LTCCP: DEBT CANCER

The Nelson City councils draft LTCCP intends tripling public debt levels from the present $57M, to a staggering $170M. That is an appallingly short sighted and dangerous proposition, which flies in the face of the world economic crisis.
National economies are going broke, international banks are going down the tubes, major public companies are turning their toes up, public insurers are going down the gurgler, huge mortgage institutions are down the drain.
Amazingly all of the worlds economic experts and commentators are without exception, laying the blame for these economic collapses at the door of living on continually increasing levels of debt.
So while everybody else in the world, is attempting to desperately reduce or claw back debt levels or restructure debt to remain within prudent debt covenants, this council is entirely blind to that cause and effect and intends flying in the face of that unanimously accepted cause of failure, by foolishly adopting the very course of action that has brought the rest of the world to its knees.
Not only are they intending to buy their groceries with this hugely expanded level of debt, they intend putting that debt on their credit card, and then, even worse still, they then intend to take a repayment holiday and suspend payments on that credit card.
Those actions are not only foolish but also downright dangerous and by adopting that course of action, it will be more than likely that this widespread aggressive cancer of debt, is being encouraged to claim yet another victim.
That growing list of failures, including Freddie Mac and Fannie Mae, can now look forward to having Nelson Mac or Nellie May, added to their ranks, and when that happens, the long suffering ratepayers will be forced to bail this council out of this festering, self inflicted and cancerous wound.