Alberta
Alberta government should rely on dividends—not ‘political will’—to grow Heritage Fund
From the Fraser Institute
By Tegan Hill
The Smith government on Wednesday released its plan to grow Alberta’s Heritage Fund to at least $250 billion over the next 25 years, mainly by reinvesting all investment returns back into the fund. But even Smith recognizes her plan will “take political will over a long period of time.” Of course, political will is subjective and can change from government to government. If Smith wants to establish a sustainable plan to grow the Heritage Fund, it should pay dividends to Albertans.
First, some quick history. When the Alberta government created the Heritage Fund in 1976, it established a rule that the government must deposit 30 per cent of resource revenue (including oil and gas royalties) into the fund annually. That quickly fell to 15 per cent by 1982/83, and after an oil price collapse the government eliminated the requirement in 1986/87. Since then, governments have routinely failed to make deposits into the fund, the fund’s value (after accounting for inflation) has eroded over time, and governments have spent nearly all of the fund’s earnings. Consequently, this fiscal year the fund will be worth less than $26 billion.
In other words, political will hasn’t been a successful strategy in growing the Heritage Fund.
Which brings us back to dividends. Here’s where Alberta can learn from Alaska. Alaska’s resource revenue savings fund (the Permanent Fund) was also created in 1976, but is now worth about US$80 billion (roughly CA$115 billion). What does the Alaska government do differently?
While various rules contribute to the fund’s success, the dividend rule is arguably the most critical. The Alaskan government pays a share of the fund’s earnings to Alaskan citizens via a dividend each year. Crucially, this gives citizens an ownership share in the fund. And therein lies the political will for governments to responsibly grow and maintain the fund. Any government that tried to use the fund for irresponsible purposes (e.g. raid the fund to spend money elsewhere) would likely face the wrath of Alaskan voters, given their understandable attachment to the dividend cheques.
Indeed, while the Alaskan government can reduce or eliminate the annual dividend, it has consistently allocated funds to the dividend for more than 40 years, even though this reduces the amount of money available for government spending. Overall, the fund has paid out more than US$30 billion to Alaskan citizens via dividends. Last year, each Alaskan received US$1,702.
According to its plan released on Wednesday, the Smith government will rely on “political will” to grow the Heritage Fund. But that’s not a recipe for success. Instead, the Smith government should learn from Alaska’s success and start paying dividends to Albertans who will provide the political pressure necessary to grow the fund over the long term.
From LifeSiteNews
Alberta Premier Danielle Smith said she will consider the findings of a report she commissioned that called for halting COVID shots for healthy children and teenagers, admitting there are questions about the “efficacy” of the jab in kids.
“I was pleased to see that we had a broad cross-section of doctors able to look at our previous COVID response, identify processes that were in place, identify things that may have gone wrong,” Smith said [24:50 min mark] while speaking to reporters on January 29.
Smith was responding to a question in response to the Alberta COVID-19 Pandemic Data Review Task Force’s “COVID Pandemic Response” 269-page final report released last week.
She said she is looking to “identify things that are now under question, like the efficacy of masks and the efficacy of this vaccine in children.”
Smith added that her government is “going to take a look at” the report’s findings and “obviously we’ll, we’ll make some decisions about whether to move forward on any of the recommendations.”
The report was commissioned by Smtih last year, giving the task force a sweeping mandate to investigate her predecessor’s COVID-era mandates and policies.
The task force’s final report was released last week. It recommended halting “the use of COVID-19 vaccines without full disclosure of their potential risks” as well as outright ending their use “for healthy children and teenagers as other jurisdictions have done,” mentioning countries like “Denmark, Sweden, Norway, Finland, and the U.K.”
Among the recommendations of the task force was the call to “(f)urther research to establish the safety and efficacy of COVID-19 vaccines is necessary before widespread use in adults and children,” the establishment of “a website and/or call-in center for the vaccine injured in Alberta” as well as establishing a “mechanism for opting out of federal health policy until provincial due process has been satisfied.”
The report also noted that “(c)hildren and teenagers have a very low risk of serious illness from COVID-19. COVID-19 vaccines were not designed to halt transmission and there is a lack of reliable data showing that the vaccines protect children from severe COVID-19.”
Earlier this week, LifeSiteNews reported how Alberta health minister Adriana LaGrange said she will “consider” the findings of a report published last week that recommends immediate halting COVID shots for healthy children and teenagers.
Smith: Doctors’ right to ‘speak their mind’ must be protected
While answering reporters’ questions on January 29, Smith also said the doctors in the province need to be able to “speak their minds without punishment from their colleges.”
“I think that’s going to be important too, otherwise, politicians only bad decisions,” she noted.
The report touched on how many doctors in Alberta who gave opposing views to the mainstream narrative regarding COVID jabs, masks, and the use of alternatives to treat the virus were wrongly vilified.
Smith mentioned that the point of the report was to find out what went wrong during COVID and to not repeat the same mistakes should there be another pandemic.
LifeSiteNews has published an extensive amount of research on the dangers of the experimental COVID mRNA jabs that include heart damage and blood clots.
The mRNA shots have also been linked to a multitude of negative and often severe side effects in children and all have connections to cell lines derived from aborted babies.
After becoming premier in late 2022, Smith promptly fired the province’s top doctor, Deena Hinshaw, and the entire AHS board of directors, all of whom oversaw the implementation of COVID mandates.
Under predecessor Jason Kenney, thousands of nurses, doctors, and other healthcare and government workers lost their jobs for choosing to not get the jabs, leading Smith to say – only minutes after being sworn in – that over the past year the “unvaccinated” were the “most discriminated against” group of people in her lifetime.
Alberta Update brings you the latest news on what’s happening in your province. We will hear from Premier Danielle Smith, Minister of Public Safety and Emergency Services Mike Ellis and Minister of Seniors, Community and Social Services Jason Nixon on this week’s top news: trade and tariffs, securing our borders and efforts to rebuild Jasper.
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