Alberta to post the biggest deficit in its history

Alberta expects to post a $4.7-billion deficit this year – the largest in provincial history – as the former darling of the Canadian economy sinks into the red over four consecutive years. The resource-rich province has been brought to its knees by collapsing energy prices, a slumping stock market and declining corporate investment.

Read the rest at the Globe and Mail

Reminds me of something an Albertan once told me : “Any monkey can balance the budget at $100 / barrel, that doesn’t mean we have the right ape at the wheel.”

Alberta has relied on oil to grease the wheels of government programs for years effectively giving the people a pass on their taxes.  Will reality set in?  Will Albertans be willing to give up a meaningful level of their actual income to fund all those big social programs implemented by “conservatives.”

  1. #1 by Dave King on April 8, 2009 - 4:22 pm

    I think the original quote was $48. Just goes to show how quick we got used to $100 barrel. Mike can be quite prophetic.

    – Peace

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