[LChoy]

Positive Outlook to our Economic outlook
Yay Alberta?

Gary Lamphier: Alberta's financial troubles would be the envy of other provinces

while it may come as a cold shower for taxpayers, Alberta's latest projected budget deficit for 2009-10 -- up $2.2 billion from the previous forecast -- isn't quite as horrific as it sounds. That's because Alberta--unlike most other provinces, states and countries, for that matter--will remain debt-free and cash rich, even after this year's fiscal carnage is over.

Alberta will have to raid its own piggy bank to balance its budget this year. Yep, that's bad. But it's not nearly as bad as having no piggy bank of your own to raid, as is the case almost everywhere else on planet Earth, except for Norway and a few other resource-rich kingdoms.

"You're not only debt-free, but you have significant positive financial assets," says Mary Webb, a senior economist at Scotia Capital in Toronto.
"Whereas most jurisdictions around the world have debt that's accumulated over the years, Alberta does not. So Alberta is certainly in a unique position, not only with respect to the other provinces, but to most jurisdictions around the world."

Economists are also more bullish on Alberta's ability to rebound from the current downturn than provinces like Ontario, where the manufacturing sector will likely never return to its glory days.

http://www.edmontonjournal.com/busin...363/story.html