June 01, 2017

Alberta hit with another credit downgrade thanks to NDP budgets

Holly NicholasRebel Commentator

Before the NDP were accidentally voted in as a majority government in Alberta in 2015, the province had zero, yes zero, net debt. But as soon as the NDP took power, budget deficits have continued to accumulate from 6.4 billion in the 2015/2016 fiscal year to 10.8 billion in 2016/2017 and finally to $10.3 billion in 2017/2018 to total $27.6 billion in the first three years in power and that’s just what’s projected. 

According to a report from the Fraser Institute, Alberta has larger financial debts than Ontario did when that province was faced with the economic crisis of 2008. And take this into consideration – there are 9.5 million more people in Ontario. In just a few short years, 40% of the debt gap between Alberta and Ontario will be gone.

Standard and Poor’s have downgraded Alberta’s credit rating yet again from AA to A+, so that’s another 2 points down from last time. The credit rating agency says that the escalating debt that the NDP are accumulating is to blame and that they either need to cut spending by $3.5 billion, or increase taxes. The government says they will do neither, even though it would be easy to make some cuts to their out of control spending.

Albertans pay over $5000 each for a poorly functioning healthcare system that accounts for almost half of our budget, the NDP have been forming meaningless and expensive panels stacked with activists like Karen Mahon and Tzeporah Berman to make decisions on the oil and gas industry that could easily be dissolved and they brought in what they call a “free” program to install lightbulbs for millions of taxpayer dollars.

The NDP could easily curb their spending, but they won’t – Joe Ceci said it himself. Actually, they’re ramping up the spending on all the extras. It’s almost like they have no idea how to be responsible with money, but what can we expect from a caucus of Starbucks barristas and kids that have never really had to sit down and worry about how to make ends meet like the rest of Albertans suffering out there?

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commented 2017-06-03 09:24:06 -0400
@ William

I apologize if I have misunderstood your comment. And yes, I did assume you are supporting the NDP because that is how your comment reads.

“This slide into the red sea of ink definitely dates to Stelmach.”

I agree. The downhill slide started with Stelmach. But even with the PCs, they knew that making the businesses happy meant continued income. The NDP have no such business sense. Having that business sense does not exonerate the corrupt PCs, it just makes them a bit smarter than the NDP.

“We are on the road to Athens i,e. public insolvency. We need a Ralph Klein but we don’t have one.”

Another thing we completely agree upon. I miss Ralph Klein. We can only hope the new United Conservative party will be fiscally responsible and willing to take on the mantle of government austerity.

" … but until then they will shovel money off the back of the truck as this is their best shot at winning the next election."

Yes, that is the way of the socialist, to buy votes by bribing people, and usually just before the election so people will remember from where their pocket was lined.

That is why the NDP increased the public sector in 2015/2016 by 40,000 (and then in 2016/2017 by another 4000) all while the private sector was (and still is) crashing, to increase their loyal voter base.

Once again, William, sorry for having misunderstood your earlier comments.
commented 2017-06-03 01:30:08 -0400
Peter! I was basing my math on the written text. The video uses the word “debt” (repeatedly) when she means “deficit” if one does know the difference one should listening not lecturing.
Of course, Peter you leap to the conclusion that I am defending the NDP. The NDP are not “far worse” than the PCs they are “a bit worse” when it comes to bloated bureaucracies and runaway spending. This slide into the red sea of ink definitely dates to Stelmach. The public sector have grown so large and wealthy that no politician dares confront them.
We are on the road to Athens i,e. public insolvency. We need a Ralph Klein but we don’t have one. Notley and Co. being elitist-corporatists are content with eventually transferring full provincial fiscal management to a faceless coalition of bondholders but until then they will shovel money off the back of the truck as this is their best shot at winning the next election.
commented 2017-06-02 18:09:51 -0400
More interest on our debt. The NDP destroyers need to be declared a fiscal terrorist cult and banished from the country.
commented 2017-06-02 17:51:37 -0400
Well done socialist morons.
commented 2017-06-02 11:56:57 -0400
Most politicians care about power and obviously want to get re-elected and maintain their positions. In the case of the Alberta NDP, they obviously don’t care and are going for broke with every profligate spending measure and scatterbrained socialist policy they can dream up while they still are in power.
It is abuse and malfeasance , total contempt for any level of self restraint in enacting policies that are destroying the Province . When socialists are given power in a democracy , they are emboldened and become tyrannical. There is no constitutional limit to hinder or constrain them and it’s pedal to the metal in their ride to the heaven they think they are creating.
They all should go to jail and there should be laws to put them there.
commented 2017-06-02 11:40:25 -0400
Peter – they changed who could sit on the board. So now anyone Rachel wants can plunder the Heritage Fund.
commented 2017-06-02 11:16:16 -0400
Oh, they haven’t drained it already? They probably have drained the Alberta Sustainability fund, though. That one was meant as a buffer to keep from running a deficit. Ralph started that account.

Sigh! I miss Ralph!
commented 2017-06-02 11:01:26 -0400
Oops, let me try that again. And the Heritage fund…
commented 2017-06-02 11:00:20 -0400
Peter Netterville – and the will Heritage fund will be totally depleted of the 90-billion, as Notley and her Marxist thieves continue to pillage AB.
commented 2017-06-02 10:45:33 -0400
I laugh at those that defend the NDP. Even with all the corruption of the PC government after 42 years Alberta’s credit rating was still the top level possible.

Then the NDP take over and in two years:
1. the economy nose dives
2. businesses flee at an alarming rate
3. near 200,000 job loses (not counting the small business contractors who do not claim EI)
4. the debt increases from 7.7 billion to 45 billion, a 37.3 billion increase in two years

Yes, yes, yes! I see it now, the NDP is the perfect government! Why didn’t I see this before. … … … Wait! Wait! Who snuck this orange koolaid into my cup!
commented 2017-06-02 09:26:40 -0400
William Kay, the NDP are far worse that the PCs ever were. The NDP have driven businesses out of Alberta. Even with all the PC corruption they still knew where the butter for their bread came from, businesses. The NDP do not.

Look, William, if you want to be an NDP apologist go right ahead, but your beloved NDP will be rightfully out on their ass next election never to see power in Alberta again for a minimum of many decades if ever again.
commented 2017-06-02 09:21:05 -0400
@William Kay

The number is per person, though Holly did not say that, the document she is referencing shows it (37 sec to 51 sec).
commented 2017-06-02 08:23:47 -0400
NDP are union wind bags with no brains.
commented 2017-06-02 02:09:03 -0400
“…and this is how the Marxists do their thing – DESTROY!”

Exactly. There is zero difference except for the party name between the Liberals and the NDP, their decisions intentionally cause damage and debt.
commented 2017-06-02 00:58:36 -0400
Oh! – another Note to Nutley – people from your home town, Fairveiw – never want you to show your ugly mug – ever again!! REALLY!!
commented 2017-06-02 00:51:39 -0400
…and this is how the Marxists do their thing – DESTROY!
This downgrade (the 5th!) affects everyone working in Alberta!!!!
Note to Nutley: – hope you have a good escape route – - ‘cause you’ll be on a fast run – OUT of Alberta!!
commented 2017-06-02 00:46:37 -0400
Alberta has larger debts than Ontario did in 2008?! Way wrong! Alberta now $34 bl. Ontario 2008 $156 bl and that figure is not inflation adjusted which means it is even larger.
Stelmach, Redford and Prentice each ran deficits and tried to cook the books. I was at the founding convention of the Wildrose Party where outrage at the out-of-control spending and official arrogance, By the Conservatives, were the mobilising passion.
The NDP are displaying continuity not departure. They represent a public sector aristocracy Built By The Conservatives taking the reins of power into their own hands.
Nicholas – your analysis is as bad as your math. You’re sounding more and more like a party hack.
commented 2017-06-01 20:12:08 -0400
NDP = debt that will take generations to pay!
commented 2017-06-01 18:21:27 -0400
My guess is that the NDP will have only one riding left after the next election, and that is the stronghold riding near the University of Alberta in Edmonton.