SUMMARY
With the Opposition New democrats accusing the government for hiding the true costs of the Vancouver Olympics, BC Premier Gordon Campbell said the government decision will secure almost 2,000 workers to keep their jobs through the tough economic downturns. Also, to continue creating a legacy that will enhance the city's reputation in the future.
CONNECTION
The City of Vancouver has been given the "go-ahead" to borrow the money it needs to complete the Athletes' Village for the 2010 Winter Olympics.
After 20 hours of debate, the B.C. legislature on Sunday, January 18th, 2009 approved Bill 47, which gives the city unlimited borrowing power, as long as it uses the money solely for completion of the development that will house the 2010 Winter Olympic athletes, and it is expected to total more than $1 billion.
With the Opposition New democrats accusing the government for hiding the true costs of the Vancouver Olympics, BC Premier Gordon Campbell said the government decision will secure almost 2,000 workers to keep their jobs through the tough economic downturns. Also, to continue creating a legacy that will enhance the city's reputation in the future.
CONNECTION
In the textbook, it says that " The major alternative to taxation as a source of government revenue is borrowing. " And this idea relates to the article that I have chosen by the way how the Canadian Government chose to borrow money from other countries instead of taxing the general citizens in order to construct the 2010 Winter Olympic Athletes' Village.
The government would also choose to borrow money externally because of the large capital/government expenditures such as the one mentioned in the article - The Olympic Athletes' Village, would be too costly to be paid out by taxpayers.
REFLECTION
If you do have a little interest about the upcoming 2010 Winter Olympics, here is a spot for you leave a thought of what you think about hosting such a BIG event in Vancouver. I have been listening to the news and the radio on the updates about the financial problems in regard to the 2010 Olympic Athletes' Village and much more other concerns that the Canadian Government is currently facing. In my mind, I was like, is Vancouver really ready to take on such a responsibility to be the host of such a sacred event? Okay, I may be a little overboard about the sacred part, but you know what I mean. This would go down to the records in history, and a little mistake could ruin the reputation of not only Vancouver, the best place to live on earth, but also, "Beautiful British Columbia ", and even Canada as a failed country. There is about one year left till the grand opening ceremony of the 2010 Winter Olympics, and it seems that we are in such rush to get everything done in time. And we're not even sure if another financial problem will come up again. On the other hand, infrastructures are in no doubt, very crucial for the 2010, I just hope that everything does go well, and nothing dramatic happens after the Olympics. Like a sudden tax increase or something to cover the loss during the costly event.
Posts
