Economic and political issues in NS

[Keith P.]

Culture of defeat, Antigonish. You're a fine Maritimer!!

[OldDartmouthMark]

Originally Posted by Antigonish

Precisely. Nova Scotia absolutely can not invest in Muskrat Falls, it would be irresponsible financially and we already know what Emera will do once it's finished, raise rates.

Gotta agree with that. Although Muskrat Falls in itself is a good project and will go a ways to reducing dependence on combustion-related power generation, we would be better off investing in our own project based on our own natural resources.

Maybe I'm overreacting, but seems to me like depending on Emera to look out for its customers is just poor judgement (I know, oversimplified, but every time they apply for a power rate increase to guarantee profit for their shareholders my butt feels a little sore... ).

Oh well... guess we'll all know in a few years time...

[RyeJay]

Originally Posted by Antigonish

Precisely. Nova Scotia absolutely can not invest in Muskrat Falls, it would be irresponsible financially and we already know what Emera will do once it's finished, raise rates.

So you aren't believing the commissions that claim (given certain conditions) Muskrat Falls is the best choice?

Would you prefer that Nova Scotia ignore Newfoundland and Labrador, and instead buy power from Hydro Quebec -- in which case, rates would increase for Nova Scotians even faster?

Whatever we choose, power rates are going up regardless. Then again, what product and service costs aren't going up?

I support Nova Scotia's partnership with Newfoundland and Labrador for an Atlantic Canadian energy solution. This is a source of green energy that will help us get off coal more quickly.

[RyeJay]

Originally Posted by OldDartmouthMark

Gotta agree with that. Although Muskrat Falls in itself is a good project and will go a ways to reducing dependence on combustion-related power generation, we would be better off investing in our own project based on our own natural resources.

Maybe I'm overreacting, but seems to me like depending on Emera to look out for its customers is just poor judgement (I know, oversimplified, but every time they apply for a power rate increase to guarantee profit for their shareholders my butt feels a little sore... ).

Oh well... guess we'll all know in a few years time...

Why did the Liberals create Emera?

[OldDartmouthMark]

Originally Posted by RyeJay

Why did the Liberals create Emera?

Are you asking me for an answer or is it a rhetorical question?

Did the Liberals create Emera?

Who's on first?

[ILoveHalifax]

Originally Posted by OldDartmouthMark

Are you asking me for an answer or is it a rhetorical question?

Did the Liberals create Emera?

Who's on first?

Emera was started by Premier Cameron, Conservative

[RyeJay]

Originally Posted by ILoveHalifax

Emera was started by Premier Cameron, Conservative

I stand corrected.

[OldDartmouthMark]

Originally Posted by ILoveHalifax

Emera was started by Premier Cameron, Conservative

Thanks for that.

http://en.wikipedia.org/wiki/Nova_Scotia_Power

Excerpt from above link:

The Nova Scotia Power Commission was formed in 1919 by the provincial government, following the lead of several other Canadian provinces in establishing Crown corporation electrical utilities. The commission constructed and opened its first hydro plant at Tantallon the following year.

Throughout the 1920s-1960s the commission grew as private and municipal owned hydro plants and electrical utilities went bankrupt or sold their assets. In 1960, Nova Scotia was connected to the New Brunswick Power Corporation in the first electrical inter-connection between provinces in Canada.

The commission underwent unprecedented expansion during the late 1960s when five new thermal generating stations were constructed to meet the growing residential and industrial demand in the province.

In 1974, the Nova Scotia Power Commission acquired Nova Scotia Light and Power Ltd., a private company, to form the Nova Scotia Power Corporation (NSPC).

In 1984, NSPC opened the world's first tidal power generating station on the Annapolis River at Annapolis Royal. This technology, similar to hydroelectric dams, did not become globally widespread.

In 1992, NSPC was privatized by the provincial government of Premier Donald Cameron in what was then the largest private equity transaction in Canadian history. Cameron's government had been under heavy pressure to control provincial deficits and debt servicing resulting from his predecessor administrations, thus the controversial decision to sell the Crown corporation. This privatization created Nova Scotia Power Incorporated (NSPI).

On December 2, 1998, NSPI shareholders voted to restructure the company to create a holding company which would be shareholder-owned, with the regulated utility being a wholly owned subsidiary of the holding company. On December 9, 1998, NSPI received approval to establish NS Power Holdings Incorporated and NSPI shareholders exchanged their shares in NSPI for shares in NS Power Holdings Inc. on a one-to-one basis on January 1, 1999. Common shares in NS Power Holdings Inc. began trading on the Toronto Stock Exchange and Montreal Stock Exchange on January 6, 1999. The NS Power Holdings Inc. name was changed to Emera Incorporated on July 17, 2000.

In 2001, Emera purchased the Bangor Hydro Electric Company of Bangor, Maine; Emera was the first Canadian company to purchase an American utility.[citation needed]

[OldDartmouthMark]

Nova Scotia posts smaller deficit, record net debt:
http://www.cbc.ca/news/canada/nova-scotia/story/2013/07/31/ns-financial-update-statements.html

...and a different article about the same topic:

N.S. sees record net debt of $14 billion for 2012-13 fiscal year:
http://atlantic.ctvnews.ca/n-s-sees-record-net-debt-of-14-billion-for-2012-13-fiscal-year-1.1391808

[Drybrain]

Isn't "record net debt" sort of a scare-mongering headline? Every year the debt grows, it's a new record. So you could say the same thing in almost every province, and federally. The important news here is "smaller deficit."

[OldDartmouthMark]

Originally Posted by Drybrain

Isn't "record net debt" sort of a scare-mongering headline? Every year the debt grows, it's a new record. So you could say the same thing in almost every province, and federally. The important news here is "smaller deficit."

Didn't write 'em, only posted them here as it pertains to the thread topic.

Tried to post from two different sources as there are always different takes on every news item which involves politics.

To all: feel free to post other perspectives as you find them.

[Drybrain]

Originally Posted by OldDartmouthMark

Didn't write 'em, only posted them here as it pertains to the thread topic.

Tried to post from two different sources as there are always different takes on every news item which involves politics.

To all: feel free to post other perspectives as you find them.

Oh yeah, I wasn't calling you out. Sorry! I've seen that phrase "record debt" used in all the stories about this. Just wondering where it came from.

[OldDartmouthMark]

No worries, wasn't really feeling attacked or anything.

Just wanted to clarify in case there were any doubts.

And yes, often these heavily politically-laden articles use some slippery language. At times I almost feel like I need a translator to wade through it all...

Reminds me of a scene from 'Airplane!' sometimes...
http://www.youtube.com/watch?v=TVJPB3W54Tc

[someone123]

The debt-to-GDP ratio is a better measure than absolute debt since it takes the province's capacity to pay back the debt into account. As an analogy, you can't say if somebody is in over their head on their mortgage unless you know their income.

Debt to GDP is around 35% in NS now but it used to be around 50% in 2000 or so.

[Keith P.]

Originally Posted by someone123

The debt-to-GDP ratio is a better measure than absolute debt since it takes the province's capacity to pay back the debt into account. As an analogy, you can't say if somebody is in over their head on their mortgage unless you know their income.

Debt to GDP is around 35% in NS now but it used to be around 50% in 2000 or so.

Yes, you are correct. O f course that doesn't stop all the morons/scare-mongers/agents provocateurs from saying things online like Detroit has $18 billion in debt, therefore Nova Scotia is just inches away from bankruptcy too, etc.

[RyeJay]

I would like to ask any Stephen McNeil Liberal supporters: what are your favourite party positions? What evidence do you see that makes you believe this current Liberal party, despite the relatively poor performances of its past governments, is the better choice over the NDP?

I am interested in the perceived pros and cons of both parties. And of course, if anyone would like to discuss the Progressive Conservatives, they shouldn't be excluded either.

We're getting close to election time now. The economic news lately has been rather decent. Dexter can either wait until next year (and risk looking desperate) in order to further elongate his credibility as more good economic news hits the airwaves, or he can risk an election now and commit to a intense uphill climb in the polls -- assuming the numbers are movable.

Regardless, the five-year wall is in sight. The government has to be dissolved sooner or later.

Why do you like the Liberals enough to risk the momentum Nova Scotia has built under the NDP?

[fenwick16]

Originally Posted by RyeJay

Why do you like the Liberals enough to risk the momentum Nova Scotia has built under the NDP?

I haven't seen much evidence of (economic) momentum under the NDP reign. I have seen increased taxation and business unfriendly policies (such as the first contract legislation).

Where is the momentum in the following graph? The Canadian economy seems to be improving but the Nova Scotia economy has been stagnant since 2008.

(source: http://www.gov.ns.ca/finance/statistics/news.asp?id=8536 )

[worldlyhaligonian]

Provincial politics doesn't matter, its all about what provincial government can get from the feds! Come on guys,

[worldlyhaligonian]

Originally Posted by Antigonish

Precisely. Nova Scotia absolutely can not invest in Muskrat Falls, it would be irresponsible financially and we already know what Emera will do once it's finished, raise rates.

That's ludacris, right up there with the anti-convention centre arguments.

[RyeJay]

Originally Posted by fenwick16

I haven't seen much evidence of (economic) momentum under the NDP reign. I have seen increased taxation and business unfriendly policies (such as the first contract legislation).

Thank you for replying, fenwick. Small business taxation has gone down under the NDP. How high do you believe taxation has gone up? After the hundreds of millions of dollars in forgivable loans the NDP has provided Irving for shipyard upgrades, I don't think it's fair to say the NDP are unfriendly toward business. I am willing to discuss the criticisms of the NDP, but my initial intention was to discover what people liked about the Liberals (or the Progressive Conservatives).

What are your thoughts?