Thursday, July 09, 2009

BC's Burgeoning Budget Deficit: Ignore The Deflector Spin


Specifically, ignore all the local 'led-by-the-nose' stories that are focussed on this 'thin' surplus codswallop regarding 2008/9.

Instead, go read the Reuters bizness report that focusses on what is coming for 2009/10.

Here's the lede:

VANCOUVER, British Columbia, July 9 (Reuters) - British Columbia's budget deficit will almost certainly be worse than the forecast C$495 million ($427 million) as the Canadian province's economy continues to sag, Finance Minister Colin Hansen said on Thursday.

Hansen said residents will have to wait until September to learn how much larger, but revenues from corporate and personal income taxes were lower than expected when the annual spending plan was unveiled in February.

"Given what I know today I am not optimistic at all that a C$495 million number is anywhere near possible," Hansen told reporters.....

Then ask yourself....

Why isn't that last quote, from a particularly candid Mr. Colin Hansen, not the headline of every single local story?


Update: Apologies to Mr. Holman....He got it right right out of the gate.....Apparently, according to time stamps, I beat him to the punch by 11 minutes (well, actually, 'teh' reader did).


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