November 28, 2012
Redford on path to send Alberta into a freefall of deficits and debt
EDMONTON, AB (November 28, 2012): The PC legacy of fiscal mismanagement, overspending and a complete lack of transparency is carving out a future of deficits, debt and depleted savings, the Wildrose Official Opposition said today. Today’s fiscal update continues to show that Alberta is on path for a $3 billion dollar deficit, a $5 billion dollar cash shortfall and a Sustainability Fund falling from $7.5 billion dollars to roughly $3 billion dollars.
The PC government is also picking up debt at an incredibly quick pace, having borrowed more than $3 billion dollars on behalf of itself and related entities in the first 2 quarters alone, with the result that the province is now racking up an estimated $531 million dollars in interest charges this year. “This is money that is evaporating that will not and cannot be spent on health care, education and other core social programs,” Wildrose Official Opposition Leader Danielle Smith said. “Without getting a mandate in the past election, this government is spending and borrowing at a reckless pace and leaving future Albertans to clean up the mess.” Just as predicted by Wildrose in February, revenues from the “Alison Wonderland” pre-election budget are drastically lower risking the economic health of the province during a time of global economic uncertainty, Wildrose Finance Critic Rob Anderson said. “These guys tried to use phony numbers before the election to boost their fortunes and are now playing fast and loose with the numbers to cover up their complete fiscal mismanagement,” Anderson said. “With a gloomy economic outlook outside our borders and a continued oil supply spike, this government’s reckless spending is sending Alberta’s balance sheet off a cliff.”