Skip to content

LETTER: It's important to elect politicians who understand economics

"We can use people who think like Bill Rugg, rather than the group who see a budget balancing itself. It would be interesting to see a 'Bill Rugg name' as a ballot option."
letter-sta

Re: "I vow to unseat any councillor who supports the MEC, solar farm," Letters, The Gazette, Aug. 18; and "Letter-writer's claims create doubt," Letters, The Gazette, Sept. 15.

I read with intrigue the letter from Bill Rugg claiming the provincial and federal government are bankrupt, and the response from Denis Lapierre that a country cannot go bankrupt.

I immediately recall Greece being unable to meet its bond payment obligation in 2019. The international monetary fund stepped in to help them restructure their debt. Somebody did not get paid.

Similarly, Argentina has been unable to meet their bond obligations five times since 1980 — nine times in total. California's debt exceeding $75 billion was so large the federal government had to step in to bail them out.

More recently, the Muskrat Falls project in Labrador overran their $6.2-billion budget by more than 100 per cent, making their cost of electricity so expensive they were unable to get anybody to enter into a contract. The federal government stepped in and undertook a $5.2-billion interest to make the cost of the product more palatable.

 We can use people who think like Bill Rugg, rather than the group who see a budget balancing itself. It would be interesting to see a "Bill Rugg name" as a ballot option.

All levels of our governments could benefit from politicians who understand economics.

Wilt Van Lersberghe, St. Albert