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.
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5 comments:
I support the provincial government’s decision to approve the city of Vancouver to borrow money to ensure the Athlete Village for the 2010 Winter Olympics will be completed on time. The main reason on my position is that there is a concrete deadline of when the Athlete Village must be completed. With about a year left before the Games, we cannot afford to stall the construction just because the city cannot borrow money. The city would be under more pressure if we do not finish this project at the start of the Olympics as the world is watching. Despite borrowing hundreds of millions of dollars with interest charges laid on top of that, the city will also regain most, if not all, of the money it had spent on the village through selling the waterfront properties after the Games. The debt the local government will go into will only be short term, so borrowing the money makes more sense than taxing the Vancouver citizens; an increase in taxes might be permanent, but the loan will be temporary once the government raised enough funds. If the real estate market starts to pick up after the Games, then there will be no doubt the loan could be paid off within months after 2010. Vancouver citizens will also not be hit as hard if we borrow as for sure the essential services we receive will not be cut. If the city has deeply committed into organizing the Olympics, we cannot back down in this project and the project cannot be delayed any longer as it is already projected to just be completed at the very end of this year.
Jason Tong
I like the quote about how "most citizens are not as concerned about high levels of government debt as they are about high levels of taxation". It's very true that people would rather see the government go elsewhere for money to build the Olympic venues rather than raising their taxes and making them angrier. Considering that the Vancouver Olympics are just over a year away, the government needs to get going on finishing up their projects for the Games. Your article states that Gordon Campbell said that almost 2 000 workers will be able to keep their jobs. I'm guessing that this is during the building of the venues. Despite the fact that these workers have their jobs now, they'll end up losing it once all of the construction is finished. However, I agree that everything they're building "will enhance the city's waterfront in the future".
A. Chow
I believe that this is a good move to approve Bill 47. It is certainly a big cost at $1 billion dollars, but at this point we have little to no choice. For one reason the Vancouver Olympics are around 13 months away and we need to finish construction as fast as possible and secondly, it will help keep 2000 works on jobs in times of economic uncertainty. I can understand why there would to criticism for this bill, but at this point we have invested so much money into the construction and development of the Winter Olympics that if would be foolish to stop right now. They need the money to finish the project, it does not make a lot of sense to stop when you are already so close to finishing the project. I agree with Premier Gordon Campbell and his comment on "continuing to create a legacy that will enhance the city's reputation in the future" because the world will be watching us in 13 months and if all goes well,people from all around the world will know why this is one of the most desirable places to live on Earth. In the end result,I believe that we can gain a lot from the Winter Olympics being hosted right here in Vancouver.
With the Olympics happening it 2010 in Vancouver, I agree with you that borrowing money is absolutely necessary. You bring up good points about keeping a good reputation and people refusing to visit or live here if this big event were ruined. Also, I think that borrowing money for the Olympics won’t leave us in much of a debt because of the people who will be paying a visit to watch the Olympics. As a matter of fact, the amount of jobs that are provided due to this occasion will definitely turn out to be beneficial during this economic crisis. Overall, I believe that the government has made an excellent decision about accepting loans, which would ultimately benefit Vancouver in the long run.
Although many people aren't concern of the cost for the 2010 winter olympic, but truth is, the government had already spent millions of dollars towards it. Therefore, I think passing the bill 47 is necessary. I agree with gordon on how $1 billion dollars is a huge amount and at this stage we have no choice because the olympic is coming up and we have to finish the construction as soon as possible. Moreover, I believe that the winter olympic will help BC a lot since many tourist and altheles will come from all around the whole, which will help boost our economy. So I think all we can do right now, is to hope for the best and look forward to how 2010 Winter Olympic will be a great sucess.
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