The bottom has fallen out on Alberta govt revenues. Oil/gas royalties, once well north of $10B, will be $1.5B this year
Kenney's solution: control spending, grow our way out of mess. Figure out stable revenue sources, oh, some day. https://twitter.com/CGriwkowsky/status/1299015389641183232

Re: growing the economy —
Alberta now forecasts the unemployment rate will be *down to* 9.5% in 2021. There will be a rebound, but this won’t be anything resembling a V-shape.

Kenney’s oh-so-ballyhooed accelerated corporate tax cuts only ding Alberta books by up to $300M this year, fiscal update states.
WHY? Because AB corporate profits have been wiped out: Province measures that Net Corporate Operating Surplus (profit margins) drop 72% (!) this year

Alberta revenue, 2020-2021
Oil/gas revenue: $1.2B
AGLC gambling/liquor/pot: $1.3B
Uni/college tuition: $1.35B
Corporate tax: $2.15B
Provincial “school” property tax: $2.5B
Federal transfers: $10.0B, not counting July/August extra spending
Personal income tax: $10.7B

STAGGERING: *Alberta students will pay more in tuition than oil/gas companies pay in royalties, (b/c oil prices are shot).
*Property tax brings in more than corporate tax (b/c profits are shot)
*Alberta becoming reliant on Ottawa to pay its bills just like it’s any ol’ province.

I… I… have never seen this verb in a government’s financial press release.
Did Pauly Shore or Borat write this?

Kenney’s finance minister is doubling down on saying Alberta can’t be an “outlier” on expenses, while they’re all proud to be an outlier on tax rates and PST. I wrote about this when we saw budget pre-pandemic. https://www.macleans.ca/news/canada/the-end-of-alberta-exceptionalism-well-the-part-jason-kenney-never-cared-for/ (and it’s all only more extreme now)