The NDP announced their budget and it’s poised to plunge Alberta into the kind of massive debt our hardworking grandkids not yet born will have to work a lifetime to pay off.
The budget is called the Alberta Jobs Plan, which is ironic given that the NDP just had to cancel a job creation strategy they announced in their last budget because they couldn't get it off the ground.
Here are a few points from the budget:
● The budget breaks the NDP’s legal borrowing limit, blowing through their own debt ceiling - they actually have to change their own law to be able to spend more;
● $6.5 billion in new government spending over three years - a full 13% increase. That’s not the restraint and frugality Premier Notley promised us in her fancy $90,000 infomercial;
● $14 billion consolidated deficit. That means they are spending $14 billion they don't have, kicking the debt ball down the road to future generations;
● $58 billion in total government debt by 2019, meaning $2 billion in annual interest payments and debt servicing costs by 2019;
● A new $9.6 billion carbon tax, with more than three quarters going to new government spending; they're going to waste the carbon tax money on pet green energy projects as quickly as you can pay it;
● This carbon tax hits the typical Alberta family earning more than $50,000 with at least a $1,000 hike in annual taxes and costs; and
● The NDP aren't even predicting to bring the budget back into balance until 2024. Good thing they’ll be gone by 2019.
I was at the Legislature for the budget announcement, much to the chagrin and dismay of the NDP, I suspect. I spoke to Paige MacPherson of the Canadian Taxpayers Federation, Amber Ruddy of the Canadian Federation Of Independent Business and Derek Fildebrandt, the Wildrose Shadow Minister of Finance.
Watch my video to see their comments on the budget and what the practical implications are for Alberta families. This latest NDP budget showed their commitment to increasing spending to the public sector when families can afford it the least. Many families in the private sector are taking pay cuts.