December 19, 2015

“Paid in Full” a distant memory as Alberta gets second credit downgrade since NDP attack budget tabled

Sheila Gunn ReidRebel Host | The Gunn Show

Alberta's credit has been downgraded.

This is no surprise. We were warned right after the NDP's catastrophic "borrow and spend" first budget came out. The bond rating agency, Moody's, immediately declared Alberta credit negative.

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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Comments
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commented 2015-12-20 15:39:22 -0500
Ezra or whoever, would you please take it easy on these cover photos. Every time I see large picture of Wynn, Notley, Ceci or Trudeau it makes me want to puke. Thank you for your consideration in this matter.
commented 2015-12-20 14:27:56 -0500
@ James Williamson

And it is not like you don’t have an agenda of your own, James.

The very first thing you do is post a link about Ezra that you think will discredit him. Why? What does this attempt to discredit him do for you, James? That is a leftie tactic. Attack the person you hate personally.

Then you said, "The fundamental of the Alberta economy haven’t changed since the price of oil was at $100/barrel, the only difference is that the prices have tanked and we’re stuck with a pipe dream public revenue system invented by the PC’s who apparently didn’t think that could ever happen. "

That is a blatant lie. The Alberta economy has changed significantly. Alberta has weathered lower oil prices (including calculating in the difference in currency value) and faired a lot better than now. I know because I have lived through them even from Pierre “Idiot” Trudeau’s reign of terror. Most oil and gas projects have been cancelled or put on hold because of the NDP. Many of the companies have stated in their press releases that it is because of this government. Companies are pulling out, and if they cannot, they are pulling back their investment.

I not sure fully what your agenda is James, but part of it is evidently being an apologist for the NDP. James you are a liar or you grossly misunderstand what is happening in Alberta, one or the other.
commented 2015-12-20 14:09:56 -0500
Who invited this idiot? James, you’re 5 years behind, try and catch up, will you? It’s 2015. Your brainwashed inability to think for yourself has gotten you handcuffed. Pathetic fool, since Ezra lost a lawsuit in 2010, doesn’t mean he was wrong
commented 2015-12-20 13:55:23 -0500
I’d watch the length of your nose James Williamson… That’s four Pinocchio’s in a row!
commented 2015-12-20 13:19:17 -0500
The provincial debt never was “paid in full”; more like the province’s economy was mortgaged to the hilt by Ralph and his gang and to a lesser extent every premier before and after.
commented 2015-12-20 13:08:34 -0500
It’s not as though Standards and Poor don’t have an agenda of their own. The fundamental of the Alberta economy haven’t changed since the price of oil was at $100/barrel, the only difference is that the prices have tanked and we’re stuck with a pipe dream public revenue system invented by the PC’s who apparently didn’t think that could ever happen. Where was Standard and Poor when the oil patched pancaked in 2008? The conservative answer to this problem always to can the people that are left working, thus depressing then economy further. I believe that was answered in the last election when NDP were elected on a platform of a balanced and reasoned response to the recession, not the usual “fire the civil service” and “balance the budget” rhetoric.
commented 2015-12-20 12:56:00 -0500
There was no first downgrade in credit rating.
commented 2015-12-20 12:24:33 -0500
I wonder if the New Destruction Party of Alberta will think to reduce the civil service by the same percentage of lost jobs due to the Alberta economy cratering? I am sure that will be their first thought for fairness…either that or ship the unemployed to B/C.
commented 2015-12-20 12:04:40 -0500
Extremely tough times ahead for the working middle class with socialist premiers in most provinces and a wannabe communist dictator in Ottawa! My opinion!
commented 2015-12-20 11:40:10 -0500
The destruction of the economy of Alberta by the NDP, and of Canada by the Liberals, will hit Albertans very hard. All ov Canada will feel the economic slow down, and all Canadians will be soon burdened with a carbon tax. A tax on everything, to fix nothing, and make socialists rich. God help us!
commented 2015-12-20 11:04:36 -0500
BILL ELDER

They can buy themselves another government, provided they can find a lender. Drive out all the lenders and they will be left with nothing. Then, they can be easily destroyed. The promise of their socialist utopia becomes an empty one, once the real world enters. Notley has her fellow travellers will move on to pillage another province. But once they have pillaged everywhere, there will be no place for them to go. They will be forced into exile. Problem solved.
commented 2015-12-20 11:00:20 -0500
What’s that you say, can’t get a credible lender to loan you the cash needed to construct the ultimate socialist gulag? NO PROBLEMS! Just go to your local public sector union -they’re always ready to buy themselves another government
commented 2015-12-20 08:25:36 -0500
Albertans should encourage the bankruptcy of their province. Start demanding for all kinds of spending. Really. The NDP are stupid enough to provide it. They think they’re getting votes and advancing their revolution. They don’t really see any limit to the amount of money they can borrow; it’s magic money to them, and it magically appears whenever it’s needed. These are the sort of people who believe that having credit cards makes you rich. They are simple in their thoughts and primitive in their desires. Once the province is bankrupt, and there are no more sources of credit, the NDP will default. Of course, they will keep spending, and they will do it by taxing everything they can think of. Taxing breaths of air? Sure. Why not? That’s the level of their intellect. Once everything is really broken, then the NDP can be wiped out. They are instinctively cowards; they will not fight back; actually, there is nothing they will defend, as they are the sort of people who are not inclined to put any effort into lifting a finger.
commented 2015-12-20 08:07:00 -0500
Voters are so Goddamn dumb!
commented 2015-12-20 06:19:36 -0500
Dear dying Alberta, It is time to flush the toilet, the stink is unbearable.
commented 2015-12-20 01:53:49 -0500
Boycott Christmas.

Exactly.

Deny the government not only revenue, but push Alberta into an even deeper recession. Once Alberta sees a half million unemployed – and it will happen – the NDP will have no credibility to govern. See Notley announce her resignation as she runs from Alberta, as well as NDP MLAs follow suit one by one. They can be wiped out within two years. Elect 100% WR and move to have the NDP decertified as a political party by declaring them a dangerous cult and a terrorist group.
commented 2015-12-20 00:36:07 -0500
Offensive socialists and their social justice narrative crap – end point is economic suicide – with all the pigs living it up in the main house.

Hope you get run over by a truck Notley!!!
commented 2015-12-19 23:14:52 -0500
Notley will get us to pay for the wind/solar farms through our electricity bill just like Ontario. By then the Carbon Tax will take effect and that will be two punches to the gut to everyone in Alberta. Then watch small business start to fail due to the increase in minimum wage as Alberta Chamber of Commerce already warned Notley about this. Time to protest in front of my constituency office every freaking day if necessary but I have to find some company first.
commented 2015-12-19 23:02:26 -0500
We better learn to speak Chinese. We’re a sitting duck for the communists to take over if they haven’t already
commented 2015-12-19 22:24:28 -0500
PETER NETTERVILLE

The only way is to assure that the lesson is taught uniformly. Everyone must and will be punished by the Notley’s insanity. They must be taught a lesson that will course through the generations about the NDP and the dementia they wrought upon Alberta. From that day forward, the mere utterance of NDP shall bring scorn if not outright and severe punishment upon those who dare to announce the name of that party. That will be Notley’s legacy as well.
commented 2015-12-19 20:36:55 -0500
I have said it before and I will say it again. This is not bad/incompetent governance. This is calculated strategic long term destruction of Alberta both economically and socially. This is ‘scorched earth economics’ with the intention of leaving NOTHING for the next government to rebuild. And let us not forget, pm zoolander and his band of vengeful scum haven’t even started in on Alberta yet, and I guarantee they will make sure to stick their own knife in Alberta too make sure the corpse is never to rise again.
commented 2015-12-19 20:36:48 -0500
This in 2 months. A long way to go and the worst is yet to come. Bad enough to vote in the NDP when oil is $100 a barrel but $35?
commented 2015-12-19 20:29:34 -0500
So, if this downgrade is as a result of the low price in oil, then why has Alberta’s credit rating remained triple A even when the price of oil was lower than now when the PCs were in office. Notley’s excuse does not hold water … or oil in this case.
commented 2015-12-19 20:26:37 -0500
@ P G who said, " … with their heads stuck in the sand .. "

I thought their heads were stuck some place else …
commented 2015-12-19 20:24:45 -0500
@ AB Patriot

I am not sure I share your version of an object lesson for Albertans in the wrong way to vote. I wonder if there is a way we could make only those that voted for the NDP to suffer as you described. … … No, I guess not.
commented 2015-12-19 19:54:59 -0500
Just seeing the smile on the face of the POS ndp finance minister is sickening, lower ratings higher taxes, whats next you NDP aholes a sales tax
commented 2015-12-19 19:07:57 -0500
See this isn’t right as it has been forced on the Alberta people by an NDP Provincial Government who has interfered and sabotaged Alberta’s little oil market that was left as well as interfered and sabotaged Alberta’s Agricultural and Ranchers market with what I believe is illegal acts of hampering them by trying to place an unasked for union and WCB on owneres and family farms this is manipulated down grade of market through no fault of the producers! Again there needs to be some legal Justice measure for this infraction and Governmental interference??? Or we need to make sure there is because these Collectivists’ in our NDP Provincial Governments and the Liberals in our Federal Government plan to break us all with Graft shady moves like this! Best get prepared legally to file Class Action Lawsuits on them for denying people their Right to earn a living!
commented 2015-12-19 19:03:13 -0500
No need for Conservative minded people to invest valuable time uniting the right. Rachel Notley and her gang will accomplish that on their own.
commented 2015-12-19 17:44:08 -0500
Socialists have this thing about suicide.
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