"I think there's still going to be a sticker shock when this occurs and the Opposition Wildrose Party -- that campaigned on a balanced budget that was never quite clear how they were going to have a balance budget -- is going to really take aim at the NDP," he said. Don Martin, the former host of CTV News Channel's Power Play posts his take on the federal politics issues of the day. Further to the provision of the Personal Information Protection Act, personal information is kept confidential by TheTyee.ca and will not be sold, traded, released, shared or distributed to any other individuals, organizations or agencies without prior consent or notification. Download a printer-friendly version of the paper here. Rich Spared as Alberta Deficit Balloons ... By Mitchell Anderson 7 Apr 2015 | TheTyee.ca Mitchell Anderson is a freelance writer based in Vancouver and a frequent contributor to The Tyee. Measures have been enacted to ensure the integrity of personal information and to protect it from misuse, loss or alteration. "I think what we're going to see is that the provincial government will try not to cut spending and try to put some emphasis on infrastructure spending in an attempt to assist the economy," said McMillan. And while groups like the Fraser Institute bleated about a grotesque tax grab, the fact is, their friends in the business community emerged completely unscathed. Contact us About us Our experts Careers. McMillan added that the government will have to look at either very "substantial cuts" in services and reducing the size of government, or increasing taxes in a way that will "hit the average Albertan. With spending growing at a relatively slow pace, revenue has largely caught up – leading to a substantial reduction in deficits between 2009 and 2015. The one potential benefit of the Prentice budget is that Albertans might take a more active interest in their governance now that they are paying more for it. Although this is roughly 10 percent below the FY 2014 deficit and nearly 70 percent below its 2009 peak, the country remains on an The province has another sweetheart deal for everyone except the people who live in the province and own the resource. He... Whoever is inaugurated on January 20, 2021, will face many fiscal challenges over his term. According to the Treasury Department, the federal deficit totaled $439 billion in FY 2015 (an initial report from the Congressional Budget Office on October 7th estimated the deficit at $435 billion), with $3.25 trillion of revenue, $3.69 trillion of spending. Data sourced from RBC fiscal tables. Listen and subscribe to get a daily fix on the latest political news and issues. A budget released by the former Progressive Conservative government in March was defeated when the NDP took power in the May 5 election. Indeed, over the same period that deficits fell by 70 percent, nominal debt held by the public grew by about 75 percent – from $7.5 trillion to $13.1 trillion. This reduction was driven mainly by the 54 percent ($1.1 trillion) increase in tax collections that has come largely as a result of the economic recovery but also due to real tax bracket creep, new taxes from the American Taxpayer Relief Act, the Affordable Care Act, and increased remittances from the Federal Reserve. The oil industry wasn't happy so instead they were chopped to 39 per cent and 35 per cent by 2011. 2015, Alberta would have a deficit of just under $3 billion in 2018/19 rather than $8.8 billion. Assuming a common revenue forecast, if Alberta’s government had kept to the March 2015 spending forecast it would be on pace to shrink the deficit to under $2 billion by … That document called for a $5-billion deficit, but aimed to put the province back in the black by 2018. The rude awakening from last week may finally rouse the ire and independent spirit of Albertans to actively decide what kind of province they want to live in. The last review of the badly broken royalty regime was back in 2007. Charge up those headphones! Instead, spending choices made over the past three years are an important cause of the persistence of large deficits in Alberta. We have offices in Calgary, Montreal, Toronto, and Vancouver. Canada's Most Trusted News. he said. In only a decade, deficits are projected to again exceed $1 trillion, and within 15 to 25 years debt is projected to exceed the entire size of the economy. It's unavoidable and undeniable. And what about oil and gas royalties?
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