Deficits , Debt

I have  fun pointing out to journalists that they almost all are getting it wrong when it comes to the annual deficit of a Province. This is especially true of the Province of Britiah Columbia.

All of the papers and TV broadcasters have been gushing with words like ‘a balanced budget.’ They seem to take what ever the Government says and just publish it as if it were fact. One doesn’t know whether the Government is doing a great job of hood winking the lowly journalist , or whether these university trained journalists of today are just not that well trained . This last week I wrote Gary Mason of the Globe and Mail newspaper pointing out to him his use of the words balanced budget in describing the BC budgets of the past few years. I have not heard back. A few months ago I did the same with a Vanvouver journalist . He got back to me but was so confused about the business of capital and current account and tax payer debt versus sel supporting debt that it was hard to set him straight.

All one has to do is look up the public accounts of the given Province and go to the section dealing with net debt. In BC ‘s case , for example,  it has been going up each year for the past several years. That must mean that the Province has been running deficits, n’est-ce pas?

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