CALGARY, AB: Today the Canadian Taxpayers Federation (CTF) launched albertadebtclock.ca to bring attention to Alberta’s return to debt. The CTF calculates that as of 9:30 AM today, Alberta’s debt stands at $7,747,716,210.05.
A report detailing the CTF’s calculation of Alberta’s can be found HERE:
Albertans can see the province’s debt updating in real time at albertadebtclock.ca, spinning at $129.25 every second.
The CTF calculates Alberta’s debt load based on the principles of Ralph Klein’s 1999 Fiscal Responsibility Act. Using this definition of debt, the province’s red line will increase by:
Based on Alberta’s current fiscal forecast, the province’s debt will reach $8.66 billion by the end of fiscal year 2013-14, and $17.001 billion by the end of fiscal year 2015-16. The last time Alberta’s debt stood at $7,7478,716,210.05 was May 27, 2001.
CTF Alberta Director, Derek Fildebrandt commented, “Albertans may have a hard time coming to grips with the fact that a key pillar of the Alberta Advantage has been so definitively fettered away. Ralph Klein’s legacy of a debt-free Alberta is no more because our government has refused to tackle its spending problem in a comprehensive way.”
Finance Minister Doug Horner’s repeal of the Fiscal Responsibility Act on April 1, 2013 legally removed all legal reference to, and the definition of, the ‘accumulated deficit’ according to the Government of Alberta 2012-13 Annual Report.
“In the last budget, the government just changed the definition of a balanced budget to try and ‘balance’ it. In repealing the Fiscal Responsibility Act, the government merely legislated away the legal definition of debt. It’s a convenient way keep up the charade that floor hasn’t fallen out of the province’s finances,” stated Fildebrandt.
The CTF also launched a @ABDebtClock Twitter account.
The CTF is currently refitting its 12 foot-long Debt Clock and trailer for an anticipated province-wide tour in the coming months.
A report detailing the CTF’s calculation of Alberta’s can be found HERE:
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