Greater Sudbury’s financial tsunami is fast approaching

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Subject: “Inflation, rate hikes will hurt for years to come”, June 12.

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Completely devoid of any sense of satisfaction, I feel somewhat vindicated by critics who ignored and attacked the credibility of my 2018 predictions of an approaching financial tsunami.

The authors of ‘Meltdown’, a book published in 2018, identified the root cause of most natural and man-made disasters, including the Japanese nuclear power plant destroyed by a tsunami, as the lack of humility of managers situations. The selfish people responsible for administering local taxes and spending those taxes have not had the humility to recognize and deal with the financial difficulties now predicted by the Bank of Canada.

Instead, they attempted to discredit my prediction and went on an unprecedented spending spree that will take 25-30 to pay off if still possible.

By buying credit scores to support their reckless spending of dwindling financial resources and rewards to brag about the pretty presentations of inadequate budgets, they have now racked up a total debt of over $3 billion for a population of 161,000 and failing infrastructure for the City of Greater Sudbury.

Who will repay this debt and how? A city of 161,000 citizens with many middle to low income tax payers will certainly not be able to do this.

Assets that are currently failing or about to fail due to lack of maintenance will need to be replaced. The replacement cost is approximately four times the maintenance cost that was deferred. Greater Sudbury ratepayers can expect a replacement cost of over $10 billion in the near future.

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In desperation and not understanding the basic economic or financial conditions of the world, our local egoists have attempted to deflect blame onto the COVID pandemic. Unwilling to accept the fact that they did not act carefully, they try to find an act of God to lay the blame. It is a dishonest strategic misrepresentation of the real cause and is used to defend against criticism. God’s only fault was granting them an ego.

Locally, it is high time to shake up selfishness and install managers who understand basic economic and financial realities. Severe tax cuts will be needed to survive the mess that has been created. Tax cuts will increase municipal debt unless spending is brought under control, which will inevitably necessitate municipal job losses.

I realize that I am the same discredited observer that selfish people have discredited for my predictions of a financial tsunami. As long as these same selfish people remain on city council, I am not optimistic that the corrections will begin any time soon.

Thomas Price

White fish

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