December 22, 2001

Looking Back: Foolishness and Deceit in 2001
Moving forward???

Political change started in 2001 with a promise that tax cuts will pay for themselves.

"Combined with our personal tax cuts - and other policy and regulatory changes spearheaded by the Minister of Competition, Science and Enterprise and the Minister of State for Deregulation . . ."
". . . these moves to a more competitive tax system will start to renew our economy this year - and set the stage for even more significant growth next year."
"Anyone who doubts that only has to look at the impact of our personal tax cut."
"… into growth of 3.8 per cent in our economy next year - up significantly from the 2.2 per cent growth expected this year."
         Finance Minister Gary Collins, Fiscal Update Speech,
         July 30, 2001

"Economic conditions in B.C. are expected to remain weak until at least the early part of 2002. The economic forecast has been lowered to 0.9 per cent growth for 2001 and 0.6 per cent growth for 2002."
         Government News Release on the Second Quarterly
         Financial Statement, November 22, 2001

"On the fiscal front, the B.C. government which is faced with a medium-term outlook for sizeable budget deficits, has announced plans to cut spending dramatically. These cuts are likely to negate any stimulative effects on the economy from the second major dose of provincial personal income-tax relief that will be implemented on January 1, 2002." (emphasis added)
         TD Bank, December 20, 2001,
         Provincial Economic Outlook, p. 3

The TD Bank went on to forecast that BC will finish dead last amongst all of the provinces in economic growth for 2002.

For a government that asked voters to believe tax cuts would pay for themselves, finishing dead last in 2002 would be proof that critics like David Bond were right. On his last December appearance on CKNW's Bill Good show, Premier Campbell repeated the unbelievable claim that his tax cuts will pay for themselves. Sure, Mr. Premier, just tell us when!