NDP Socialist Steve Durrell, (who lost the recent election in the Airdrie/Cochrane constituency), is bragging about the fact that the Alberta deficit is $2 Billion less than originally forecast. So what? He neglected to tell us that it’s still $6.9 Billion too high! While he was criticizing the UCP for getting some control over provincial spending of our tax dollars (including his), he also ignored the fact that the projected 2019 Alberta Government debt is an unsustainable $71.1 Billion with annual interest payments at $2.3 Billion and a debt to GDP ratio of 19.5!
When Notley was elected in 2015, instead of reducing spending as a result of the oil price crash, she chose to borrow and spend like a drunken sailor never giving a thought to those who would be required to pay a disproportionate amount of interest for her government’s unethical economic stupidity. Naturally in his attempt to support his socialist spending philosophy, Durrell forgot (or never knew), that bills always come due. Pay particular attention to this teaching moment in basic economics Mr. Durrell. While the terrible burden of all this idiotic borrowing will seriously affect taxpayers, it will have a far more serious effect on Albertans grand children and great grandchildren, or do you and your socialist friends care?
Finally, perhaps Durrell can explain why the Notley government borrowed $750 million S.A. Rands (about $70 million Canadian) at an interest rate of 8.05% in South African Rand only weeks before the 2019 election? This was the epitome of incompetant NDP economic stupidity considering the already unsustainable Alberta government debt! How dare Mr. Durrell criticize the UCP government for putting the brakes on the excessive, unnecessary, incomprehensible spending of Albertans tax dollars by the former NDP government?
If Mr. Durrell (or anyone), believes that my financial research or my fundamental argument is invalid, I’m available to debate the issues. You know where I am.
L. (Tex) Leugner