: Opinion VICTORIA — The latest indi- cator of a fall election came a few | days ago when Finance Minister @Mel Couvelier, MILA for Saanich and the Islands, released the first quarterly financial report for the 1990-91 fiscal year. When Mel talks of the dangers of inflationary wage settlements and the need to contain public sector spending, you can bet that he’s flying another election cam- paign kite. The*report shows a remarkable and, I believe, deliberate lack of optimism. Its warnings of tough times ahead are to stress the need a fiscal management. There is re unspoken warming not to tum to the NDP in times of need. The report says British Colum- bia’s economy has slowed down as Sy a result of weaker economic con- @@citions in the rest of North Amer- | ica, as well as “some softening” in resource product markets, particu- larly pulp and paper. Consumer spending and invest- ment continue at high levels, says the report, but are growing more slowly than in 1989. And then a comes a reference to what is undoubtedly to be a plank in the Socred election platform — infla- tionary wage settlements. @ @Premier Vander Zalm already Said some time ago that public sector wage settlements might have to be regulated. Some sort of Testraint program is obviously in the works. In the first seven months of this =| year, the report says, the British fy Columbia Consumer Price Index # rose by 5.6 per cent, compared with the national average increase of 4.9 per cent. Wage settlements during the same period rose at an annual rate of 6.4 per cent, compared with the national figure of 5.6 per cent, according to the report. Retail sales and housing: starts, two of the most important eco- gpomic indicators, are down, but still very lively compared with the national figures. ‘Premier Vander Zalm already said some . lime ago that public secior wage sefilements might « have fo be regulated’ year. Better than nothing, but Tather paltry when compared with some other economies. West Ger- Many, for instance, experienced a 14.1 per cent growth during the first quarter. Here are some of the report’s doom-and-gloom scenarios: “Growth in the rest of North America is very slow; rising oil prices may tip the North American economy into a recession and fuel higher inflation at the same time. ~The federal government’s pro- posed goods and services tax will also cause slower growth and higher inflation in 1991: demand for capital from Europe may keep WS Cloverdale Paint rMore signs of a fall election interest rates high. “Despite recent declines, Cana- dian treasury bill rates are still more than five percentage points above U.S. rates and the resulting high value of the Canadian dollar Telative to the American dollar ~ threatens our export competitive- ness in the short term.” The blood-sweat-and-tears approach worked for Bill Bennett in 1983, and now Vander Zalm hopes it will work for him. Never mind that we’re not in a recession, which we were when Bennett convinced voters in 1983 that restraint was the only way to go. Sadly for Vander Zalm, he hasn’t got much else to fight an election with. : Aside from the Native land claims issue and some post-Meech Lake posturing, both of which are refusing to catch on as election issues, he can only hope that voters still believe in the Socreds’ ability to control the purse strings. Sadly again for Vander Zalm, that myth doesn’t carry half the punch it once did, but as I said, he hasn’t got much else. TheReview Wednesday, September 12,1990 — A9 JUST US Dorman’s Carpet Cleaners e CARPET CLEANING - UPHOLSTERY CLEANING Owner Wilf Dorman gives personal attention to all orders $570 Nerthiawn Terrace, Sidney, B.C. [ FREE ESTIMATES Phone: 656-4754 - 30 Years Experience RIA BOS Painting with Fabric AND FIRE Exhibition opens Sept 9, 1-4pm Artists present Continuing until Sept 29 10am -, Tues. to ‘Sun. Corner of Keating X Rd. & West Saanich rd. 652-2102 erence NANCY FLOWERS [ZZ If it’s Sports Call the Review 656-1151 B A Cloverdale \ a PREMIUM WOOD STAIN 4 LITRES LATEX @SEMI-GLOSS PREMIUM