The former Chairman and CEO of the Newfoundland Public Utilities Board says a broken political system is ruining the province.
Speaking yesterday on Backtalk with Pete Soucy, Dave Vardy says the provincial government is losing sight of what their role really is. He says the decision to continue spending is a mistake.
He says while representatives in government continue to play party politics and ramp up expenses, the problem of the deficit is growing out of control.
Finance Minister Cathy Bennett announced last week that the province’s debt dropped to $1.58 billion from $1.8 billion in the spring.
Vardy says these numbers don’t include the capital account, which represents assets that are being sold or borrowed outside the province. Because of this he says government isn’t accurately representing how big the problem is.
He says the political system is at an impasse right now because certain members in government have made commitments to projects that aren’t in the best interest of the people. He says they don’t have enough of a backbone to address the problems before Newfoundland and Labrador goes down the tubes.