March 25, 2003

Perspective on the Fast Ferries

No guts, no glory. Of course, when the wrong decision is made, not only is there no glory, but the winners may forever attempt to tarnish the vanquished. Rather than rejuvenating BC's shipbuilding industry, the Fast Ferries turned into a political nightmare and fiscal disaster.

BC's Fast Ferries were auctioned off on March 24th for less than 5 cents on the dollar. The total loss was just over $400 million. BC has a population over 4.1 million so that means the loss was a little less than $100 per person on a one time only basis. Some may compare that to the cut of $200 per month that some disabled people will experience as the result of the Campbell government's heartless attack on the weakest members of our society. Others might say that if the NDP had been more competent, Gordon Campbell might not have been given a chance to attack the disabled. One way or the other, perspective matters and the experience with the Fast Ferries needs to be put in perspective.

AOL Time Warner reported a loss of $99 billion (US) in 2002 (more than 300 times the loss on the Fast Ferries). While that is the largest corporate loss in history, those who follow the financial press know that billion dollar loses are not unusual. No one would ever want to see such loses, but the Campbell gang are the ones who constantly want to compare the public and private sectors. By private sector standards, the one time loss of $100 per "shareholder" is a pittance.

In politics, the art is in the perception. Staunch supporters of the former government may argue that the ferries could have been sold for more, or that they could have been retrofitted for more productive uses. The Auditor General may even remain seized of the file and determine that the Campbell government was incompetent in the disposal of the ferries. In the grand picture of things, none of those arguments are relevant. The question will be whether Gordon Campbell and his crew will succeed in convincing British Columbians that a one time loss of just under $100 per person is the worst thing that a government could do. If people see it that way, will they also criticize Campbell for taking $200 per month (forever) away from some of BC's most disadvantaged citizens?