As a former banker, I know the value of a good credit rating. And I can tell you for a fact that it was always a sad day whenever we had to tell good people we could not loan money to them because the risk was too high.
Governments often find themselves in a similar situation when they go to borrow money to build such things as hospitals and schools or to meet other important needs.
For those governments with a poor credit rating, it can significantly boost their cost of borrowing and even limit their borrowing options. And that’s a cost citizens ultimately have to shoulder.
Fortunately for the citizens of British Columbia, our province currently enjoys a rare and enviable Triple AAA credit rating which keeps the province’s borrowing costs low.
However, this Triple AAA credit rating didn’t happen by accident. It’s the result of 12 years of careful management and fiscal discipline by the B.C. Liberal government—even while other jurisdictions have floundered in the face of the global economic meltdown of 2008 and piled on mountains of taxpayer-supported debt and deficits.
British Columbia’s current Triple AAA credit rating contrasts sharply with the six consecutive credit-rating downgrades suffered under the NDP in the 1990s. I’m sure there’s no need for me to rehash the NDP’s sorry economic record from the 1990s; all of that is on the public record.
However, if you were to ask me why I am running for MLA, one of the most important reasons would be to help ensure that we maintain our Triple AAA credit rating in this province because so much of what we aspire to hinges on maintaining that rating.
The NDP certainly won’t be able to preserve the province’s Triple AAA credit rating. They’ve previously shown in spades that they can’t manage an economy well enough to do it. And the cast of candidates and labour bosses they’re fielding in this election should give everyone cause for concern.
I’m certainly not saying that credit ratings are the only measure of success or the only reason I’m running. For the record, I also have a keen interest in education as a former district parent advisory council president and a particular interest in learning disabilities. However, credit ratings obtained from objective rating agencies are a crucial indicator of the over-all health of a provincial economy and there is no getting around this fact.
In my opinion, the B.C. Liberal Party is the only party that can ensure a favourable credit rating for British Columbia, with sound economic policies that support the economic growth needed to support that enviable credit rating.
That’s the power of sound fiscal management and that’s why I’m proud to be part of the B.C. Liberal team of candidates: a strong and renewed team with a clear vision for growing the provincial economy, controlling spending, and securing a bright future for British Columbia families.