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kingofsurrey

Smart money - leaving Alberta

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4 minutes ago, PhillipBlunt said:

Calgary, Medicine Hat, Drumheller, Red Deer. I thought that the parts of Alberta I visited with my family were pretty nice.  

 

My condolences on having to live in Edmonton. Were you born there, or did you move there? If you moved there, what were you thinking? :lol:

Alberta is a dumpster fire  except for maybe Jasper area....  but the people in Alberta  are pretty  awesome.  Pretty much every Albertan i ever meet  is dreaming of moving to BC  or Montreal. 

 

PS - moved to Edmonton for university.    Nice little city with great people.... just too isolated . 

Edited by kingofsurrey
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15 minutes ago, DADDYROCK said:

When the oil business was booming and they were almost rolling in money,did Alberta set any aside for the lean times, of course not,so I wonder what happened to ALL THAT MONEY.

The ceo's and executives at the top gave themselves bonuses as usual most likely,sorry working folk you got screwed again.

Here in B.C. we have lumber mills closing right and left ,certain jobs are just not sustainable.

Alberta failed to invest their oil revenue during the boom times....   Now the industry has tanked and is dying....

 

Sad to see such major fiscal  miss-management by Alberta Conservative politicians...... 

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21 minutes ago, kingofsurrey said:

Alberta failed to invest their oil revenue during the boom times....   Now the industry has tanked and is dying....

 

Sad to see such major fiscal  miss-management by Alberta Conservative politicians...... 

You mean this money they failed to invest?

Latest update

The Alberta Heritage Savings Trust Fund 2019-20 First Quarter Update was released on August 27, 2019.

Over the first 3 months of the 2019-20 fiscal year, the Heritage Fund earned a 1.4 % return and $480 million in net income.

As of June 30, 2019, the fund’s assets were worth $18.1 billion on a fair value basis.

Over the past 5 years, the Heritage Fund earned an 8.7% average annual rate of return. Over the past 10 years, the average annual return was 10.1%.

Since 1976, the Fund has contributed more than $43.7 billion to fund Albertans’ priorities like health care and education.

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7 minutes ago, Rick Blight said:

You mean this money they failed to invest?

Latest update

The Alberta Heritage Savings Trust Fund 2019-20 First Quarter Update was released on August 27, 2019.

Over the first 3 months of the 2019-20 fiscal year, the Heritage Fund earned a 1.4 % return and $480 million in net income.

As of June 30, 2019, the fund’s assets were worth $18.1 billion on a fair value basis.

Over the past 5 years, the Heritage Fund earned an 8.7% average annual rate of return. Over the past 10 years, the average annual return was 10.1%.

Since 1976, the Fund has contributed more than $43.7 billion to fund Albertans’ priorities like health care and education.

Maybe if Alberta had a sales tax they could have saved more of their oil revenue when times were booming......

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5 minutes ago, kingofsurrey said:

Maybe if Alberta had a sales tax they could have saved more of their oil revenue when times were booming......

Or perhaps they could have stopped the $20B of equalization payments they provided to other less fortunate areas of Canada on an annual basis.

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22 minutes ago, Rick Blight said:

Or perhaps they could have stopped the $20B of equalization payments they provided to other less fortunate areas of Canada on an annual basis.

Equalization transfer are based on positive income.   Alberta had plenty of money left to invest in their legacy fund.  

 

Alberta and Albertans chose to blow their oil revenue like drunken sailors arriving at a new port.  Very poor fiscal management by Alberta Conservative Politicians.  I can not understand how Albertans simply do not hold their previous governments responsible.... instead of trying to shift the blame to others not involved in their provincial investment / spending decisions....  

 

I guess if a child leaves their christmas present out in the rain over the weekend...  they would similarly try to shift the blame to their parents...

Thats what children do. 

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1 hour ago, Alflives said:

How is industry leaving Canada a good thing?  Where is our Federal government going to make up the money lost, that Alberta was sending their way?  That all means less money in transfers to the needy Provinces, and cuts to healthcare, education, and other really important services.  That kind of means austerity measures across the whole country.  I don't see this a good, but actually really bad.  

Unfortunately some people believe a future Canada will not rely on oil and that is merely a necessary evil to accomplish that. Although they don't realise their phone they made that virtuous tweet on comes from oil from somewhere. And if it's not Canada, it's going to be from somewhere in the middle east.

 

Many people fail to understand, the eastern OPEC giants care not for the values Canadians hold. And they will happily sell us more when we stop producing our own. 2 point swing, as they say.

Edited by Baer.
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alberta's problem is cultural more than economic

 

the sooner albertan's realize this, the sooner improvements can happen

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1 hour ago, Fanuck said:

No thanks, they can stay on their side of the Rockies and we'll stay on the nice side^_^

I was thinking of somewhere perhaps in Nevada or Arizona

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35 minutes ago, Rick Blight said:

Or perhaps they could have stopped the $20B of equalization payments they provided to other less fortunate areas of Canada on an annual basis.

OK boomer.......

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3 hours ago, kingofsurrey said:

Alberta with a dying oil industry will become a have not province.....  needing Federal government money probably in the next 30-40 years....

Where does the Federal come from King?  

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1 hour ago, Baer. said:

Unfortunately some people believe a future Canada will not rely on oil and that is merely a necessary evil to accomplish that. Although they don't realise their phone they made that virtuous tweet on comes from oil from somewhere. And if it's not Canada, it's going to be from somewhere in the middle east.

 

Many people fail to understand, the eastern OPEC giants care not for the values Canadians hold. And they will happily sell us more when we stop producing our own. 2 point swing, as they say.

I am happy to sell oil to Canada, please continue sending us your money.

 

https://www.nrcan.gc.ca/energy/energy-sources-distribution/crude-oil/oil-supply-and-demand/18086

Edited by CBH1926

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39 minutes ago, Alflives said:

Where does the Federal come from King?  

From the current have provinces.... BC and Ontario most likely..  hard to predict the future...

 

Oil is a dying industry Alf.   We all need to face the facts.  Start to invest in Green technology and become a world leader. Skilled jobs  instead of just hewers of wood and drawers of water.......    Forestry and oil both are dying industries...

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4 minutes ago, kingofsurrey said:

From the current have provinces.... BC and Ontario most likely..  hard to predict the future...

 

Oil is a dying industry Alf.   We all need to face the facts.  Start to invest in Green technology and become a world leader. Skilled jobs  instead of just hewers of wood and drawers of water.......    Forestry and oil both are dying industries...

I wonder how long the transition to living without oil though!  Oil is in pretty much all our stuff now. 

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4 hours ago, nuckin_futz said:

Not exactly Earth shattering news but this did happen yesterday. ....

 

Moody's downgrades Alberta's credit rating, citing continued dependence on oil

Finance minister says downgrade can be blamed on previous government, lack of pipeline access

 

Alberta's credit rating has been downgraded by Moody's, with the agency citing the volatility in the province's dependence on oil and continued fiscal pressures.

 

The province's rating was downgraded to Aa2 stable from Aa1 negative on Tuesday.

 

The downgrade, the agency states, reflects Moody's "opinion of a structural weakness in the provincial economy that remains concentrated and dependent on non-renewable resources … and remains pressured by a lack of sufficient pipeline capacity to transport oil efficiently with no near-term expectation of a significant rebound in oil-related investments."

 

The agency's rating stated that continued spending cuts will be needed for the government to balance the budget by its set target of 2022.

"Moody's notes that the province's forecast of a cumulative three per cent decline in operating expenses by 2022-23 is somewhat ambitious which will require sustained political discipline," the release read.

 

"Macroeconomic factors, which influence oil-related revenue growth and private sector investments in the oil sector, remain outside the control of the government. As a result, the government's fiscal projections are subject to material execution risk."

 

(more in the link, but you get the idea)

https://www.cbc.ca/news/canada/calgary/moody-s-alberta-credit-rating-1.5383294

 

 

 

This is indicative of what is going on in Alberta.  It is obvious to Albertans that they need to diversify their economy.  The problem is, young people can prepare for other industries like green tech and then they're looking at their student loan debt and they run to the oil patch because they can make so very much more money.  This is simplistic I know but the revenue from oil needs to set up the province for the future.  

 

 

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11 hours ago, Russ said:

Removed by mod

Alberta has amazing citizens and fantastic universities.. also Polytechs  SAIT and NAIT are world class.

 

Time for Alberta to diversify.   With a hard working population and solid education system.... Alberta just needs to think outside the box and invest wisely. 

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Declining investment in Canada in never a good thing.

It's too bad the Alberta Gov didn't have a plan for the future of its economy years ago when pressure was just starting to be evident from the international community.

 

I believe if they take a cold hard look and forecast properly they'll see they absolutely need to diversify their investments and make a strong push towards a greener more sustainable future. 

 

On a federal level, the Gov &^@#ed up badly decades ago by not nationalizing our natural resources. Instead they pretty much gave away Alberta's future to corporate interests which is a massive failure. 

Just like they &^@#ed up BC's forests and fisheries.

 

Big round of applause for the Corptocracy! Yay! All Canadians get &^@#ed over! Hooray!

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6 hours ago, nuckin_futz said:

Not exactly Earth shattering news but this did happen yesterday. ....

 

Moody's downgrades Alberta's credit rating, citing continued dependence on oil

Finance minister says downgrade can be blamed on previous government, lack of pipeline access

 

Alberta's credit rating has been downgraded by Moody's, with the agency citing the volatility in the province's dependence on oil and continued fiscal pressures.

 

The province's rating was downgraded to Aa2 stable from Aa1 negative on Tuesday.

 

The downgrade, the agency states, reflects Moody's "opinion of a structural weakness in the provincial economy that remains concentrated and dependent on non-renewable resources … and remains pressured by a lack of sufficient pipeline capacity to transport oil efficiently with no near-term expectation of a significant rebound in oil-related investments."

 

The agency's rating stated that continued spending cuts will be needed for the government to balance the budget by its set target of 2022.

"Moody's notes that the province's forecast of a cumulative three per cent decline in operating expenses by 2022-23 is somewhat ambitious which will require sustained political discipline," the release read.

 

"Macroeconomic factors, which influence oil-related revenue growth and private sector investments in the oil sector, remain outside the control of the government. As a result, the government's fiscal projections are subject to material execution risk."

 

(more in the link, but you get the idea)

https://www.cbc.ca/news/canada/calgary/moody-s-alberta-credit-rating-1.5383294

 

 

 

Lol, crazy how blatantly the Conservatives accused NDP.

 

Acting like OPEC world oil prices had no impact on the reason why things are so bad and lack of diversity which they still don’t seem to acknowledge being another key point they ignore. 
 

This CBC budget tracker is interesting, you can see how all the Conservative budget cuts are impacting diversity in the economy.


https://www.cbc.ca/news/canada/calgary/ucp-cuts-budget-funding-united-conservative-party-jason-kenney-1.5371156

 

I know a few people who left Vancouver to Alberta in order to start up tech companies due to the tax grants being offered. Be interesting to see if they comeback. 

Edited by HI5

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