Nova Scotia Headed For Bankruptcy

Nova Scotia Headed For Bankruptcy

pfezziwig

#1Apr 1st, 2010

Does anyone believe NS will avoid bankruptcy? Currently our debt is over 13 billion and we spend $900 million a year just on interest.

The NDP are spending like drunken sailors on shore leave, giving unions everything they want and proposing tax increases to pay for union raises, new government jobs and servicing our debt ...and this will go on for another 4 years as the NDP have a majority.

Why would any business choose to set up in Nova Scotia with a crushing and growing debt crises? Without the private sector growing who's going to pay off the debt and support the growing public sector?

Begging Ottawa for handouts will only go so far...guess thats fine for all those in the public sector.

Does anyone seriously believe we will be in better shape 5 or 10 years from now?

CDNBear

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

That's what happens when you elect an NDP gov't.

darkbeaver

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Capitalists pigdogs have emptied the provincial cookie jar and the stupid NDP are left holding the bag. In reality it dosn't matter what form of false ideology is elected in the west we will always get banker licking dogs. They are all bought before they run for election.

s_lone

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by CDNBear

That's what happens when you elect an NDP gov't.

... after a decade of Conservative management....

?

Avro

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by CDNBear

That's what happens when you elect an NDP gov't.

Horsefeathers....the debt to gdp ratio in Nova Scotia is far lower than it is for the federal government....that's what happens when you vote for cons.

CDNBear

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by s_lone

... after a decade of Conservative management....

?

Quote: Originally Posted by Avro

Horsefeathers....the debt to gdp ratio in Nova Scotia is far lower than it is for the federal government....that's what happens when you vote for cons.

Yes the past several Conservative Gov'ts and their mismanagement forced the present NDP Gov't to placate the Unions...

Avro

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by CDNBear

Yes the past several Conservative Gov'ts and their mismanagement forced the present NDP Gov't to placate the Unions...

I never said that.

lone wolf

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by CDNBear

Yes the past several Conservative Gov'ts and their mismanagement forced the present NDP Gov't to placate the Unions...

Funny ... they couldn't cave in to the unions in Ontario and got a Conservative government.

Praxius

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Considering the mess the Conservatives left Nova Scotia in and tried their best to keep it under wraps until the bitter end.... not to mention their continual cutting of so many programs and such... if we remained on the same path as we were on under the Conservatives, the outlook would be far worse.

And the Liberals.... well since they gave us the HST and slapped it on pretty much everything and jumped the amount of tax on things that were once only had one tax (ie: 7%) thus handing us crap and telling us it was gold.... I wouldn't trust them to do anything better then what the Cons did.

In order to make money, you sometimes have to spend it..... and if what the NDP are spending gets more jobs and work here, rather then making our workforce head out to work in the oil sands, I say all the power to them.

Will we be in better shape in 5-10 years?

I believe we'll be in far better shape in 5-10 years under the NDP then we would have if we continued under Conservative rule. And we would have had a bit more money to work with if MacDonald didn't sell us out to the Fed. Conservatives over the Offshore deal, opening up the contract again and screwing it all up....... THEN attempting to use that money to pay off the programs they didn't even budget properly (which was illegal to do)

It's all one big mess and I doubt any of the parties would be able to pull off miracles, but considering the track records of the other two parties towards NS interests, I think giving the NDP a chance at it seems logical.

Afterall, this is their first leadership here and they have to prove themselves.... if they royally screw it up, this will be probably be their last chance to lead for a long long while.

Meanwhile the Liberals and Conservatives became complacent being assured of always being either in power or being opposition, just like in the rest of the country. Now they got a kick in the ass to show them that they both can and will be replaced if they don't smart'n the hell up.

CDNBear

#10

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by Avro

I never said that.

And I didn't say anything that your post would allude to, so I guess we're even.

Quote: Originally Posted by lone wolf

Funny ... they couldn't cave in to the unions in Ontario and got a Conservative government.

Avro

#11

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by CDNBear

And I didn't say anything that your post would allude to, so I guess we're even.

What?

So why include my quote?

pfezziwig

#12

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

re:'..In order to make money, you sometimes have to spend it.."

How does spending tax payers money on public servants make work projects for one year create a stronger private sector economy? If that were true governments would spend indefintely?

TenPenny

#13

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Oh, I think putting up 2/3 ($60million) of the equity into a Daewoo plant, and expecting to get no return on it, is an example of the NDP thinking.

Praxius

#14

Re: Nova Scotia Headed For Bankruptcy

Apr 1st, 2010

Quote: Originally Posted by pfezziwig

re:'..In order to make money, you sometimes have to spend it.."

How does spending tax payers money on public servants make work projects for one year create a stronger private sector economy? If that were true governments would spend indefintely?

It'd probably work about the same as how the Fed Cons just dished out Billions of tax payer's money on bailing out banks and auto industries.

pfezziwig

#15

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Now we're raising taxes 2% to pay for all this 'stimulus' spending. Can anyone on the 'left' chime in to defend the NDP's 2 record setting setting deficits, union cave-ins and tax relief for those earning 80-150k as a means to dig ourselves out of a massive debt?

Surely there are some people optimistic about Nova Scotia's future? Or is Nova Scotia now a lost cause?

Praxius

#16

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by pfezziwig

Now we're raising taxes 2% to pay for all this 'stimulus' spending. Can anyone on the 'left' chime in to defend the NDP's 2 record setting setting deficits, union cave-ins and tax relief for those earning 80-150k as a means to dig ourselves out of a massive debt?

Surely there are some people optimistic about Nova Scotia's future? Or is Nova Scotia now a lost cause?

Well as I see it, the Cons were the ones who left NS in the hole it's in now and if it wasn't taxes being raised, then the only other options are to continue doing what the Cons have been doing, which is cutting more jobs, hospital beds, programs and funding for many of the things needed for people to work in the first place.

It's certainly not the best solution and many aren't going to like it, but in reports I've been reading, other Provinces are soon going to be raising taxes too. Quebec being one of them if I'm not mistaken.

I just think it's a tad funny that people like to shat all over the NDP over a deficit they didn't create and then crap all over them even further when they decide to do something about it.

At this point, no matter what they planned, there was going to be one group or another royally PO'd... and I'm sure if there was an easy quick fix, it would have been done.

Last edited by Praxius; Apr 8th, 2010 at 11:20 AM..

JLM

#17

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by Praxius

It'd probably work about the same as how the Fed Cons just dished out Billions of tax payer's money on bailing out banks and auto industries.

Which Canadian banks did the Gov't bail out? Did I not hear just recently that G.M. has largely repaid what they borrowed? Can someone clarify this please. I have a feeling someone is "blowing smoke"............

Praxius

#18

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by JLM

Which Canadian banks did the Gov't bail out? Did I not hear just recently that G.M. has largely repaid what they borrowed? Can someone clarify this please. I have a feeling someone is "blowing smoke"............

Was kinda implying both Con governments in both the US and Can. (Bush and Harper.)

The point is, the government tossed out billions to bail out companies... we'll leave it as the Auto Industry for now... but it was done (so we're told) to boost these companies in order to get out and find more work for them, which in turn requires more jobs, which in turn creates more money and so on.

If a business is going bankrupt, they lay off people and jobs, work dwindles away, it's harder for them to go out and find more work, because they can't afford it, and don't have the work force anymore compared to the next guy.

One of two things can be done.... bail them out and hope they recover so that jobs can come back to those who need them..... or let them go bankrupt and fold, leaving the community with no guarantee of any other company coming in and filling the gap of jobs.

You can send funding and money to those who lost their jobs, but it doesn't fix anything if there's no companies around for them to work for if they went tits up.... thus the logical solution, which I don't exactly like, is to prop up these businesses.

While it's great to let companies go bankrupt and fold in order to allow new markets and companies to make their way and create jobs.... it is uncertain if they will succeed, or how long it will take.

Same with this situation. Making work projects for one year, putting money on public servants etc. helps give a kick in the pants towards production and employment..... if done right I might add.

Bar Sinister

#19

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by CDNBear

That's what happens when you elect an NDP gov't.

Apparently you are unaware of the fact that the NDP in Saskatachewan from the time of Tommy Douglas on always ran on a balanced budget. Since Saskatchewan is the province where the NDP held power the longest perhaps it is a better measure of how the NDP governs. Historically conservative governments in Canada have run up the largest debts. Blaming a new government for what was already there is not only unfair it is rather shortsighted.

Bar Sinister

#20

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by pfezziwig

Does anyone believe NS will avoid bankruptcy? Currently our debt is over 13 billion and we spend $900 million a year just on interest.

The NDP are spending like drunken sailors on shore leave, giving unions everything they want and proposing tax increases to pay for union raises, new government jobs and servicing our debt ...and this will go on for another 4 years as the NDP have a majority.

Why would any business choose to set up in Nova Scotia with a crushing and growing debt crises? Without the private sector growing who's going to pay off the debt and support the growing public sector?

Begging Ottawa for handouts will only go so far...guess thats fine for all those in the public sector.

Does anyone seriously believe we will be in better shape 5 or 10 years from now?

Historically, when given a chance, NDP governments have always attemoted to operate with a balanced budget. Apparently the current government of NS is no exception with the budget expected to be balanced in four years. At $900 million a year only 10% of the budget is allocated for debt repayment. This is hardly a bankrupty situation, considering that many countries have much higher debt ratios.

pfezziwig

#21

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

re:'..Apparently the current government of NS is no exception with the budget expected to be balanced in four years...'

You have a lot of faith in a government that stated they were going to balance the budget and not raise taxes in the first year of office....the excuse of the Cons created the mess and they didn't know about it got old really quickly...for those of us with short memories, the NDP supported the Conservative budgets for years previously as they did not have the super majority enjoyed now by the NDP and required their support.

If they can't plan 6 months into the future how seriously should we take them on 4 year projections?

Praxius

#22

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by Bar Sinister

Apparently you are unaware of the fact that the NDP in Saskatachewan from the time of Tommy Douglas on always ran on a balanced budget. Since Saskatchewan is the province where the NDP held power the longest perhaps it is a better measure of how the NDP governs. Historically conservative governments in Canada have run up the largest debts. Blaming a new government for what was already there is not only unfair it is rather shortsighted.

Especially since the Debt in question was created by Conservatives.... go figure

Praxius

#23

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by pfezziwig

re:'..Apparently the current government of NS is no exception with the budget expected to be balanced in four years...'

You have a lot of faith in a government that stated they were going to balance the budget and not raise taxes in the first year of office....the excuse of the Cons created the mess and they didn't know about it got old really quickly...for those of us with short memories, the NDP supported the Conservative budgets for years previously as they did not have the super majority enjoyed now by the NDP and required their support.

If they can't plan 6 months into the future how seriously should we take them on 4 year projections?

As stated elsewhere, when you're not leading the government, you don't have the full picture of what's really going on, especially when the leading party in question had a long history of doing back door deals and selling us out to the Federal Conservatives in ways that left us NS'ers in the dark until it was too late.

When you take over, you get a better view of just how screwed up things are. They promised to not raise taxes, but I'm willing to let them break that promise considering the situation at hand, what problems they were left with and the few options available for them to choose from.

It seems that some just like to focus on "They raised Taxes" rather then looking at the bigger picture:

CBC News - Nova Scotia - N.S. budget makes HST highest in Canada

Quote:

..... Despite warnings from businesses, the NDP is raising the provincial portion by two percentage points as of July 1. The government expects this will mean $214.8 million in much-needed revenue this year.

This tax hike will apply to everything except children's clothing and footwear, diapers and feminine hygiene products.

That means a tax increase of around $412 for about 128,000 households in the province with incomes between $30,000 and $60,000, provided they don't make big purchases like houses or cars.

The rebate on home energy remains.

Tax breaks for seniors

Personal income tax is going up for anyone who earns more than $150,000 a year, to 21 per cent from 17.5 per cent, but seniors and low-income Nova Scotians are getting a break.

There's a new rebate for people making less than $30,000 — about one-quarter of Nova Scotians. Under the Nova Scotia affordable living tax credit, they'll get $240 a year in quarterly instalments, plus $57 for each child younger than 19 living at home.

In addition, about 15,000 will get a poverty-reduction tax credit of $200, and an estimated 18,000 seniors who receive the guaranteed income supplement will no longer have to pay provincial income tax.

The NDP also promises to keep costs under control. Program expenses are down $94 million — or about 1.2 per cent — from the last fiscal year, and the government plans to cut spending by $772 million by 2013.

One of the biggest changes this year will be the elimination of full indexing for pensions, which will affect 31,000 members of Nova Scotia's public sector pension plan.

Steele said this move will save the province about $100 million this year......

..... The NDP is also cutting the civil service by 10 per cent through attrition over four years. No layoffs are expected, but about 1,000 jobs left vacant by retirees won't be filled. The move is expected to save $65 million each year.

The budget also includes $710.6 million in capital spending for roads and buildings as the province continues to piggyback on federal infrastructure spending programs.

There's also a cut in the small business tax, from five per cent to 4.5 per cent, starting in January.

In the end, the NDP expects a deficit for 2010-11, even after promising during last year's election campaign to balance the books without raising taxes or cutting spending.....

One person on the above link commented:

LyndaEn - "I don't really understand why everyone is upset with this. They consulted with independent economists, and made sure that the low income families weren't hurt. They aren't even cutting jobs, as I heard one commenter complain. Raising taxes is never easy as it can be detrimental to the polls. They're sacrificing their popularity by trying to fix problems that previous governments made- and I think that's great."

And I agree.... it takes ballz to do what they're doing.

VanIsle

#24

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by pfezziwig

Does anyone believe NS will avoid bankruptcy? Currently our debt is over 13 billion and we spend $900 million a year just on interest.

The NDP are spending like drunken sailors on shore leave, giving unions everything they want and proposing tax increases to pay for union raises, new government jobs and servicing our debt ...and this will go on for another 4 years as the NDP have a majority.

Why would any business choose to set up in Nova Scotia with a crushing and growing debt crises? Without the private sector growing who's going to pay off the debt and support the growing public sector?

Begging Ottawa for handouts will only go so far...guess thats fine for all those in the public sector.

Does anyone seriously believe we will be in better shape 5 or 10 years from now?

I just read in the news that all businesses across Canada better get used to our strong dollar or they will end up closing their doors. This does not sound like good news for Nova Scotia then. Without looking it up, I certainly am un-familiar with the debt load for New Brunswick. Would they let NS become a part of them and become one province? I know that none of us like the idea of losing what we consider our "identity" but better that than nothing. Today's news also says we are pouring millions into Haiti and while I agree that they need help, charity begins at home. But sometimes charity is the wrong way to go and in either case can be abused. It seems like something should be done.
The news also stated that Canada is recovering faster than any other country from this latest recession. (depression?)

TenPenny

#25

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

If NS goes bankrupt, we'll buy them, and sell off the good bits.

Praxius

#26

Re: Nova Scotia Headed For Bankruptcy

Apr 8th, 2010

Quote: Originally Posted by TenPenny

If NS goes bankrupt, we'll buy them, and sell off the good bits.

I believe that was already done.

Tonington

#27

Re: Nova Scotia Headed For Bankruptcy

Jan 26th, 2011

NDP spend like drunken sailors? Every jurisdiction spent more during the recession...and now the NDP are doing what they said they would, cutting. And cutting deep.

CBC News - Nova Scotia - N.S. school board warns of 100s of jobs lost

When all is said and done, the number of teachers province-wide getting pink slips will likely be a four figure number. My mother is a teacher, her job is probably safe due to her number of years teaching, but it's going to be very hard for those who have just recently been hired, and even worse for those currently doing their B.Ed. And not just in Nova Scotia, all the Maritime provinces will be a hard place for teachers with no experience to get work.

TenPenny

#28

Re: Nova Scotia Headed For Bankruptcy

Jan 26th, 2011

You did notice, I hope, that among the whining by the NS school boards about how they can't face any cuts to their budgets, the little note that they have a surplus of $45 million.

Tonington

#29

Re: Nova Scotia Headed For Bankruptcy

Jan 26th, 2011

Quote: Originally Posted by TenPenny

You did notice, I hope, that among the whining by the NS school boards about how they can't face any cuts to their budgets, the little note that they have a surplus of $45 million.

I did. In the case of the Halifax Board, their $12.6 million surplus breaks down as:

Breaking down the $12.6-million surplus reported by the Halifax board, Carvery said $5 million represented student fundraising for trips and other projects that was being held in the surplus account. Carvery said $3 million represented funds for capital amoritization — expenses carried over a number of years. He said the actual amount of the board's surplus was $4.2 million, accumulated over 10 years.

Read more: CBC News - Nova Scotia - N.S. school boards carrying surplus

Their budget is still decreasing by 22% over the next three years. I doubt the $4.2 million goes very far.

Machjo

#30

Re: Nova Scotia Headed For Bankruptcy

Jan 26th, 2011

Quote: Originally Posted by pfezziwig

Does anyone believe NS will avoid bankruptcy? Currently our debt is over 13 billion and we spend $900 million a year just on interest.

The NDP are spending like drunken sailors on shore leave, giving unions everything they want and proposing tax increases to pay for union raises, new government jobs and servicing our debt ...and this will go on for another 4 years as the NDP have a majority.

Why would any business choose to set up in Nova Scotia with a crushing and growing debt crises? Without the private sector growing who's going to pay off the debt and support the growing public sector?

Begging Ottawa for handouts will only go so far...guess thats fine for all those in the public sector.

Does anyone seriously believe we will be in better shape 5 or 10 years from now?

Sometimes a majority can be an advantage. You get to see the party's true colours, which leads to its total annihilation come next election. Looking at it that way, maybe a federal majority would be good too, giving the party in power the chance to show its true colours so as to be wiped off the map in the folowing election, rather than eternal stalemate.

But getting back to your debt, any responsible government come next election will raise taxes and slash spending, the so-called tax-and-axe policy.

Similar Threads

A special day in Nova Scotia
by darkbeaver | Jun 10th, 2009

Looking for Car, Halifax Nova Scotia
by On.Journey | Jun 15th, 2007

nova scotia question
by justinwilliams | Feb 14th, 2007