Rachel Notley’s NDP wants you to believe that our economy in Alberta is improving but that’s really not the case. Finance Minister Ceci claims in his fiscal update that after a two year recession the province emerged with a 4% growth due to hiring freeze in the public sector and no raises in the unions.
Ceci said Alberta had emerged with four per cent growth from two years of recession and the government now intended to reduce spending, in part through a public-sector hiring freeze and a push for no raises in negotiations with unions.
He also tried to portray as good news that our deficit for 2017-18 would be $10.3 billion instead $10.4 billion what they estimated in the budget last spring.
The move follows Finance Minister Joe Ceci’s Tuesday release of the province’s second-quarter fiscal update, which sees the deficit for 2017-18 projected at $10.3 billion — a slight improvement from the spring budget’s estimated $10.4 billion.
Oh and by the end of the year our debt (drum roll), will up to a measly $42 billion. Isn’t that great?
He said the NDP government is continuing Alberta’s long-standing reliance on resource revenues, while high levels of borrowing are driving up the provincial debt, expected to top $42 billion by the end of this year.
Wow, everything is coming up roses except for Rating agency DBRS Ltd, one of three credit agencies, just downgraded out credit rating again from AA+ to AA which is not good.
Rating agency DBRS Ltd. announced Wednesday that it had downgraded Alberta’s rating from AA (high) to AA, while maintaining a negative outlook for the province.
The other two agencies S&P Global Ratings and Moody’s have downgraded our credit rating before, that being in May S&P gave us a rating A+ down two notches from the rating they gave us before.
The most recent downgrade came from S&P in May, as it lowered Alberta’s rating two notches, from AA to A+.
So despite all the rhetoric the NDP is spewing that they want to believe the Alberta economy is not in good shape.
Is the oil and gas industry booming? No!
Is investment coming back to the province? No!
Are businesses booming and hiring? No!
The fact is the NDP are not telling us the truth and the longer they’re in office the more they are wrecking the province.