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Our Path to Balance

On the deficit, debt and inherited obligations

  • In 2015, Rachel Notley inherited an enormous hidden debt; leaky classroom windows, cracked foundations of public buildings and promised facilities that were never delivered.

  • Despite a downturn in the price of oil (and huge losses to our revenue due to our dependence on oil) the Notley government chose to invest in Albertans by modernizing and building over 244 schools, building the Cancer Center and not laying off teachers and nurses to meet the needs of our growing and aging population.

  • The combined effect of a decline in government revenue and he choice to not compromise the needs of Albertans has caused a higher deficit over the past four years than previous governments. ​​

 

Debt is the accumulated amount of money that a government is owing at a single moment in time. 

vs. 

Deficit is defined by the difference between what is spent and what is earned in a single fiscal year.

  • This spending, combined with a dramatic decrease in revenue shows an obvious increase in deficit for the past few fiscals years. 

  • Regardless, Alberta is on a path to balance by 2023 while remaining one of the lowest taxed provinces in the country.

  • The NDP diversification plan, a growing GDP and a fairer tax system has put us on a path to balance, without cutting the vital services that everyday Albertans rely on.

  • Keep in mind, Albertans are paying less taxes now than in the "good old days" of Ralph Klein. 

Comparing the Plans

  • The UCP's path to balance was projected as 2023, and published as such for the past month. That was until Kenney mistakenly stated in the Leadership Debate that it would be balanced in a single term. A date has now been removed from the platform.

  • You'll notice in the graphs below that debt service cost are only different by a mere 8% between the NDP and the UCP's projections. 

How we're doing it
  • The Alberta NDP is  able to remain competitive with the UCP while not cutting services to Albertans because we are not promising a $4.5B tax cut to wealthy corporations. Alberta already has an $11B tax advantage over any other province.

  • Not to mention, nobody needs to pay high health care premiums for their employees in Alberta. Our strong public school system makes Alberta an attractive option for employees of companies like Amazon and Garmin,.

  • The reality is ensuring a high standard of living, a strong climate leadership plan and stability is good for attracting foreign investment, hence the huge increase in companies setting up shop in Alberta. (Benevity, Amazon Shipping, Aurora Cannabis, etc.)