[Newsbot]

Title: Albertans brace for $2B 'fiscal correction'
Category: Provincial Politics
Posted By: WDHIII
Date: 2010-02-09 09:42:14
Canadian

[stokes]

Early 90's all over again, klein did the almost impossible back then and we all suffered can it be done aain without as much pain?

[Public_Domain]

[DrCaleb]

stokes stokes:

Early 90's all over again, klein did the almost impossible back then and we all suffered can it be done aain without as much pain?

We can, if Herr Morton doesn't decide that we need to return to a balanced budget inside of one year.

Oh . . .wait . . what the hell is he thinking? Make no plans for the future, spend like a drunk sailor in port and sock away nothing? Isn't this how we got here to begin with?

A common bumper sticker in Alberta comes to mind. "Please God, I won't piss this boom away" Guess what. They did.

Again.

[BartSimpson]

$1:

"Why is this called a rainy-day fund?" Morton asked. "It is called a rainy-day fund for when it rains. And I'm here to tell you that over the past 18 months it has been raining all over the world."

At least Alberta has such a fund. Out of curiousity, does Ontario have any money set aside from the good times or did they spend it all?

[Bruce_the_vii]

Ontario? Ontario had a bit of recession in 2002 because of a major power outage and SARS, which drove the deficit back up. Since then the budget was balanced but Chief Economist Don Drummond of one of the Banks says it's got a "structural deficit". So no, McGuinty did not pay down the debt. For 40 years or so it's been going up, with the exception of a very few years. This years deficit is $25 billion.

[BartSimpson]

Bruce_the_vii Bruce_the_vii:

Ontario? Ontario had a bit of recession in 2002 because of a major power outage and SARS, which drove the deficit back up. Since then the budget was balanced but Chief Economist Don Drummond of one of the Banks says it's got a "structural deficit". So no, McGuinty did not pay down the debt. For 40 years or so it's been going up, with the exception of a very few years. This years deficit is $25 billion.

Holy crap. That puts Ontario ahead of California. We only have a $21 billion deficit. And our population is way larger than Ontario's.

[bootlegga]

DrCaleb DrCaleb:

stokes stokes:

Early 90's all over again, klein did the almost impossible back then and we all suffered can it be done aain without as much pain?

We can, if Herr Morton doesn't decide that we need to return to a balanced budget inside of one year.

Oh . . .wait . . what the hell is he thinking? Make no plans for the future, spend like a drunk sailor in port and sock away nothing? Isn't this how we got here to begin with?

A common bumper sticker in Alberta comes to mind. "Please God, I won't piss this boom away" Guess what. They did.

Again.

No doubt, it makes me sick to think that we had a second massive boom and we didn't bother to save more than a few billion.

[Yogi]

I see that none of the cuts or belt-tightening applies to any MP's salaries/perks. If eddy&co would grow some balls and charge the exploration companies more than 'pennies on the dollar'...

[tritium]

Cheap real estate on the horizon?? Wonder if this will effect housing prices at all like it did in the 90's.

[bootlegga]

Yogi Yogi:

I see that none of the cuts or belt-tightening applies to any MP's salaries/perks. If eddy&co would grow some balls and charge the exploration companies more than 'pennies on the dollar'...

Now, now, let's not forget that the MLAs did take a 10% cut in pay earlier this year. Of course, that was AFTER that whopping 34% raise they gave themselves right after the last election in 2008.