Quote:
Originally Posted by Frequitude
That's what bugs me about the Norway comparison. Yes, less frivolous spending probably contributes to their massive sovereign wealth fund, but by and large it has more to do with having a tax rate between 40%-48% over the last couple decades (it's been decreasing).
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The Norway example annoys me right off too.
The first misnomer is the old 'If you lived in Norway instead of Alberta you would be a millionaire' quote. First of all the 'millionaire' part is expressed in Krone. If you converted that share to CAD you would have roughly $172,000 per person. So no, not anything close to that hyperbole Statement. Also $172,000 goes a whole lot less in Norway than in Alberta.
The next problem is that we're a province of a larger country. Politically I find it hard to see this country letting an Alberta Heritage Fund of $500 billion exist when the Federal Debt is over $600 Billion with other provincial Debt almost equaling this number. Everytime there would need to be tough decisions regarding the country's finances the elephant in the room would be that some portion of Alberta's Heritage Trust fund could supply Canada with XX years of 'insert dire spending program initiative on the chopping block here'