announced it would halt.
Proposals include unlimited protection for deposits in provincially regulated credit unions, a voluntary pension plan for the three-quarters of private-sector employees without one and help for retailers with doubled commissions for collecting sales tax.
To further help business (and presumably employees), the small business income tax rate is being reduced.
Campbell announced he is recalling the legislature next month to activate the government’s proposals.
There will hopefully be some meaningful debate about actions estimated to cost a half-billion dollars over three years and the Liberals’ strategy, which Campbell said includes reducing “avoidable” spending.
Opposition MLAs will doubtless have something to say about that and the fact the one-third ferry fares cut applies only to December and January.
Walking a tightrope, the premier vowed to maintain the B.C. government’s AAA credit rating.
Approaching a provincial election in May, the Liberals will doubtless strive to deliver the surplus budget forecast by Finance Minister Colin Hansen, although it will be tough for the Vanier grad to meet the $1-billion figure he predicted Sept. 12.
Prudent fiscal management should involve surpluses in good times to allow politicians the luxury of deficits when the economy sours so they can help their citizens when they really need it.
The deep and widespread economic crisis, caused by greed and misguided government policies in the U.S., will be with us for some time.
editor@comoxvalleyrecord.com
