The NDP Government is defending the provincial budget delivered on Tuesday in the BC Legislature.
The Finance Minister’s budget forecasts a record setting $10.9 billion deficit. Brenda Bailey said her budget will help boost a ‘self-sufficient economy,‘ that is needed to fight 25 per cent tariffs from the United States.
The budget promises an increase in health spending, an insurance rebate for drivers of $110 dollars, and increases to support families under the Rental Assistance Program.
But the MLA for Peace River South said that there is almost nothing in the budget, to help the Peace Region or small business owners weather the storm from US tariffs.
“We have $30.1 billion in deficits coming up in the next three years. That’s exceptionally scary. We’ve already gone over the edge of a financial cliff,” said Neufeld.
There are a number of big capital projects included in this year’s budget. $20.2 billion has been earmarked for capital projects. Many of those projects are in the lower mainland and have already been announced. However once again, there is no money to replace the Taylor Bridge.
“The NDP government does not understand the economy. They do not understand that you cannot print money and you cannot spend money that you don’t have, at least not long term. So they’ve already overspent. Currently 25% of British Columbia tax dollars go to service the debt,” said Neufeld
Neufeld points out that one of the only positive components in the budget is the Small Business Venture Tax Credit. It will be raised for business owners from $120,000 to $300,000 dollars.