It’s taken as gospel by most pundits that love ‘em or hate ‘em, Gordon Campbell’s Liberals have presided over a far stronger performing B.C. economy than the last time the NDP was in power.

Well, one economist begs to differ. Writing on the Progressive Economic Forum blog, Marc Lee of the Canadian Centre for Policy Alternatives cites these facts:

The average rate of economic (real GDP) growth under the Liberals has been 3.1%, whereas the so-called “lost decade” under the NDP saw average growth that was only slightly lower, at 2.8 %.

But if we add in estimates for 2008 and 2009 (using latest projections from the private sector, which are too rosy in my opinion, and better than what the government itself is projecting in the budget), the average growth rate under Liberal rule falls to 2.6%, LESS than under the NDP.

In terms of family incomes, average after-tax income in B.C. (constant dollars) was $46,340 in 1991. By 2001 it rose to $50,248, an increase of 8.4%. And by 2006 (last year for which we have data) it grew to $55,583, an increase of 10.6%. This masks some important differences in distribution, with average incomes further down the income distribution lower than they were in the early 1990s, while incomes up higher soared much more than average.

How about employment? During the “lost decade” of 1991 and 2001, BC employment grew by 344,100, an increase of 22%. Between 2001 and 2008, BC employment grew by 392,700, an increase of 20%.

However, BC also just lost 35,000 jobs in January, and the prospects for rising unemployment in 2009 are severe. By the time the election occurs, it could well be the case that more jobs were created under the watch of the NDP than under the Liberals.

In terms of the unemployment rate, it was about 10% when the NDP came to power, and fell to 6.9% in May 2001. In the following boom years, the unemployment rate fell to record lows of around 4%, but at last glance (January) it was 6.1% and rising.

By the time of the election I would not be surprised if the unemployment rate was higher than when the Liberals first came to power.

While Lee works for a think tank supportive of the kinds of social and economic policies the NDP tends to favour, he’s adamant he’s not spinning one party over another.

“My point here is not a partisan one – the NDP were far from perfect in office; they benefited from immigration to B.C. in record numbers; but also got sideswiped by the Asian crisis of 1998-99. Rather, it is to remind people that B.C.’s economic fortunes generally swing on decisions made outside our borders.”

That’s a point The Tyee’s Will McMartin, a former Socred, made here in November of 2006 when the economy was booming. His source? Such radicals as Scotia Economics, a division of Scotiabank, and Moody's Investor Services. “Both reports,” noted McMartin, “illustrate that British Columbia's current prosperity is primarily due to a historic boom in global commodity prices.”

David Beers is editor of The Tyee.