Have you ever thought about what you would do if you won a lottery?
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It’s a fun game to play.
Most people probably have a few priorities to deal with immediately.
Pay off some bills or some debt that’s been hanging around. Buy something nice for yourself or for someone you love. And then put something away whether it’s a retirement fund for yourself or an education fund for your kids. Either way, that’s an investment in the future.
This week the NDP won the equivalent of a lottery when it was announced federal transfers to Manitoba would be increasing by 24% to start the next fiscal year in April.
It essentially works out to a $900 million increase in federal money being airdropped into our province and brings the total funding package to about $6.8 billion.
It’s good news and bad for Manitoba.
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Good that we have more money to shore up health care and public safety.
Bad that our economy is so weak relative to other provinces that we qualify for the increase in what’s essentially bailout money from the feds.
In any case, the timing is good as the NDP have been saying they’re in the process of slaying $1.6 billion deficit left behind by the Tories. For their part, the Tories say they left the NDP with a solid budget — including a surplus of about $270 million — and a strong economy.
The truth likely lies somewhere in between, but what we know is the NDP now have a $900 million head start on balancing the budget they are expected to release in March.
We know they’re going to spend a good chunk of that. And they probably need to. Just like if you won the lottery.
The NDP should buy Manitobans something nice — like some more seniors care spaces. You may recall that this week the NDP shut down some projects the Tories started.
They say the projects are “paused” as all capital health spends in Manitoba are undergoing reviews.
One project in particular stands out. In Lac du Bonnet, a 60-bed facility was promised by the NDP in 2012. The Tories put it on the shelf when they won in 2016 before saying in September, on the eve of the election, that the project was a go. Now, just a few months later, the NDP have mothballed it again, leaving the community wondering if the facility will ever be built.
“This was ready to go, so it just feels like the rug was pulled out from under us, because we were right at the finish line,” RM of Lac du Bonnet Reeve Loren Schinkel said. “I have now been to two sod turnings, and we are right back to square one again.”
Perhaps this would be an opportunity to get shovels in the ground for Lac du Bonnet.
They should also earmark some of this to pay down Manitoba’s debt.
Next year Manitoba will pay $2.2 billion in interest on that debt. It’s a staggering — almost incomprehensible — number and debt servicing accounts for about 10% of the overall budget.
If we were debt-free, that $2.2 billion would go a long way to help improve financial pressures being felt by people all over our province.
And they should put some of it into a rainy-day fund. Many people might say it’s raining right now, but it never hurts to tuck away a little cash for use down the road when the storm really hits.
NDP Premier Wab Kinew has said he was going to ensure our province’s economy is strong so his government can fund needed social programs.
With a $900 million cash injection from the feds and by enforcing accountability in its first budget, balance should be possible.
mihamm@postmedia.com
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HAMM: Cash injection gives NDP opportunity to find balance now
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22.12.2023
Have you ever thought about what you would do if you won a lottery?
Subscribe now to read the latest news in your city and across Canada.
Subscribe now to read the latest news in your city and across Canada.
Create an account or sign in to continue with your reading experience.
Don't have an account? Create Account
It’s a fun game to play.
Most people probably have a few priorities to deal with immediately.
Pay off some bills or some debt that’s been hanging around. Buy something nice for yourself or for someone you love. And then put something away whether it’s a retirement fund for yourself or an education fund for your kids. Either way, that’s an investment in the future.
This week the NDP won the equivalent of a lottery when it was announced federal transfers to Manitoba would be increasing by 24% to start the next fiscal year in April.
It essentially works out to a $900 million increase in federal money being airdropped into our province and brings the total funding package to about $6.8 billion.
It’s good news and bad for Manitoba.
Get the latest headlines, breaking news and columns.
By signing up you........
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