campaign promises | Right Michigan

Canadian Economic Collapse and Extravagant Liberal Party Campaign Promises Doom Governor Snyder's Bridge

The estimated cost of constructing the ~~NITC~~ ~~DRIC~~ Gordie Howe Bridge between Detroit and Windsor has now more than tripled since the Canada agreed to fund the entire cost back in June 2012. Its total cost, including interest payments, is now over four times the 2012 estimate. The recent, sharp collapse in the value of the Loonie – the Canadian currency – is being blamed. But it appears that ~~deliberate lying~~ cost underestimation in 2012 and project creep over the last 30 months play a much bigger role in the eyepopping new cost estimates.

Financial markets trade the U.S. Dollar and the Canadian Dollar back and forth as ‘USDCAD‘, which is the equal value ratio of Loonies per greenback. The higher USDCAD is, the weaker the Loonie. USDCAD is now quoted around 1.40 (1.4 Loonies per greenback). The Loonie was 37% stronger back in June 2012 when Governor Snyder and then Canadian Prime Minister Harper worked out their agreement; USDCAD was then about 1.02.

Direct construction costs are now estimated to be C$ 2 billion ($ 1.43 billion USD) higher than the C$ 973 million ($ 950 million USD) estimate touted back in 2012. A 37% increase due to currency adjustments would be only $ 360 million (USD), so we know the 2012 ~~deliberate lie~~ underestimation was in the vicinity of $ 1.64 billion (USD). Additionally, the collapse of the Loonie now requires the establishment of a C$ 1.5 billion ($ 1.07 billion USD) reserve to offset the expected rise in Canadian dollar denominated bond interest rates. The Canadian government bond yield curve has doubled at its short end since the middle of September 2015 in response to the collapse of the Loonie. The Gordie Howe Bridge will be financed at those higher Canadian bond interest rates. The total Canadian government cost estimate is now C$ 4.8 billion ($ 3.43 billion USD).

Harper’s Conservative government was defeated in October of last year after NDP voters abandoned their own party for the elysian promises of Justin Trudeau and his Liberal Party. Virtually the same promises our Dear Leader made in 2008 – ‘Hope and Change’ recycled for a northern audience. Harsh reality is already wrecking the promises Trudeau made to win the October election, so will the Canadian government continue to throw money at an unneeded bridge?

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Originally posted on MIOpenCarry.org (Reposted with permission)

According to OnTheIssues.org, in 2010 then gubernatorial candidate Rick Snyder’s campaign website contained the following in regards to whether or not he would support the 2nd Amendment and the rights of gun owners:

“In one word: absolutely. I actually own three guns myself. I have a 12 gauge shotgun and two .22 rifles that I use for target shooting. I believe the 2nd amendment also protects the right of citizens to have a gun in their home to protect their family and property. I also support the rights of gun owners to responsibly carry their gun, as long as they have attained the legal permit. While I’m not an avid hunter, I support the industry and believe it plays an important role in our economy and quality of life. It also can have a valuable environmental conservation impact and I would work to streamline the processes so that hunters get better customer service from the state and local governments. We have a long tradition in our state of supporting gun rights and the hunting industry in Michigan and I would continue to support that tradition as Governor.”

Now there are two big problems with the highlighted portion. The first problem is that rights and permits are mutually exclusive. A right, by definition, is something that belongs fundamentally to everyone, as opposed to a permit which gives you the ability to do something you could otherwise do. The second problem is that when Gov. Snyder was given the opportunity to backup his words he folded.