[Canada] Canadian Politics Redux

[garbon]

So Alberta's deficit for 2016-2017 is going to be ten billion dollars.  All for a province of 4 million people.

The number was so high the finance minister Joe Ceci refused to actually say the words "ten billion", saying only it would be $5 billion more than previously though (which was $5 billion).

http://www.cbc.ca/news/canada/edmonton/finance-minister-warns-of-looming-10-billion-deficit-budget-1.3461744

What a spendthrift people.

[The Brain]

So Alberta's deficit for 2016-2017 is going to be ten billion dollars.  All for a province of 4 million people.

The number was so high the finance minister Joe Ceci refused to actually say the words "ten billion", saying only it would be $5 billion more than previously though (which was $5 billion).

http://www.cbc.ca/news/canada/edmonton/finance-minister-warns-of-looming-10-billion-deficit-budget-1.3461744

Ethnics can't manage their economy. Film at 11.

[Barrister]

So Alberta's deficit for 2016-2017 is going to be ten billion dollars.  All for a province of 4 million people.

The number was so high the finance minister Joe Ceci refused to actually say the words "ten billion", saying only it would be $5 billion more than previously though (which was $5 billion).

http://www.cbc.ca/news/canada/edmonton/finance-minister-warns-of-looming-10-billion-deficit-budget-1.3461744

What a spendthrift people.

Sadly successive PC (and now NDP) governments have been.  We have the highest per capita spending in Canada.  We used to be able to afford it when oil was high - not so much now.

[Zanza]

At least you guys aren't California.

[Barrister]

At least you guys aren't California.

California has a balanced budget.

[Valmy]

At least you guys aren't California.

California has a balanced budget.

It is technically illegal for it not to be

[crazy canuck]

At least you guys aren't California.

California has good weather

[Barrister]

At least you guys aren't California.

California has good weather

Tracy had to take one of the boys to the doctors, so I came home early.

Right now I'm sitting outside in a sweater as the kids play in melting snow.  It's +14 on February 26.

[Admiral Yi]

So Alberta's deficit for 2016-2017 is going to be ten billion dollars.  All for a province of 4 million people.

The number was so high the finance minister Joe Ceci refused to actually say the words "ten billion", saying only it would be $5 billion more than previously though (which was $5 billion).

http://www.cbc.ca/news/canada/edmonton/finance-minister-warns-of-looming-10-billion-deficit-budget-1.3461744

A great victory for the people.  Death to austerity!

[Admiral Yi]

Any idea what Al's debt/GDP is Beeb?

[Barrister]

Any idea what Al's debt/GDP is Beeb?

Until recently we had zero debt.  Only within the last year did we even go negative on net debt (assets minus debt).  So that's the left's argument - we have lots of room to carry debt.

The problem is that they're not borrowing for some specific investments.  They're borrowing to pay for day to day expenditures.  Alberta is hitting a long term structural problem where the price of oil seems unlikely to increase significantly for years.  The responsible thing to do would be to try to trim expenditures so that the government budget doesn't rely on $80+ oil prices in order to pay our bills.  Then, if/when high prices do return, we can start saving/investing like we used to in the 70s.

[crazy canuck]

Any idea what Al's debt/GDP is Beeb?

Until recently we had zero debt.  Only within the last year did we even go negative on net debt (assets minus debt).  So that's the left's argument - we have lots of room to carry debt.

The problem is that they're not borrowing for some specific investments.  They're borrowing to pay for day to day expenditures.  Alberta is hitting a long term structural problem where the price of oil seems unlikely to increase significantly for years.  The responsible thing to do would be to try to trim expenditures so that the government budget doesn't rely on $80+ oil prices in order to pay our bills.  Then, if/when high prices do return, we can start saving/investing like we used to in the 70s.

Agreed.  The increase in spending over the last decade or so on structural payments was extreme.  The other knock on effect is that Alberta public sector wages tended to increase those wages across the country.  Now that Alberta needs to tackle its structural deficit other provinces will have an easier time dealing with theirs.   

[Barrister]

Any idea what Al's debt/GDP is Beeb?

Until recently we had zero debt.  Only within the last year did we even go negative on net debt (assets minus debt).  So that's the left's argument - we have lots of room to carry debt.

The problem is that they're not borrowing for some specific investments.  They're borrowing to pay for day to day expenditures.  Alberta is hitting a long term structural problem where the price of oil seems unlikely to increase significantly for years.  The responsible thing to do would be to try to trim expenditures so that the government budget doesn't rely on $80+ oil prices in order to pay our bills.  Then, if/when high prices do return, we can start saving/investing like we used to in the 70s.

Agreed.  The increase in spending over the last decade or so on structural payments was extreme.  The other knock on effect is that Alberta public sector wages tended to increase those wages across the country.  Now that Alberta needs to tackle its structural deficit other provinces will have an easier time dealing with theirs.

I didn't say anything about public sector wages.

[Monoriu]

Alberta doesn't have a rainy day fund? 

[Barrister]

Alberta doesn't have a rainy day fund?

Once upon a time...