"We can't allow things that are inaccurate to stand." — The Word of Our Dan, February 19, 2008.

Wednesday, March 13, 2013

Our bankrupt is totally different from their bankrupt

Kathy Dunderdale told the House of Assembly on Monday:
We have come a long way from 2003 when we have rebuilt the economy of this Province. We have reduced our debt.
 Finance Minister Jerome Kennedy added:
Mr. Chair, in 2003 – and I am going to go through this, I can assure you, in great detail over the next few weeks and upcoming months – we inherited a province that was almost bankrupt.
 And he told the House of Assembly on Tuesday:
In 2003-2004, when we took over government, Mr. Chair, our net debt was around $12 billion. We have managed to reduce that approximately 25 per cent and we continue to put any surpluses – which, unfortunately, we are not going to have for the next couple of years – on debt .
 And on Wednesday:
As I have said on a number of occasions, in 2003 we inherited a Province that was not only financially bankrupt, but there was an infrastructure deficit that was huge.
 Fun facts: In 2003, the total provincial debt — gross, not net — was $12.1-billion.  For the latest fiscal year, it stands at $13.3-billion.  In traditional arithmetic, 13.3 is a larger number than 12.1.  In 2003, the deficit was $939-million.  For the next two fiscal years, the Progressive “Conservatives” have provisionally forecast deficits of $1.6-billion.  In each year.  (Those figures are straight from the same estimates that Premier Condescension and her Finance Minister keep exhorting you to read.) So, if in 2003, with accumulated liabilities $1.2-billion less than they stand today, and a deficit 40% smaller than what the current government is now forecasting for each of the next two fiscal years, the province was “almost bankrupt” or “financially bankrupt”… what is it now?  Bankrupt?


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