Catchers and Counters (Revisited 2025)

Susan Holt, our new Liberal Premier, promised a balanced budget if elected. Instead, she delivered a $599 million deficit, with additional deficits projected for the next three years. So much for campaign promises.

Is it any wonder voters have little respect for politicians? This isn't about being for or against the Liberal Party or Susan Holt—it’s about expecting all politicians to keep their promises within reason.

Let’s not forget Susan Holt was Brian Gallant’s economic advisor when his Liberal government contributed to New Brunswick’s provincial debt ballooning to $14.5 billion. In fact New Brunswick was in danger of having it's credit rating lowered when the PCs, under Blaine Higgs, took over, they managed to reduce it to around $11.5 billion through necessary belt-tightening. Sacrifices were made, but responsible governance requires fiscal discipline.

As Winston Churchill wisely put it: "For a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." The same holds true for New Brunswick.

Below is an article I originally wrote as an economic fable. It first appeared in the Telegraph Journal under the Opinion Column The Silent Majority and has since been published in 2011, 2023, and now again in 2025.

Molly Ivins, the most widely syndicated columnist in the U.S. at the time of her passing, once quipped: "If politicians became any stupider, they should be planted and watered once a week." Lately, I’m starting to see the merit in that statement.

So, for the fourth time, here it is—my economic fable.

Once upon a time, long ago and far away in an island country, there was a fishing village. The men of the village would get up very early in the morning and go to the fishing grounds.

At the end of a long day they would return to the wharf and take their fish to market. It would be very late when they returned home for supper and rarely got to bed before midnight. The next day they would repeat the exercise. It was a hard and dangerous life, but they caught lots of fish.

One day one of the fishermen who didn't like fishing very much said: "I have a good idea; I will stay home until you return from fishing, I will then come to the wharf, count the fish and take them to market in return for a few fish as payment.

"With this approach you will be able to spend more time with your wife and children and return tomorrow to fish well rested."

The fishermen all agreed and the new system worked well.

Now well rested, the fishermen worked harder and caught even more fish. After some time the "fish counter" began to complain that by the time he counted all the fish and took them to market it was after midnight before he returned home and his wife and family were upset.

The fishermen agreed that domestic friction was not good, so another fisherman turned in his fishing gear and became a “counter” - in exchange for a few fish as payment of course.

As time went on and the years passed one day one of the fishermen said: "My fishing line isn't working very well; perhaps I should stay behind and become a “counter” - in exchange for fish as payment." The fishermen all agreed and the system of catcher and counters continued.

Sometime later, as the fishermen prepared to go to the fishing grounds, one of the men said: "I don't know what's wrong, but the last few times I got seasick and didn't catch many fish. Perhaps I too should stay behind and become a “counter” in exchange for a few fish, as payment."

The fishermen agreed, but now they found that they had to fish longer, sometimes well into the night to catch enough fish to share between the counters and themselves.

Meanwhile the counters were able to count the fish, take them to market and still have plenty of time to return home and enjoy the evening. As the years went by the fishermen were returning later and later until they didn't get home until ... that's right, midnight.

The little fishing village had reached a point where there were simply too many counters and not enough catchers.

There's a message delivered in this simple little story: All economies - national, provincial, municipal or fishing villages - are made up of the producers of capital and the consumers of capital. If a reasonable and healthy balance between the two is not maintained, the sustainability and survival of the economic unit is at risk.

Left unchecked the inevitable conclusion is economic collapse. That's exactly what happened to Greece in 2010. The balance between the capital producers (wealth) and the capital consumers had been too long out of whack and unaddressed. Greece effectively went bankrupt and was bailed out by the IMF (International Monetary Fund), subject to conditions to rein in excessive expenditures.

The catchers include: farmers, fishermen, tradesmen and the list goes on. The counters include governments and all the important services they provide to the community.?

Modern societies, communities and countries is considerably more complex than the fishing village in our story because they participate in international trade which by its nature will develop fluctuating trade balances either a surplus or a deficit. If and when a fails country generate goods and service to meet the societal need there is little option or recourse left but to “borrow” from other countries. If the debt becomes too high other countries become reluctant to financial underwrite the debtor country.

New Zealand during the mid-1980’s found itself in this financial crisis. New Zealand had become bankrupt, only very austere measures imposed by the government saved the country from total collapse.

Domestic economics and international trade can be and is very complex, however as in the simple fishing fable the balance between the catchers and the counters must be maintained in order to build and maintain a healthy society. ?Think about it.