Monday, July 12, 2004

Alberta debt-free, Klein announces

For all the recent and well-deserved criticism of Klein, everyone left and right of the political spectrum have to give props to Klein. Love him or hate him, he managed to kill Alberta's debt. Way to go.

Globe and Mail Update with Canadian Press

Alberta is now debt-free, Premier Ralph Klein announced Monday.

Mr. Klein attributed the province's fiscal success to high energy revenue and "the hard work of Albertans."

He said the debt, which stood at nearly $23-billion in 1993, "will be paid off to the last cent."

Almost all of that was racked up between 1982 and 1992, when oil prices crashed. Soaring prices for the resources have led to billion-dollar budget surpluses since the mid-1990s.

I love the media's spin on this achievement, strictly stating that it was because of 'resource revenues'. What most people fail to understand is that every one of Canada's provinces have a bounty of resources. If every province could have the shrewd fiscal management of the Alberta government, they would be in a similar situation.

Newfoundland had cod: they messed it up.

Quebec has forestry, mining and fishing: still a havenot province

BC has everything imaginable: the NDP completely screwed up the province.

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