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LETTER: Accounting magic tricks

Finance Minister Tom Osborne presents the 2019 provincial budget Tuesday in the House of Assembly.
Finance Minister Tom Osborne presents the 2019 provincial budget Tuesday in the House of Assembly. - Joe Gibbons

Isn’t this Liberal government doing exactly what they accused the previous PC government of doing?

Muskrat Falls is creating employment which will soon end, adding to the unemployment rate. The problems with Muskrat Falls was we didn't need it — it was an ego trip with unsustained spending. The inquiry is pointing out the culprits.

There is only one problem left with Muskrat Falls: how in the name of God is the government going to twist and hide where the revenues came from to make us feel we are not paying for it?
It's a part of the contract — “Taxpayers and Ratepayers” will pay.

We will pay for it.

But forget all of that for three seconds.

When Dwight and gang took office we were destitute according to our financial wizards at the time. Being in such bad shape they literally assaulted us with taxes.

The previous PC government have been accused of spending like drunken sailors in the good times, hiring everybody and their brother to work as public servants to the tune of 46,000.
When the dust settled in the budget of 2016 we had a net debt of $10-billion, were spending $1 billion to service this debt. Many programs were cut to get our finances in order
The people of Newfoundland and Labrador suffered under these cuts and increases and still are today.

Fast forward today.

Our net debt is $14.7 billion. We pay $1.1 billion to service it. Unemployment rate is still at 14.8 per cent. Foodbank use has increased by 30 per cent. If you look at the numbers things have gotten worse.

This Liberal government in the past few months is also spending like drunken sailors only they are spending money they have don’t have.

They (Liberals) use accounting trickery to prop themselves up for this election.

There is cash basis accounting (you account for money when you get it). There is accrual accounting (you account for money promised) like the renegotiated Atlantic Accord 38 years down the road.

When we were so destitute what accounting system did they use?

Dwight Ball and gang are not trustworthy.

Jerome Terry,
Mount Pearl


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