Shameful to borrow from unborn children to satisfy today’s wants

In a letter to the editor, Maple Ridge resident Dr. B. Meetarbhan says families must distinguish needs from wants, and that credit card borrowing carries risks because debts eventually have to be repaid. He calls the matter before voters even starker: in his view, it amounts to borrowing from children to pay for today’s wants. He says there are many worthwhile needs that should come first and calls the proposal shameful.

Meetarbhan says the figures being presented to residents are already two years old. He argues they do not reflect complete, up-to-date costs or costs that may arise a few years from now, when construction begins. He also objects to destroying existing recreation facilities to meet the wants. He says the eventual costs could exceed $1 billion.

He says the cost would be loaded onto a population of 106,000 for 25 years, or likely much longer, and that the eventual annual tax increase of 7.5 per cent could be much higher. He points to rising unemployment, economic turbulence and unpredictable interest rates.

Meetarbhan warns that tax increases would hurt businesses that pay municipal taxes through triple-net leases. He argues that, contrary to what many believe, landlords do not pay municipal taxes, and says small-business closures would lead to job losses. He also says residential rents could rise substantially if municipal taxes increase, since landlords cannot afford to operate at a loss, as he says governments do.

He says financial literacy is important to understanding the situation and planning wisely for the future, adding that people cannot keep borrowing from unborn babies to satisfy today’s wants. He closes by criticizing higher levels of government for being short-sighted and assuming sunny days were always ahead, including the current mayor, who served under what he calls the well-liked Trudeau government. The letter is signed Dr. B. Meetarbhan, Maple Ridge.