CALGARY, AB: The Canadian Taxpayers Federation is criticizing the Alberta government for announcing a $440 million loan guarantee for an upgrading facility rather than growing the provincial economy through broader competitiveness measures.

“Albertans continues to face hard times and the government needs to take action, but corporate welfare just doesn’t work,” said Franco Terrazzano, Alberta Director for the CTF. “The focus needs to be on getting pipelines built, scraping the carbon tax, cutting red tape and reducing income and business taxes.”

The Alberta government announced a $440 million loan guarantee for an upgrading facility. Taxpayers have been burned in the past when corporate welfare has been disguised as economic development and diversification. According to a University of Calgary report, between 1973 and 1993, the Alberta government’s so-called economic diversification projects cost taxpayers $2.2 billion.

The Alberta government has increased business costs in recent years. The government imposed its carbon tax, hiked business and income taxes and implemented costly labour policies.

“The best approach to economic development is to let Albertans to make their own investments instead of politicians and bureaucrats gambling with taxpayers’ money,” said Terrazzano. “It’s time for Alberta’s politicians to commit to an economic strategy that doesn’t include corporate welfare.”