Alberta's credit has been downgraded.
At the time, Rachel Notley said she didn't believe that the province's credit would be downgraded. She told the Globe and Mail:
"At the end of the day, I can't control what the different bond rating agencies will do or say but what I will say is that the fundamentals are very, very strong"
When she said that, was she trying to fool herself or us?
And now, only 2 months later, Alberta's credit is downgraded from AAA to AA. Standard and Poor’s, the credit rating agency, cited Alberta's weak revenue forecasts combined with a growing debt burden.
Finance Minister Joe Ceci blamed the cost of oil, which is only partly true. Sure, that dropped the revenue in the government coffers. But what about the uncontrolled spending?
Did the cost of oil make the NDP spend so far out of control to the point where the government will now have to borrow for everyday operations? Joe Ceci said, "The downgrade is a result of the over reliance on non-renewable resource revenues in our budget and that's why we're taking steps to diversify the economy."
What steps are those, Mr. Ceci? Attacking the agriculture sector through Bill 6? Putting rural towns like Hanna in the poor house by phasing out coal? Or chasing away any prospective business with the promise of a carbon tax?
Joe Ceci needs to know the only way to find our way out of this mess is to get those non-renewable resources he hates so much to foreign markets. But as long as the NDP and their gang of anti pipeline activists are in charge that isn't going to happen.
How far we've come from July 12 2004 when Ralph Klein held up the sign that said "paid in full."
Every premier since him has squandered that day.
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