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Originally Posted by Derek Sutton
The NDP sure likes to play the blame game. Oil prices have been in the tank for a year now with no optimism out there, they had one full year to try and make the numbers work but were incapable. There revenue projections are out to lunch. The balanced budget is now promised for 2024 instead of 2020 which was what they ran on. 13 billion for Alberta health care, 7.5 billion for public schools. $57 billion in debt by the end of the NDP term (2019). Unbelievable, We are so screwed.
They have also scrapped the 15% debt to GDP ration which they themselves implemented.
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This is what is so concerning to me. While the massive deficits that are upcoming in the next few years look bad, it really is directly due to O&G. Revenues from royalties have dropped from around $10B to $1.5B in two years. Any government would have a hard time running balanced budgets with that happening.
But to take away the cap they just put in place is terrible policy. From CTV:
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Ceci had previously said the cap would keep interest payments on debt repayment within reasonable limits and not hamstring future generations.
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What a joke - so now it is okay to hamstring future generations? I get that that oil prices have put you in a tougher spot than you thought, but to just borrow excessive amounts of money is not the answer. Alberta has the lowest debt carrying charges to GDP of all the provinces right now (I believe). I wonder what that will look like in a few years under this plan.