Moving oil by rail is 4.5 times more likely to result in an incident or accident than moving that same oil by pipeline.
When Ontario Finance Minister Charles Sousa announced a budget update and a revised, lower forecast for provincial economic growth, it was yet another piece of evidence that Ontario’s economy is sluggish. But Ontario’s problems run deeper than just one fiscal update from one finance minister.
Question: If you’re young, or have very little education, where’s the best place in the country to find a job, make a decent income and prosper? Answer: Alberta, followed by Saskatchewan and British Columbia.
While Premier Christy Clark aims to create an environment where growth and investment can flourish, little has been achieved since last years electoral victory. If Premier Clark is to help British Columbians obtain the desired prosperity and jobs, her top economic priority should be to make BC the most investment-friendly jurisdiction in Canada.
Heres whats needed.
With economic uncertainty as the backdrop, it was critical for the BC government to put forth a prudent budget. Finance minister Kevin Falcon acknowledged as much by reassuring British Columbians that the budget was built on fiscal discipline and lays a firm foundation for the future. Falcon even warned of the perils of additional government taxes, spending, and borrowing in the current economic environment, calling such measures potentially catastrophic.
BCs September Budget Update is unlikely to live up to its promise of protecting vital services and building for the future. Instead, the big-spending, tax-increasing, debt-loving budget is a step back from BC's recent progress and will burden, rather than build for, the future.
Start with the seemingly unavoidable $2.8 billion deficit. According to Finance Minister Colin Hansen, the government was forced into deficit largely as a result of a loss of $2 billion in expected revenues. The $2 billion figure certainly captured the attention of the media.
Is this the right budget for BCs business community at this time? No ~ Not the Right Recipe for BCs Economy
With BC facing a recession, the provincial government had good reason to re-focus on the economy in its 2009 budget. Unfortunately, the government did not make the tough decisions required to make British Columbia more competitive and attractive for investment and business development.
For starters, little was done to improve incentives to work, invest and take entrepreneurial risks. Reduced personal income and business taxes would have improved these incentives and provided a stronger foundation for wealth creation now and in the future.
For more than a decade, Albertans have enjoyed the benefits of Canadas most successful economy, in large part due to the Alberta Advantage. The widely recognized Alberta Advantage is based on the combination of Canadas lowest tax rates, smallest government and most attractive investment climate. However, the provinces focus on the Alberta Advantage has been slowly eroded. British Columbia now has an opportunity to surpass Alberta and create a BC Advantage consisting of the lowest personal income and business taxes in Canada.