From Yahoo! News
In February, Steve Janke of the National Post, wrote an editorial warning the Liberals not to force an election because of their finances.
“Between September 12, 2008 and November 4, 2008, the Liberal party took out 34 loans from banks in Canada, for a total of $11,280,000,” he wrote.
“It is clear that loans provide the immediate cash needed by a party to run a campaign, borrowed on the promise that in the aftermath of a campaign, public subsidies and individual donations will be used to repay the loan.”
The Liberal party’s financial troubles don’t stop there. The Hill Times reports most of the 2006 Liberal leadership candidates are still in debt: Gerard Kennedy owes $164,000, Ken Dryden owes $215,000, Joe Volpe owes $73,000 and Martha Hall Findlay still owes $125,000.
Kelly McParland summarizes the Liberal financial woes in his column in the National Post.
“If I was the Liberal party, I’d declare bankruptcy, hand in my credit cards, wait two years and then re-launch as the New Liberal Party, or the Liberal Democratic Party, or better still, the Memories of Pearson Party.
With 34 seats, party infighting, no leader and financial troubles, Stephen Harper’s plan might just be coming to fruition.
Far from being politically calculating, Its always been a key principle of conservatives to eliminate the public subsidy of political parties. In addition Canadians of all political stripes should not be forced to contribute to causes that they simply don’t support. As for the liberals they will have to find some way to adapt and survive in the new political reality without the benefit of the public purse. Or wither on the vine there is no other option.