Alberta's credit downgraded following big-spending provincial budget

[Locutus]

Premier Rachel Notley insisted there’s nothing her NDP government could do to avoid a credit downgrade for Alberta, as the province lost another premium triple-A rating on Friday.

A day after the NDP released a provincial budget awash in red ink, credit rating agency DBRS announced the province’s long-term debt rating has been dropped from triple-A to double-A (high).

In a release, DBRS noted it placed the province’s long-term ratings on a negative trend in January due to low oil prices and an expectation the government’s financial response would be inadequate.

“While oil prices have recovered somewhat since that time, Alberta’s 2016-’17 budget … confirms a significant fiscal shortfall,” said the agency.

“This is magnified by the government’s reluctance to further rein in spending or adjust taxation levels and a sizable capital plan.”


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Alberta's credit downgraded following big-spending provincial budget

 

[petros]

Miss Management

 

[MHz]

Oh no. . . . . nothing seems any different other than there are more pedestrians using the bridges Float almost to Winnipeg.

 

[mentalfloss]

Thanks Ralph.

 

[Nick Danger]

I doubt there's any move Ms. Notely could make that wouldn't come under criticism from the sour-grapes right. Stimulus spending and limiting personal tax hikes in a time of economic trouble? These are common sense measures that should be obvious to any political stripe. The credit rating adjustment holds little meaning, they're still tied for highest in Canada, so big deal.

 

[captain morgan]

Thanks Ralph.

That's King Ralph to you.... Peon

I doubt there's any move Ms. Notely could make that wouldn't come under criticism from the sour-grapes right. Stimulus spending and limiting personal tax hikes in a time of economic trouble? These are common sense measures that should be obvious to any political stripe. The credit rating adjustment holds little meaning, they're still tied for highest in Canada, so big deal.

We've been down this road already.

Notley could have chosen NOT to raise corp and personal taxes in addition to threatening to fool around with the royalty structure.

You got blinders on man

 

[Nick Danger]

Notley could have chosen NOT to raise corp and personal taxes in addition to threatening to fool around with the royalty structure.

Which would have done exactly jack squat to revitalize dimishing gov't revenue streams. There's still a province to run. The personal tax hikes have been modest, and the corporations are in much better shape than they would like you to believe. The major players are sitting on record high cash reserves, their stock prices are climbing, and expansion projects are back on the front burner. Your hatred for anything non-conservative is giving you a nasty case of cranial/rectal inversion.

 

[captain morgan]

Which would have done exactly jack squat to revitalize dimishing gov't revenue streams.

Correct... Instead, she raised taxes which not only are hurting the average Joe as the overall income has decreased in addition to the Corps that will have less money to keep people employed, let alone grow.

So, in the end, she'll generate fewer dollars had she done nothing.

The personal tax hikes have been modest, and the corporations are in much better shape than they would like you to believe.

Exactly how do you know what shape the corps are in?... Taken a look at teh headlines about the majors laying off thousands at a time? On that note, not every company in AB is the size of Suncor, Shell or CNRL... This might come as a shock to you, but the vast majority fo companies, and employers for that matter, are small companies.

... So, care to revise your thoughts on your inaccurate and highly generalized statements?

The major players are sitting on record high cash reserves, their stock prices are climbing, and expansion projects are back on the front burner.

So what?

They aren't in business to act as Auntie Rachel's personal ATM machine when she fukks-up on things.

Your hatred for anything non-conservative is giving you a nasty case of cranial/rectal inversion.

I reserve my disdain for those folks that are ideologically driven, voluntarily unintelligent and fancy themselves as entitled to everything at someone elses expense.

 

[gerryh]

So what?

They aren't in business to act as Auntie Rachel's personal ATM machine when she fukks-up on things.

She didn't fu ck things up. The last few PC Premiers "fu cked things up". She just inherited it. Unless you can prove conclusively that Prentiss could have done a better job so far, then maybe shut the fu ck up, cause you really are looking like an idiot.

 

[captain morgan]

The last PC gubmint didn't force Notley to raise taxes.

This isn't that hard to understand

 

[gerryh]

The last PC gubmint didn't force Notley to raise taxes.

This isn't that hard to understand

Again, prove that Prentis would have done a better job, because that is the choice we had, Prentis or someone else. The citizens of Alberta chose someone else.

 

[Nick Danger]

The increases in personal income tax don't kick in until income passes $125/yr., and even then they amount to a whopping 1.5%. Hardly targeting the poor and down-trodden.

The corporate income tax hike was all of 2%, moving away from the so-called "Alberta Advantage" to a rate more in line with the lower end of the national average. The small business tax, for businesses earning under $500,000/yr, remains unchanged.

Yes, the big oil patch operators are not the only businesses in the oil industry, but they are the driving force and they are showing no signs of slowing down at this point.

I reserve my disdain for those folks that are ideologically driven, voluntarily unintelligent and fancy themselves as entitled to everything at someone elses expense.

No, I think you're just nasty to anyone who hasn't drunk the conservative kool-aid.

 

[MHz]

That pretty much means any company receiving Govt handouts has already left the province/country and now the taxes will will go to where they should have always been. It boils down to how much money can be floated for new ventures that utilize the old hardware as much as possible. (cheapest construction costs) If it doesn't pay to dig stuff up anymore the growing something new is usually the best alternative. You either supply a needed item or you create a demand for an item you already are growing. It would seem to lock up as much as you could before you go looking for any handouts or what you need might be snatched up by some insider before you can act on it, due to, wait for it, . . . criminals

 

[captain morgan]

Again, prove that Prentis would have done a better job, because that is the choice we had, Prentis or someone else. The citizens of Alberta chose someone else.

This is about an after-the-fact analysis, not what would have been

Notley did what she did, the ramifications are now history and she has to live with the political fallout.

The increases in personal income tax don't kick in until income passes $125/yr., and even then they amount to a whopping 1.5%. Hardly targeting the poor and down-trodden.

So what?.. And who the hell are you to make the assessment of IF these tax increases hurt people?

Just 'cause you're not in the same tax bracket doesn't mean you know sh*t from shinola

The corporate income tax hike was all of 2%, moving away from the so-called "Alberta Advantage" to a rate more in line with the lower end of the national average. The small business tax, for businesses earning under $500,000/yr, remains unchanged.

It's always a hoot to hear the ole 'it's only a small tax increase'... No doubt, if it were directed at your demographic, there'd be no end to the whining and crying of the unbelievable hardships.

Yes, the big oil patch operators are not the only businesses in the oil industry, but they are the driving force and they are showing no signs of slowing down.

... Apparently they are slowing down, or is your idea of moving ahead at break-neck speed embodied by mass layoffs?

All you got are a few cheer-leader-style cliches and platitudes... You really ought to come down to reality here

No, I think you're just nasty to anyone who hasn't drunk the conservative kool-aid.

You're upset because you identify as an ideologically driven member of the entitlement set

 

[gerryh]

This is about an after-the-fact analysis, not what would have been

Notley did what she did, the ramifications are now history and she has to live with the political fallout.

Everything is an "after the fact" analysis. You are making it out as if Notley is doing the wrong thing and is responsible for the mess we are in right now. I am saying prove that anyone else would have done something differently and it would have a different outcome. Show that the PC's are not responsible for ANY of the mess we are in, because all I am seeing is blame thrown at the NDP, a government that has only been in power one year compared to the PC's 40 plus.

BTW, don't bother with the "ideologue" label with me. When I moved here in 2001 I voted Klien, then Stelmach, then was suckered by Redford, and finally Prentis, who I thought could fix the previous 2's fu ck ups. I was mistaken.

 

[captain morgan]

In retrospect, Notley did do the wrong thing as evidenced by the highly public announcements made by some of the majors that they would limit their activities as a direct result of the gvt's policies.... Murray Edwards is another documented example

As far as the mess Notley inherited; she knew that going into the election race, it was not as if it was a secret. Further, her actions did have negative ramifications both politically and economically.

PS - You might want to re-read my comments about ideologues and refer it back to the person to whom I responded directly

 

[Nick Danger]

In retrospect, Notley did do the wrong thing as evidenced by the highly public announcements made by some of the majors that they would limit their activities as a direct result of the gvt's policies.... Murray Edwards is another documented example

Corporate sabre-rattling in response to a tax hike they don't like. How quick they forget the conservative tax reductions over the past decade to levels below the national average at a time when profits were soaring.

And Murray Edwards has not divested himself of any corporate holdings in Alberta, his move overseas was only to shelter his personal income.

 

[gerryh]

And Murray Edwards has not divested himself of any corporate holdings in Alberta, his move overseas was only to shelter his personal income.

Ah yes, Murray. Makes his billions in Canada, from Canada, because of Canada, and then fu cks off somewhere else to save a couple of bucks instead of giving back to the Country and Economy that afforded him the ability to make his billions. What a fu cking piece of shyte.

 

[captain morgan]

Corporate sabre-rattling in response to a tax hike they don't like. How quick they forget the conservative tax reductions over the past decade to levels below the national average at a time when profits were soaring.

And Murray Edwards has not divested himself of any corporate holdings in Alberta, his move overseas was only to shelter his personal income.

Nice work.. You're half way there, so let's extrapolate on the balance of the logic.

Which nation will he pay income tax on an 8 or 9 figure annual income in?

Ah yes, Murray. Makes his billions in Canada, from Canada, because of Canada, and then fu cks off somewhere else to save a couple of bucks instead of giving back to the Country and Economy that afforded him the ability to make his billions. What a fu cking piece of shyte.

Hilarious... Edwards pays more income tax in 1 year than you will pay in 10 lifetimes and your extra special position that it ain't enough.

Even funnier is that Auntie Rach and Uncle Justine are laughing their balls off knowing that it is people like you that will be leaned on to finance their socialist utopia.

 

[gerryh]

Even funnier is that Auntie Rach and Uncle Justine are laughing their balls off knowing that it is people like you that will be leaned on to finance their socialist utopia.

And that would be because of selfish pricks like Murray use Canada for everything they can and then fu ck off when it's time to pay back.