There was some good news for Albertans in the provincial NDP government’s recent fiscal update. The official deficit is expected to be $6.9 billion for 2018–19 — which is $1.4 billion lower than forecasted by the 2018 budget. The reason is improving resource revenues and personal tax revenue. With 44,000 jobs added in the province last year, the economic prospects might even look like they’re brightening.
Alberta’s finance minister, Joe Ceci, projects resource revenue growing from $5.5 billion in the current fiscal year to more than $12 billion in 2023–24, but doesn’t explain why. With burgeoning U.S. production, it seems more reasonable to expect oil prices to stay relatively flat, or worse, if there is, as expected, a slowdown in the world economy in the next few years.
The picture is much bleaker than the government lets on. Ignoring public administration, health, education and social services, employment from May 2018 had actually declined by 4,500 jobs by January 2019. And there has been no recovery at all since May 2015 when the NDP was elected. Net private sector employment has declined by 39,700 jobs since May 2015.
More bad news is coming as foreign companies bail out of the oilpatch worsening an already appalling economic environment . Things would be less terrible if activity picked up strongly in other sectors to make up for the energy downturn, but that hasn’t happened. Since May 2015, employment has actually fallen in agriculture, construction, manufacturing, transportation and other services.
ableg abpoli
The NDP has destroyed the Alberta economy. Time to go!
betteroffwithoutrachel
RachelNotley has discouraged investment by raising corporate taxes and siding with the environmental wackos against O&G development, appointing them to key govt positions. But what else would you expect from socialists? albertaNDP
Could you imagine if a government could actually balance a budget? I would bet it has never been.done. too much waste
jackmintz RachelNotley Public Sector wages Have to be Reduced to the Average of the rest of Canada... I Don't see anything wrong with that...
And the trickle down politics of jkenney is an old formula proven for not working. Even the Wall Street Journal had said it. Massive corporate tax cuts (he promised lowest taxes in history for corporation) does not create jobs. It makes the richer MUCH richer... his friends
Good bye Rachel. You and Justin can head over to the UN and chase unicorns. cdn poli
NDPs medicine will be over very soon!!