I wonder when the "MillerDays" will kick in...........Big black capital budget hole
Miller's plan to spend his way through the recession is a page out of ex-premier Bob Rae's book
Folks, you'll be pleased to know Mayor David Miller -- the king of creative new taxes and how to spend them (on nonsense) -- shares your fiscal pain.
It is indeed true, as sure as I am a fan of federal NDP Leader Bicycle Jack Layton.
Yesterday -- in an extraordinary bit of brazen spin prior to the council's approval (29-11) of the $1.6-billion capital budget for 2009 -- King David proclaimed the "growing economic crisis" requires action.
"People are worried ... they're worried about keeping up with their rent and they're worried about their savings ... they're worried about their businesses," he said.
"I share those concerns," Miller added, the crocodile tears flowing,
Hizzoner makes it so, so easy. Toronto citizens and businesses have great reason to worry with his tax-happy, business-unfriendly, reserve-depleting, debt-ridden, punitive and power-mad regime in power until at least 2010 -- just enough time to put his own socialist stamp on the recession.
Taking a chapter from one of his Harvard textbooks, the student of Keynesian economics declared this city will be spending its way through the recession.
He said his 10-year, $25-billion capital program -- starting with next year's capital budget -- will create and protect 300,000 jobs while "enhancing infrastructure" needed for a vibrant city.
"We will get to work creating infrastructure and creating jobs," Miller proclaimed, rhyming off the 35,000 jobs that will be "produced" with the 2009 capital budget and the 124,000 jobs that will be created if (it's a big if) his highly ambitious and so far unfunded Transit City light-rail plan gets off the ground.
"We'll make sure no one is left behind," he added, taking a page out of president-elect Barack Obama's speech book.
What baloney. It makes me want to throw up.
For one thing, those new jobs Miller talks about are more dream than reality. As Coun. Mike Del Grande observed, the city is not spending anything more "significant" on capital projects than in the past.
Besides, if Hizzoner was truly worried about creating a liveable city for the average Torontonian -- and not about the "show" -- he'd put all $55 million expected to be raised from his personal vehicle tax (PVT) into road and bridge repairs to offset the $300-million backlog. Instead only $21 million of that will be dedicated to roads. The remaining $34 million, who knows?
Maybe it's in that big black capital budget hole that will cough up $1.1 million to renovate City Hall's privately operated wedding chapel. Or the $2.9 million that will be used to renovate King David's castle, er, his suite of offices.
How dare he even think of fully funding the renovation of Nathan Phillips Square to the tune of $40 million over the next five years or plunking $103 million of precious cash into a "world-leading sustainable energy action plan" that involves, among other things, handing over interest-free loans to public sector facilities to defray the upfront costs of solar, wind and geothermal installations.
Now I'm sure if the welfare rolls jump like crazy next year -- as they well could -- the mayor will have more money up his sleeve to top up the entirely depleted welfare reserve fund.
CLIMBING DEBT
Then there's the city's ever-increasing debt -- despite Miller and Co.'s insatiable drive for more cash from their creative land transfer, personal vehicle, garbage and other taxes.
With $367 million more in new debt to be raised for next year's capital budget, the total net debt for 2009 will stand at $2.7 billion -- double what Miller inherited when he first came to office in 2003.
The debt charges are now costing taxpayers $450 a year -- the second largest item in the operating budget.
So forgive me if I remain unconvinced about Miller's so-called concern.
The city's poor taxpaying "schleppers" can take it on the chin for all King David cares -- as long as they cough up their creative taxes and what will likely be another 4% property tax hike next year to fund his special projects.
Judith Andrews, Ontario v-p of the Canadian Federation of Independent Business, said the majority of their Ontario members feel showing restraint is the best alternative during a recession, not spending more.
She added the last person who said it was wise to spend out of a recession was former NDP premier Bob Rae, who left the province deeply mired in debt.
"It's just a disaster ... you end up with huge debt loads," she said. "You're making our grandchildren pay for it ... it just doesn't make sense."
No comments:
Post a Comment