Since the lieberals have come into power they have given away over 10 billion dollars in corporate tax welfare. Good luck trying to fill that hole while also paying for the Olympic games. Get ready for yet another huge jump in personal income taxes as they will have to get this money from somewhere. We have been truly shafted by these guys and yet once again the average citizen remains clueless to the fact they have been used to make the wealthy wealthier. When will we ever learn?

Nice to see that I am not the only one who thinks this way. Sorry if I did not spell something right. :}

"When will we ever learn?"

Who is "we"? If the rich are getting richer, which those who have not stashed away money in real estate, mutuals, etc. may be, then they have learned.

Figure out how they have done it and follow their formula.

The theory is, reduce corporate taxes and the businesses that sell you goods and services which sell them to you cheaper.

The others figure no way Jose. They say reduce the taxes to the unwashed masses and they will have more money to buy the high priced products and services.

Of course, we have learned that the real way the USA economy, and to some degree the economy in the rest of the western world has recently worked is give them all credit and the companies and the consumers can build stuff and buy stuff with future earnings.

So which economists put forward that theory?

Until my taxes, not my standard of living is lowered, sometimes I have a deficit budget. I live with it. That is one reason the economy is the way it is. (I'm not buying)

Let's see what sectors are going to get its funding cut. The Liberals raised the funding of the universities last year when BC was not in recession, but not to the level that universities had been promised.
I guess BC universities need to prepare for belt tightening this round, maybe BC government will claw back on whatever raise the universities were given last year or it will close/restructure few universities with low enrolments once the election is over.

Liberals haven't much option left after the new fuel tax and freezing the house evaluations despite around 20% decrease in house prices. In other words, they have already increased by 20% or more the property taxes. Increasing taxes in a recession is foolish.

Gordo and the Gang employ the Trickle Down Theory of Economics. Give everything to the rich and eventually the benefits will trickle down to the lowest castes in society. Unfortunately in BC the only trickle down is somehow converted to tinkle down!

The "balanced Budget" idea is a complete fallacy to start with. The only way any "government" can have a balanced Budget under the current financial arrangments is to unbalance your budget.

All the money the government collects in taxes has already appeared in the price of some product that you're going to consume.

It has to be collected from the public on sale of that product, since the business that produced that product has to fully recover its 'costs', including all the taxes it pays, in order to stay in business.

When the government removes money in taxes from your "incomes", which in your alternate role, (to that of being a 'consumer'), as a 'producer' you have earned, the already existing overall gap between 'prices' and 'incomes' has just widened.

(Already existing because current "incomes" are only a PART, and a decreasing part, of the overall 'costs' that make up retail 'prices'. The rest of those "costs" are made up of allocated 'machine' charges carried forward as depreciation, which WERE, at one time in the past, somebody's "incomes", but were largely spent as received and are no longer available as purchasing power now.)

The only way this gap can be bridged, short of always being able to export more than we import, (which is a virtual impossiblity in any case), is by an overall ongoing expansion of debt.

This debt will never be able to be repaid in its totality. In short, either the government will incur it, (in times like these, when you, personally can't), or, in better times, you'll incur it personally. Either way, OVERALL, the debt continues to grow faster than our ability to liquidate it. And there's only ONE place the amount of it that can ever be repaid is going to come from, and that's out of your "income".

At least until we change the financial system to make it properly reflect reality, where, as our actual ability to "do" more things with fewer and fewer people needed to do them increases, we should be receiving a "dividend" back from the government, not the prospect of paying more taxes to it.

I wouldn't be saying that the debt will never be paid back. Print more money payoff the debt, than devalue the dollar. Its all in one neat little deal.

Debt, in total, will never be paid back because each cycle of production is currently not fully financially 'self-liquidating'. In the whole economy, prices are always being generated at a faster rate than are the incomes necessary to fully liquidate them through sales into final retail.

Printing more money would only solve the problem if that money were applied to lowering retail prices to consumers by compensating merchants what they'd otherwise lose doing that.

The new money then allows existing costs which have gone into prices to be fully liquidated. With no inflation. The increase in consumer generated economic activity through doing this would re-employ more people far faster than trying to build infrastructure, which will be found to just induce 'inflation'.

Look at it this way, what would you sooner have, goods and services that cost you "less" than they do now without any DECREASE in your income? Or goods and services that cost you "more" than they do now without any INCREASE in your income?

The first option is every bit as do-able as the second.