July 21, 2015

Once debt free, Alberta placed on credit watch by Moody's

Ezra LevantRebel Commander

Alberta once boasted the best credit rating in Canada has just been put on a credit watch by the bond rating industry.

Paige MacPherson from the Alberta chapter of the Canadian Taxpayers Federation joined me to talk about this disastrous development.

It's no wonder Moody's is issuing warnings to the province. The new NDP government just passed an executive order to increase Alberta's debt by 50 percent, or another $6 billion.

That was after they hiked taxes and announced a royalty review to be led by an Al Gore acolyte.

We not, however, that Ontario is also carrying a great deal of debt, and they've ignored persistent warnings from the same industry experts.

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commented 2015-08-21 12:45:54 -0400
Norway saved 1+trillion dollars in 27y from its smaller oil patch. The PC’s for 43years saved how much?? a few billion? Under the Norway model if the P.C.‘s had done a saving for 23y out of the 43 years in power. Alberta’s savings would be at an estimated 2.3 trillion dollars. The P.C campaign was to raise taxes on the people cut spending and then take a deficit of 18 billion to 20 billion in one year. The NDP taking on a a total of lower then what the P.C party was offering is a better thing. Its called responsible government. No matter the party, the NDP seem more conservative when it comes to money than any PC except Ralph who was booted by his own party. Ralph rocked and did great things, after that there was no real PC government.
commented 2015-08-21 12:32:33 -0400
Wow wonder where all the cash went from 40 years of Conservative rule that in 3 months the NDP can be blamed by so many for the fall of World Wide Oil Prices. Hmm where did all that cash go people …i woulda thought by all you wise people saying how great the previous Alberta government were that the NDP would have a huge war chest to sit on and ride through the hard times, hmmmm ..where did that cash all go again ? If i were an Albertan i think i would put my faith in David Dodge rather than those previous clowns…ohh yeah the ones who saved all that money for the hard times that Alberta is in for .
commented 2015-08-21 10:31:29 -0400
Liza. Klein balanced the books as far as the $ but with his cuts he left us with Trillions in infrastructure deficit, that current governments are still spending our current tax dollars to recover from. Ralph was a real nice guy, but he used record amounts of oil royalty revenue, and massive painful cuts to infrastructure to balance the books, not sound balanced management at all. He got his legacy, and people like you are still hailing him as a genius. It must have worked, at least for you.
commented 2015-07-24 21:49:43 -0400
This is not a surprise. Do the people who voted for NDP in Alberta know what the NDP ideology is? What happened to it being illegal to run a deficit in Alberta? Does anyone doubt that Notley is holding off the budget until the federal election?
Greece is living proof. Notley must go. Who the hell voted for the NDP??
commented 2015-07-22 15:40:34 -0400
Geez, I spelled Klein’s name wrong in my post below twice, and in two different ways. There must be a prize for that.
commented 2015-07-22 14:56:55 -0400
Liza, Peter — thank you for the reminder. I’d forgotten about that revolt, and how Klein was forced out…
commented 2015-07-22 13:57:21 -0400
Prince, when Klien left in 2006, the deficit was 0 , and the debt was 0. The sustainability fund was $17 million, and the Heritage fund had a whopping $14 BILLION in it. I don’t call that being a lousy manager.
I remember the Ralph bucks, Alaska does the same thing, but on a regular basis and depending on oil revenues. A dividend back to the peoples pockets. Had he done that without balanced books and money socked away I might agree with you.
But as it is I heartily disagree with you.

Peter you are right, in a leadership review in 06, he was voted out. There wasn’t much in the corral to choose from, or Stelmach never would have been picked by his fellow conservatives. The mistake started when they gave Ralph the boot. That is when the Alberta conservatives started to slide into a black hole. But no one can blame the downfall of Alberta on Ralph Kline.
commented 2015-07-22 13:22:11 -0400
Prince Knight said, “THEN Klein decided to hang up his spurs,”

Actually, if I remember correctly (and to be fair, I may not be) Ralph was forced out by his party and Stelmach voted in by the party as Premier.
commented 2015-07-22 11:29:13 -0400
Alberta has just become the “NUT-ley” Debt Province! Well-named, don’t you think, NDP voters? I smell a conspiracy here – an odiferous skunk conspiracy!
commented 2015-07-22 10:54:21 -0400
Liza — Alberta’s “downfall” started under Klein’s tenure. He was a good crisis manager, but a lousy manager in good times. (Funny, Churchill was the same). Once Alberta’s deficit was eliminated and the debt cleared off, then Alberta was, effectively, swimming in cash. Remember the Ralph cheques? So what did the government decide to do? Spend more, because they could. The bureaucracy grew (though not as badly as it will), the budget still grew. So oil prices were skyrocketing. So what? We could have socked all that extra $$ aside, but we didn’t. THEN Klein decided to hang up his spurs, and we had Stelmach, then Redford, then Prentice, and now Notley. We’ve never had a truly fiscally conservative government, not really.
commented 2015-07-22 08:52:26 -0400
Vlad, the finances of Ontarion are horrible, but the financial hole that Ontario Liberals have taken eight years to dig, the Alberta NDP seem to be doing in record time. Three months and already on credit watch. Notley is not taking Alberta into a spiral path down the financial drain, she’s taking us in a nose dive.
commented 2015-07-22 07:14:03 -0400
Central banks are spending billions a day to keep markets and certain commodities up – including oil. Central banks want inflation.

Oil was at 50.04 this morning – 47 is likely the next target. We are on our way to $30 and this will be the death of the Alberta communist goobermint. There will be no taxation program nor fee collection program that can change this.

The best part of course is the stupids in the Alberta gummamant haven’t got a clue. Next time you vote Alberta, vote with your wallet, not your feelings of hate toward an existing gewbermint. You are about to find out the hard way what happens.

Just take a look at the communist pig running Ontario – most indebted province in the world – in the world folks and PIG WYNNE is trying to tax her way out of it (including a payroll tax they are calling a pension) – 0.3TRILLION DOLLAR DEBT IN ONTARIO – default is the only option for Ontario.
commented 2015-07-22 01:03:52 -0400
Ralph, Ralph!
It occurs to me that especially when a leader stays in power for a long reign, they should have groomed a few people in the party, of like mind to carry on the legacy. Did Ralph do that?
Exactly why did we get stuck with Stelmach and Redford in the first place(which was the start of the downfall of Alberta).
Isn’t that the very reason the Liberals are still in such bad shape today?
The Alberta conservatives really blew it.
The opposition needs to start making some noise, where the heck is the voice of Wildrose? Alberta still has an opposition party right?
commented 2015-07-22 00:10:17 -0400
Thanks for the news Ezra. I’m a bit surprised Moody’s attention arose so quickly. Wouldn’t have anything to do with simultaneous declines in oil prices, or that lack of a Northern Gateway, Keystone II, the Energy East Pipeline would it? Alberta, you sure pick a bad time to elect an NDP gov’t.
commented 2015-07-22 00:00:46 -0400
I normally don’t post this much. But I am a very proud Albertan, and trust me when I say. I have been discussing the Rebel media… It is a daily topic and I am trying my hardest to get almost everyone I know to start. I mean I even have my kids going on it every day. Alberta I plead with you, stand up and take notice be in charge of your life…..
commented 2015-07-21 23:33:46 -0400
It is up to us to spread the news, and refer others to this site. It didn’t take long for the landslide to begin,and it is going to get ugly. Notley is just a puppet to her Marxist ideology, and is cutting off her nose, to spite her face. It has been less than 3-months since the election, and she has caused such uncertainty in the market, due to her refusal to put Albertans interests ahead of her stone age ideology. This is not a good sign. Ralph Klein was right “politics is a blood sport!”
commented 2015-07-21 22:54:10 -0400
I’m with Peter… It is so frustrating that the average Albertan isn’t catching any wind of this. The crazy women and her shitty followers are going to destroy everything in the four short years of being in power. I just think and remember all the little things we Albertans went without while Ralph was paying the debt off. Now all of our hard work has gone bye bye.
commented 2015-07-21 20:08:08 -0400
Oh great, we’ve caught Moody’s attention because of this #$%# NDP government !!!

The one thing of which we can all be fairly certain, the main stream media will not report this at all. And since so many people rely only on the main stream media for their news, most Albertans will not learn about this. It is all so frustrating!
commented 2015-07-21 19:38:04 -0400
Did I hear correctly that Alberta will be releasing its budget in the fall of 2015? If so, it doesn’t take a rocket scientist to predict that it will be a day after the federal election.
commented 2015-07-21 19:33:43 -0400
Like the fools bankrupting Chicago . . . the NDP will blame the Bond Rating Agency for the downgrade . . .
ALL of Canada could look like this if you vote for the Tax and Spend parties next October.
Socialism/progressivism is Failing ALL over the planet . . .
Ontario is now the most indebted non-soverign state on the Planet . . . the coffee is on folks, take a breath ! ! !