Nova Scotia Headed For Bankruptcy

[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?

 

[CDNBear]

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

 

[darkbeaver]

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]

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

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

?

 

[Avro]

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.:lol:

 

[CDNBear]

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

?

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.:lol:

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

 

[Avro]

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

I never said that.

 

[lone wolf]

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

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

 

[Praxius]

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]

I never said that.

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

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

:lol:

 

[Avro]

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

:lol:

What?

So why include my quote?

 

[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?

 

[TenPenny]

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]

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]

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]

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.

 

[JLM]

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"............:lol::lol::lol:

 

[Praxius]

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"............:lol::lol::lol:

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]

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]

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.