Economics Prof; Almost No Chance The Alberta NDP Gov Will Meet Its Revenue Targets

[Romero]

-$5 billion deficit



Why don't you care that they're responsible for the largest deficit in Alberta history? Billion dollar deficits during the boom times too. If the NDP produced just a $100 million deficit, you'd probably blame them for incompetence. Yet you couldn't care less about $5 billion.

-Debt free

???



http://www.debtclock.ca/provincial-debtclocks/alberta/alberta-s-debt/">//http://www.debtclock.ca/provincial-debtclocks/alberta/alberta-s-debt/

[Anonymous]

-$5 billion deficit



Why don't you care that they're responsible for the largest deficit in Alberta history? Billion dollar deficits during the boom times too. If the NDP produced just a $100 million deficit, you'd probably blame them for incompetence. Yet you couldn't care less about $5 billion.

-Debt free

???



http://www.debtclock.ca/provincial-debtclocks/alberta/alberta-s-debt/">//http://www.debtclock.ca/provincial-debtclocks/alberta/alberta-s-debt/

Isn't that rich, Romero quoting taxpayer.com. ac_toofunny



You know we do have a Heritage and sustainability fund eh? I do like orgs like CTF/ATF because they keep profligate spending politicians feet to the fire.



Even if people do believe we have a small debt and take away contingency funds and we definitely do. However, I have not heard a plan from Nothead to eliminate it. No talk of returning the Alberta advantage of low taxes, number one destination for investment and debt free that Klein worked so hard to achieve.



If she can return the Alberta advantage, then she deserves to be re-elected in 4 years.

[Romero]

June 25, 2014



How Alberta turned its Heritage Fund into a cash machine for big-spending politicians



Alberta's Heritage Savings Trust Fund stands as an excellent example of how governments waste opportunity, fritter away money and undermine the long-term interests of taxpayers, even as they claim to be working in the public interest.



On Tuesday the Fund revealed it earned $2.1 billion last year, a record 16% return on investment, and now has $17.5 billion in the kitty. This was treated as a triumph by provincial leaders. Unfortunately, much of the gain will once again be quickly spent.



Almost 40 years after it was created, then, the Fund contains a small fraction of the sum it might have if Lougheed's original vision been adhered to. Even setting aside the 20 years it was left to languish, adding in the $36 billion devoted to recent spending would mean a pot worth more than $52 billion, expanding at a healthy rate for the benefit of future Albertans.



Norway's sovereign wealth fund, set up in 1990 with energy revenues, is now worth US$884 billion. Alaska's Permanent Fund, established in 1976, is worth US$47 billion despite distributing a portion of its income every year in "dividends" to individual Alaskans.



http://news.nationalpost.com/full-comment/kelly-mcparland-how-alberta-turned-its-heritage-fund-into-a-cash-machine-for-big-spending-politicians">//http://news.nationalpost.com/full-comment/kelly-mcparland-how-alberta-turned-its-heritage-fund-into-a-cash-machine-for-big-spending-politicians

[cc]

The party of divershity



http://calgaryherald.com/news/politics/ndp-falls-short-on-ethnic-diversity-fewest-minority-mlas-in-ruling-caucus-since-1993-2">And now for what's really important: NDP falls short on ethnic diversity -

 

"Albertans can see themselves reflected in their new government," Rachel Notley said, as her NDP caucus gathered behind her after its first post-election meeting.



She expressed pride in the nearly 50-50 gender balance of her elected members — nearly half, unprecedented in Alberta government. She said the 20-somethings and 30-somethings on her team better reflects Albertans' average age.



Behind the incoming premier's left shoulder stood Thomas Dang, of Chinese descent. On the other side, Nicaragua-born Ricardo Miranda.



Broaden out that tightly framed photograph, however, and the vast majority of what you see is white faces reflecting back at Albertans.



There are seven visible minorities among the New Democrats' 53 MLAs, and no aboriginal representation. That is down from 13 minorities elected in the last Tory government, and the lowest number since Ralph Klein first won as premier in 1993, along with seven non-Caucasian members...



Gotta love these "talk a good game" progs  ac_smile

[Anonymous]

June 25, 2014



How Alberta turned its Heritage Fund into a cash machine for big-spending politicians



Alberta's Heritage Savings Trust Fund stands as an excellent example of how governments waste opportunity, fritter away money and undermine the long-term interests of taxpayers, even as they claim to be working in the public interest.



On Tuesday the Fund revealed it earned $2.1 billion last year, a record 16% return on investment, and now has $17.5 billion in the kitty. This was treated as a triumph by provincial leaders. Unfortunately, much of the gain will once again be quickly spent.



Almost 40 years after it was created, then, the Fund contains a small fraction of the sum it might have if Lougheed's original vision been adhered to. Even setting aside the 20 years it was left to languish, adding in the $36 billion devoted to recent spending would mean a pot worth more than $52 billion, expanding at a healthy rate for the benefit of future Albertans.



Norway's sovereign wealth fund, set up in 1990 with energy revenues, is now worth US$884 billion. Alaska's Permanent Fund, established in 1976, is worth US$47 billion despite distributing a portion of its income every year in "dividends" to individual Alaskans.



http://news.nationalpost.com/full-comment/kelly-mcparland-how-alberta-turned-its-heritage-fund-into-a-cash-machine-for-big-spending-politicians">//http://news.nationalpost.com/full-comment/kelly-mcparland-how-alberta-turned-its-heritage-fund-into-a-cash-machine-for-big-spending-politicians

National Debt of Norway

 895,015,501,063 kr



I haven't checked what the exchange rate is. Alberta doesn't have debt and I doubt the Albertans here want the crushing level of taxation Norwegians tolerate.



Why doesn't Ontario have a heritage fund? Korea has foreign exchange reserves, but resource based economies like BC and Saskatchewan do not?



I would like a national version of what Alberta has and provinces to follow suit. The revenue would be used for infrastructure projects that would create good paying jobs and stimulate the economy.

[Romero]

I would like a national version of what Alberta has and provinces to follow suit. The revenue would be used for infrastructure projects that would create good paying jobs and stimulate the economy.

That is a great idea, seoulbro!

[Romero]

The party of divershity



http://calgaryherald.com/news/politics/ndp-falls-short-on-ethnic-diversity-fewest-minority-mlas-in-ruling-caucus-since-1993-2">And now for what's really important: NDP falls short on ethnic diversity -

 

"Albertans can see themselves reflected in their new government," Rachel Notley said, as her NDP caucus gathered behind her after its first post-election meeting.



She expressed pride in the nearly 50-50 gender balance of her elected members — nearly half, unprecedented in Alberta government. She said the 20-somethings and 30-somethings on her team better reflects Albertans' average age.



Behind the incoming premier's left shoulder stood Thomas Dang, of Chinese descent. On the other side, Nicaragua-born Ricardo Miranda.



Broaden out that tightly framed photograph, however, and the vast majority of what you see is white faces reflecting back at Albertans.



There are seven visible minorities among the New Democrats' 53 MLAs, and no aboriginal representation. That is down from 13 minorities elected in the last Tory government, and the lowest number since Ralph Klein first won as premier in 1993, along with seven non-Caucasian members...



Gotta love these "talk a good game" progs  ac_smile

Well, well, well... look at cc being all politically correct, affirmative action and multiculturalist all of a sudden! Next thing you know she'll be complaining there aren't enough Muslims.

Nomination rules require each constituency association to prove it has seriously approached at least three people from traditionally underrepresented groups (women, ethnic or sexual-orientation minorities, or people with disabilities), said NDP provincial secretary Brian Stokes.



"We don't invoke hard quotas on having a set number of candidates from different groups because our nomination process, of course, is open," he said. "But we also want to recognize there are barriers to folks from equity-seeking groups."



Miranda, who helped with Calgary candidate recruitment, said there was focus on talking with people from various communities, but ousted premier Jim Prentice's election call one year early made it hard for people to commit time.



The timing factor, however, affected would-be candidates of any age, race, or gender.



"There was never a concerted effort to look for one (group)," said Miranda. "We were looking for all of those. And it just so happened that this is how the mix has ended up."

Sounds alright to me.

[Anonymous]

The party of divershity



http://calgaryherald.com/news/politics/ndp-falls-short-on-ethnic-diversity-fewest-minority-mlas-in-ruling-caucus-since-1993-2">And now for what's really important: NDP falls short on ethnic diversity -

 

"Albertans can see themselves reflected in their new government," Rachel Notley said, as her NDP caucus gathered behind her after its first post-election meeting.



She expressed pride in the nearly 50-50 gender balance of her elected members — nearly half, unprecedented in Alberta government. She said the 20-somethings and 30-somethings on her team better reflects Albertans' average age.



Behind the incoming premier's left shoulder stood Thomas Dang, of Chinese descent. On the other side, Nicaragua-born Ricardo Miranda.



Broaden out that tightly framed photograph, however, and the vast majority of what you see is white faces reflecting back at Albertans.



There are seven visible minorities among the New Democrats' 53 MLAs, and no aboriginal representation. That is down from 13 minorities elected in the last Tory government, and the lowest number since Ralph Klein first won as premier in 1993, along with seven non-Caucasian members...



Gotta love these "talk a good game" progs  ac_smile

Thomas Dang represents the riding right beside me. He is one of those unqualified nominees who was not supposed to win. I spoke with him and yes is a total airhead. He will now get to decide how Albertan's money will be spent. Gawd help us all.

[J0E]

I agree with Gunter, at this time in 2017, this will be a very unpopular government.



Student and social worker are the most common occupations of this unqualified group of new MLA's. ac_rollseyes

What may possibly boost the NDP's fortunes over the next four years are a rise in oil prices.



Price could rise as fast as its fallen. And this could turn the Alberta economy around real quick. A higher dollar, a stronger Canadian economy too.



Unforeseen events in the Middle East (such as another War), a radically different administration in the White House may make the price of oil rise again.



ie- there's no guarantee that Hillary Clinton will become president. She's a volatile candidate hated as much as she's is loved, and if things go awry, it could well be a President Jeb Bush.

Given his family's hawkish stance on Iraq, USA could be headed in for a war much bigger than the one they're in now.



So of course, the price of oil could hit the roof.

Since oil is the game of the US Neo-Repubs, this could well work in Alberta's favor, no matter who is in power.

Plus, they may go ahead with the Keystone pipeline, another potential boost for the Alberta Economy.

Perhaps the Tories were just unlucky, that the end of this boom coincided with the end of their term.

But had it come when prices had peaked, they might still be in power.



I don't wish for the above outcome of world events, but the future isn't fixed and we live in a very uncertain world so anythin' could happen over the next four years.

and Alberta's perhaps more than any other province, is tied toworld events.

[Anonymous]

The math really doesn't work Ms. Nothead. Albertans need to brace themselves as this newly elected government cannot possibly keep their promise to keep government charges low to 90% of Albertans. She pulled the wool over our eyes.

Albertans are being set up for higher personal, corporate and resource taxes.



Despite what new premier Rachel Notley says, the province's finances aren't really that much worse than the Tory government said. For all the Tories' faults (and there were many), they didn't sugar-coat the state of Alberta's revenue problems.



But by claiming, as Notley did following the first NDP cabinet meeting on Wednesday in Calgary, that "we are starting to find the challenges are a bit bigger than what may have been featured in the Prentice government's campaign," Notley is getting ready to abandon her own campaign promises not to raise taxes much, except on the richest Albertans.



If you promised not to raise taxes on 90 per cent of Albertans, but now that you're safely elected you admit that was never realistic, how do you explain to voters that the 90-percent pledge can't be kept? Why, of course, you blame the unpopular, outgoing government.



It's an old, old political trick. Expect Premier Notley to point the finger at the Tories for years to come every time her government blunders.



A promise to spend massively on social programs was never going to work with just a two percentage-point rise in corporate taxes and higher taxes on just the top 10 per cent of personal earners. The math never worked on that NDP campaign promise.



Despite the appeal of "make the rich pay" rhetoric, despite the NDP's class-envy campaigning that claims "the rich" don't pay their "fair share," the truth is the billions more the NDP want to spend cannot be raised solely from Albertans making more than $125,000 a year or from successful companies.



Promising to tax everyone more would never have gotten Agent Orange elected. Nor would talk of vastly higher corporate levies. Most Albertans may have resented the lack of corporate tax increases in the Prentice government's March budget, but they aren't anti-corporations to the extent the NDP are. So Notley soft-pedalled just how ravenous an NDP government's need would be for more and more tax money.



Now she's trying to get Albertans ready for higher-than-promised tax increases by claiming it's those dang Tories' and their misleading bookkeeping.



The NDP are also setting up the oil and gas sector for higher resource taxes by carrying through with their pledge of a review of the government's royalty system.



Even the name of the review, the Resource Owners' Rights Commission, carries a big hint of what the NDP expects the panel to recommend – much higher royalties. It has long been the NDP's claim that the Tories were letting Big Oil rip off Albertans.



But that belief is rubbish. Much of the benefit from the energy sector may not go to government. Instead, it goes directly to Albertans.



Without the oil and gas sector, provincial income taxes would be nearly double. That's a huge benefit to the "resource owners." And frankly, I'd much rather average Albertans keep that benefit in their pockets than the government have even more royalty money to spend.



Alberta has the lowest personal and corporate taxes in the country (which is a huge draw to new investors and new workers) and yet still has the highest per capita public spending. That's another huge benefit to the "resource owners."



Albertans have the highest family incomes in the country, the highest public sector wages, the highest labour participation and lowest unemployment rates, the best success rate for new-business start-ups and, in general, an economic climate that (despite a few downtowns) is consistently the best in the country.



But if you can convince Albertans they're being hosed, you can justify higher taxes on energy companies – and on everyone else.

http://www.edmontonsun.com/2015/05/28/ndp-will-shift-fiscal-blame-to-outgoing-tories">http://www.edmontonsun.com/2015/05/28/n ... ing-tories">http://www.edmontonsun.com/2015/05/28/ndp-will-shift-fiscal-blame-to-outgoing-tories

[RW]

I don't know why politicians keep making financial promises before they even see the books.  



Stupid.

[Anonymous]

I don't know why politicians keep making financial promises before they even see the books.  



Stupid.

To win elections, duh.

[Renee]

I don't know why politicians keep making financial promises before they even see the books.  



Stupid.

I don't know why this thread isn't in the political subforum.

[Anonymous]

^I prolly should have posted it there.

[RW]

Maybe Romero will move it for you.   ac_toofunny