tag:blogger.com,1999:blog-1400574.post109217406078219828..comments2024-03-29T04:56:02.252-07:00Comments on Paying attention: Economy needs lowest possible BC Ferries' faresUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1400574.post-1092441203126343542004-08-13T16:53:00.000-07:002004-08-13T16:53:00.000-07:00You're leaving out some very important information...You're leaving out some very important information in this piece that is necessary for people to make an informed decision. The first blurb I read on this subject stated that building the ferries here would add $60 millon to the cost. Since the B.C. shipyards aren't being allowed to finish the bid process, I'm at a loss as to how they arrived at this figure. On the other hand, the 25% federal duty on foreign built ships will by it's self add $125 million to the cost. The feds have already stated that since the B.C. shipyards are quite capable of building these ferries, they will not forgo or even reduce this amount. So in essense, having them built overseas will amount to a $65 million increase in the final cost. Add to this the lost tax revenue, which I have seen estimated at at least $50 million, the lost spin off revenue to suppliers and secondary manufacturing industries, the business revenue lost from workers not spending their paychecks, and the corporate taxes that will not be collected. It is estimated that for every $1 spent on capital investment there is a genuine economic spinoff of $3. <br />So let's add this all up:<br />$125 million in duty plus,<br />$1.5 billion in lost spin off revenue minus,<br />$60 million added cost to build them here and we arrive at, <br />$1.565 billion in revenue lost forever to the people of B.C.<br /> And you say we critics are vague about where the extra money will come from? Extra money for what?<br /> They should not only be built here, but it should be, as our neighbors in Washington state have done, required by law. <br /> It boggles my mind how any halfway intelligent person could possibly think we will benefit by sending $500 million of our hard earned tax dollars overseas in order to support the already heavily subsidized foreign shipbuilding industry. <br /> And how,pray tell, will this forestall the possibility of a fare increase?Anonymousnoreply@blogger.com