December, 2008 - Bill Bennett’s MLA Column

Here’s to a Prosperous New Year December 13, 2008

As we approach a new year, it’s surprising how differently things feel from just a short year ago. In the span of the last 12 months, the world has changed. We’ve seen some exciting things take place, like the United States electing its first black president. And some unfortunate things have happened as well, such as the political turmoil our nation recently witnessed in Ottawa. But the biggest event on people’s minds this past year has been how the world economy seems to be crumbling around us.

2008 was a big year for the world, and in the East Kootenay it was even better. Our region experienced a boom of prosperity, investment and job creation, the likes of which the Kootenays have not seen in 100 years. But this boom did not happen by accident. It happened because of difficult work done in our government’s first term to reduce taxes and regulation and to build a solid platform for the BC economy based on investor confidence. We shouldn’t lose sight that that work will put us in good stead as we enter into this economic downturn. Unlike other provinces that increased their taxes and allowed their job creation to decline, BC is much better positioned to face this crisis than most North American jurisdictions.

As for how tough it could get, no one really knows how long the recession will last. I remember experiencing the last major recession in the early 1980’s. I had to go around to the business people who supplied my fishing lodge, cap in hand, and ask them to wait for their money while my wife Beth and I fought to keep our small business alive. It was a character-building experience and perhaps many people will have to meet similar challenges of reduced revenues over the next while.

But we will get through this. You have a government behind you that understands the best way to stimulate an economy is to reduce taxes, provide relief for job-creators while also investing in infrastructure that keeps the people working. So as we enter into this holiday season, keep that in mind and be confident. Remember that we are a blessed province and we are so fortunate to live in the Best Place on Earth.

Christmastime, despite all the stress and frenzy that the season brings, is many people’s favourite time of year, mine included. This is because of the confident hope and joy that is represented during this holiday. I feel both of these emotions as I look back on this eventful year and onwards to 2009. Joy at the success and prosperity that the East Kootenay and BC has enjoyed, and confidence that as a province we are readily able to take on any economic downturn that may come our way.

So to all my constituents, I wish you a Happy Holidays and a wonderful New Year. I plan to take a few quiet moments during this hectic season and give thanks for all the blessings that I have, most especially for my family and the fact that I get to live in such a pristine and beautiful area such as ours. So have yourself a very Merry Christmas!

A Safe-Haven in Uncertainty December 2, 2008

As we all know, what goes up must come down. It’s a law of the universe and even the economy must follow suit. For the past few years, we have enjoyed unparalleled prosperity, not only here in British Columbia but across the country and the continent at large. Yet now it seems we’re in for an economic downturn, one that has come upon us rather suddenly. I know you’re worried about the economy and the future. These are uncertain times and our country and province’s biggest market, the United States, is down on its luck. But you should take heart that economists say BC and Alberta are likely to weather this storm better than anywhere else in North America. That’s because of the foundation built in this province during the BC Liberal’s two terms as government.

Over the past eight years, our government has reduced personal and business taxes to the point where we are first or second in all categories in the country – unlike the 1990’s when BC had the highest taxes and worst economy in the land. People around the world have come to respect and trust our province as a safe place to invest. And with their investment has come new jobs, new prosperity, new hope.

We have been thriving recently in BC and I believe British Columbia will manage what comes our way. Nevertheless, the economy remains unsteady and because of that you have a right to expect your elected representatives to do everything we can to help you. In the past month, Premier Campbell announced a list of initiatives to keep more cash in your pocket and to help us all get through this slow down:

Most provinces provide unlimited insurance on Credit Union deposits, but previously BC did not. We have changed that and the East Kootenay Community Credit Union has already come out publicly thanking our government for protecting their members.

Many British Columbians don’t have access to a pension plan. We are starting a new pension opportunity for those who don’t have one.

We are reducing your personal income tax by 5%, retroactive to January 1, 2008.

Our big employers, the pulp mills, the mines and the saw mills, are challenged by the slow-down. To ensure they stay healthy and can continue to employ thousands of British Columbians, we are rebating 50% of all school tax paid by them.

Small business in BC creates most of our new jobs. And obviously a healthy small business sector means more jobs for families. We are reducing the small business tax rate to help keep small business flourishing.

We are accelerating our spending on highway, bridge, airport, hospital and school construction over the next few years. It’s important that we keep construction workers busy, and that we keep money circulating in our provincial economy. We have asked the federal government to do the same thing and with Jim Abbott’s help, PM Stephen Harper has agreed.

We will not be increasing ministry budgets during these difficult times. Unlike the NDP, we understand that we cannot spend beyond our means. However, that does not mean there will be cuts. Don’t worry – budgets will NOT be reduced.

You now have the opportunity to lock in your property assessment for one year based on your 2007 assessment. However, if your 2008 assessment is lower, BC Assessment will automatically go with the lowest number between the two!

You can now defer your house taxes for two years and not pay them until you sell your house, if you are short on cash during this slow-down. You must have at least 15% equity in your home to qualify.

We are changing the rules so that creditors cannot go after your RRSP’s. The current law is unfair to you.

We will invest $20 million immediately into road construction in rural BC to generate economic activity and keep people working. The great news is that this will include Highway 3.

No government can completely change what is happening around the world but there are some concrete things that your provincial government can do to help you weather this economic crisis. Considering the initiatives I pointed out above, I think it is reassuring as a citizen of BC to know that we have a Premier who is pro-active in times of economic uncertainty and is planning ahead rather than simply leaving us to the mercy of this economic storm. Please contact me at my constituency office at 250-417-6022 if you have any questions or comments.