Travis Toews and Devin Dreeshen are increasing the debt limit for the Agriculture Financial Services Corporation.
The Alberta minister of finance was given the okay to lend the provincial government $25 billion, the largest approval during his term.
More debt. Fewer jobs. Less tax revenue.
Cutting salaries and cutting positions makes a bad economy worse, not better.
Income tax revenues are $4.2B lower than planned this year. Oil & gas revenue is $3.4B lower. Federal transfer payments are $2.2B higher.
Travis Toews doesn’t like that Alberta nurses asked for a 7% wage increase over 4 years, but he’s not telling you the whole story.
Alberta’s provincial government proposed cutting union wages by 5 points more than an arbitrator awarded this past spring.
An earlier version of this article misrepresented data from the 2020–2021 fiscal update.
And with lower demands driven by a still ongoing pandemic, we might not see oil prices rising significantly for some time.
Personal income tax and transfer payments from Ottawa will be the largest sources of income for the UCP government this year. If it wasn’t for them, the provincial debt would be much higher.