If you ever wondered why Nova Scotians are among the highest taxed people in the WORLD, look no further.
The Nova Scotia government spent $73-million to make back $16.5-million – a net loss of more than $56-million.
Over four years our government will have spent $73-million in hard-earned, taxpayer dollars to keep the passenger ferry running between Yarmouth and Portland, Maine. It doesn’t take a genius to see how ludicrous this is. Just look at the numbers (Google it if you have any doubts):
- 2014: $28-million (Nova Star)
- 2015: $13-million (Nova Star)
- 2016: $23-million (The CAT)
- 2017: $9-million (The CAT)
You say, “So what if we spent all that cash in Yarmouth? It’s all about economic development, right?” Sure. In theory. Supposedly, the Yarmouth-Maine ferry will bring boatloads of American money into Nova Scotia.
But even the most optimistic projected returns fall short. The Nova Scotia International Ferry Partnership (the Nova Star folks) estimated that a season with 100,000 passengers would pump $16.3 million into the province’s economy. That’s a projected influx of $65-million for the Nova Scotia economy over four years. Let me clarify: somebody in the Nova Scotia provincial government authorized a $73-million expenditure on the expectation that it would generate $65-million for the Nova Scotia economy. I don’t want to be harsh, but that’s just plain stupid – and it’s about time that somebody stood up and said so.
But wait! It gets stupider … The ACTUAL number of passengers is only 30% of the projected 100,000 per year. The 2014 season saw only 29,438 passengers, while 2015 had 31,150. And there is no reason to expect those numbers to change in the 2016 and 2017 seasons. So, with only 30% of the projected passengers, only 30% of the projected $65-million will materialize. I’ll save you the trouble … $19.5-million. So, in actuality, our government authorized a $73-million expenditure to generate $19.5-million in economic benefit.
And if that’s not bad enough, it gets even stupider-er … Not only are we seeing fewer American tourists than expected, but more Nova Scotians are now sailing to Maine to spend their money. According to Nova Star’s numbers from the 2014 and 2015 seasons, 17,649 Nova Scotians sailed to Maine – taking with them almost $3-million OUT of the Nova Scotia economy. Considering this, it looks like our government spent $73-million to make back $16.5-million – a net loss of more than $56-million.
I don’t know about you, but to me this ferry deal smells like a load of … carp. Rotting carp.