Last night, Premier Smith took to the airwaves to announce what can only be described as a genius plan to stabilize Alberta’s public finances for the long term. She only had ten minutes, so I’m here to flesh out some of the details. As I understood the address, the plan is to go back to the Getty era and undo the fiscal mistakes that were made. Just stop the practice of dipping into the Heritage Fund for operating expenditures and, through the magic of compound interest and the like, 2024 Alberta will be sitting pretty like Norway!
Well done, Lisa. Thanks, as always. I find myself thinking back to the heady days when Premier Getty told us his goal was to have every student in Alberta above the provincial average. Or to the promise that the Heritage Trust Fund would be there for Albertans on some "rainy day." Notwithstanding that a legion of rainy days has come and gone, with the much ballyhooed HTF singing, "Somewhere, Over The Rainbow ..." But I digress.
Wasn't it just last month Premier Floor Crosser was bragging about her $2.4 Billion surplus? I wonder how that happened - oh wait, O&G royalties arose like the Phoenix and saved her booty. So how is it that on the news this week I heard the cost of electricity has practically doubled over the last year:
"Stats Canada noted that electricity prices more than doubled in Alberta, going up by 119.9 per cent from January 2023 to January 2024. Nationally, however, electricity only went up by 11.1 per cent."
But you know, the bogeyman is really "Big, Bad Ottawa!" always picking on poor li'l Alberta, while the ossified rural minority eats it up like M&M's (just not those pro-LGBTQ green ones).
And don't even get me started on her profoundly embarrassing fete of Tucker Carlson.
We will never be like Norway, with their savings fund, because it's far too late. The Norwegian government had followed what Peter Lougheed did, when they created their savings fund. Peter Lougheed's oil royalty rates were very good, and even in the upper 30% range. However, that changed, when Peter Lougheed wasn't the premier of Alberta anymore. Ralph Klein really made it worse, and Peter Lougheed's oil royalty rate was pared back to only 1%. In addition, these phony Conservatives and Reformers did the most priciest shenanigans, for so many years, which cost us billions of dollars more, and we couldn't save anything. It's a lofty goal for Danielle Smith to believe she can get the Heritage Savings Trust Fund up to $250 billion. In fact, it's impossible, because the UCP also does very expensive boondoogles, which cost us so much money. Alberta's brand of sludge is going to be continued to be undermined by a lot of other less expensive oil, and that's not going to help. Danielle Smith will tell people what she believes they want to hear, and people will go right along with it. It will be the usual blame Justin Trudeau and Rachel Notley, or blame equalization for Alberta's poor fiscal predicament. It's a self inflicted matter, caused by the provincial government in Alberta, from these phony Conservatives and Reformers, who didn't continue on the trajectory that Peter Lougheed was on.
It really is a crying shame that for over a generation we had political leadership in this province that almost always took the easy way out on royalties, spending, deficits etc. We SHOULD have a Heritage Fund in the 12-figure range, had the PC's not decided to consider even the interest in the fund as general revenue. It's never too late to smarten up, but there's already been a massive opportunity cost.
Ok .. so that's her plan....plans can be altered. So go get the K-car. We all know O & G is famine or feast. Feast is gone. We all know surmountable funds were provided by the Fed's. Where did they go ? She went thru funds frivolously. But we/I know there will always be funding for O & G shareholders. In my mind this announcement is nothing but to take the heat of her governance.
Smart people prepare for the worst, plan for the best, and adjust as circumstances change. Smith is pretending to plan for the best, ignoring the worst and hoping nobody notices.
But hey, it’s exactly what her fanboys want to hear.
As if the Alberta pension plan is not enough pie in the sky, Danielle Smith is back for a second helping. Surely Albertans are not gullible enough to partake.
Another solid point I have to make is that courtesy of Ralph Klein, Albertans are saddled with an enormous cost of $260 billion to rectify all these abandoned oil wells that litter the Alberta landscape. That will eat up the proposed $250 billion Heritage Savings Trust Fund that Danielle Smith wants us to have. In Alberta, the mistakes of these phony Conservatives and Reformers cost us big money, which thwarts our ability to save money. Under the decline of oil prices, this leaves us no further ahead.
Well done, Lisa. Thanks, as always. I find myself thinking back to the heady days when Premier Getty told us his goal was to have every student in Alberta above the provincial average. Or to the promise that the Heritage Trust Fund would be there for Albertans on some "rainy day." Notwithstanding that a legion of rainy days has come and gone, with the much ballyhooed HTF singing, "Somewhere, Over The Rainbow ..." But I digress.
Wasn't it just last month Premier Floor Crosser was bragging about her $2.4 Billion surplus? I wonder how that happened - oh wait, O&G royalties arose like the Phoenix and saved her booty. So how is it that on the news this week I heard the cost of electricity has practically doubled over the last year:
"Stats Canada noted that electricity prices more than doubled in Alberta, going up by 119.9 per cent from January 2023 to January 2024. Nationally, however, electricity only went up by 11.1 per cent."
But you know, the bogeyman is really "Big, Bad Ottawa!" always picking on poor li'l Alberta, while the ossified rural minority eats it up like M&M's (just not those pro-LGBTQ green ones).
And don't even get me started on her profoundly embarrassing fete of Tucker Carlson.
No wonder I drink.
Well done, Lisa! Hilariously funny with a strong dose of reality. Keep up the great work!
We will never be like Norway, with their savings fund, because it's far too late. The Norwegian government had followed what Peter Lougheed did, when they created their savings fund. Peter Lougheed's oil royalty rates were very good, and even in the upper 30% range. However, that changed, when Peter Lougheed wasn't the premier of Alberta anymore. Ralph Klein really made it worse, and Peter Lougheed's oil royalty rate was pared back to only 1%. In addition, these phony Conservatives and Reformers did the most priciest shenanigans, for so many years, which cost us billions of dollars more, and we couldn't save anything. It's a lofty goal for Danielle Smith to believe she can get the Heritage Savings Trust Fund up to $250 billion. In fact, it's impossible, because the UCP also does very expensive boondoogles, which cost us so much money. Alberta's brand of sludge is going to be continued to be undermined by a lot of other less expensive oil, and that's not going to help. Danielle Smith will tell people what she believes they want to hear, and people will go right along with it. It will be the usual blame Justin Trudeau and Rachel Notley, or blame equalization for Alberta's poor fiscal predicament. It's a self inflicted matter, caused by the provincial government in Alberta, from these phony Conservatives and Reformers, who didn't continue on the trajectory that Peter Lougheed was on.
Gotta love the irony in Lisa's column. Nothing like a smile to start the day
It really is a crying shame that for over a generation we had political leadership in this province that almost always took the easy way out on royalties, spending, deficits etc. We SHOULD have a Heritage Fund in the 12-figure range, had the PC's not decided to consider even the interest in the fund as general revenue. It's never too late to smarten up, but there's already been a massive opportunity cost.
Ok .. so that's her plan....plans can be altered. So go get the K-car. We all know O & G is famine or feast. Feast is gone. We all know surmountable funds were provided by the Fed's. Where did they go ? She went thru funds frivolously. But we/I know there will always be funding for O & G shareholders. In my mind this announcement is nothing but to take the heat of her governance.
Smart people prepare for the worst, plan for the best, and adjust as circumstances change. Smith is pretending to plan for the best, ignoring the worst and hoping nobody notices.
But hey, it’s exactly what her fanboys want to hear.
As if the Alberta pension plan is not enough pie in the sky, Danielle Smith is back for a second helping. Surely Albertans are not gullible enough to partake.
Another solid point I have to make is that courtesy of Ralph Klein, Albertans are saddled with an enormous cost of $260 billion to rectify all these abandoned oil wells that litter the Alberta landscape. That will eat up the proposed $250 billion Heritage Savings Trust Fund that Danielle Smith wants us to have. In Alberta, the mistakes of these phony Conservatives and Reformers cost us big money, which thwarts our ability to save money. Under the decline of oil prices, this leaves us no further ahead.
A sinking boat sounds* "All Aboard!"
(*drowns)
Makes sense to, Lisa! Back to the 1980's! Yippee!
Very funny!.... oh, wait Smith was serious??????
https://www.nbim.no/en/
Opportunity...lost.
https://www.nbim.no/en/
Opportunity...lost.