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.

Tegan Hill

Director, Alberta Policy, Fraser Institute

From the Daily Caller News Foundation

By Harold Hutchison

“I was covering Biden at the time, and I remember coming to my editor and saying, ‘Hey, we need to write about the Hunter Biden laptop.’ And I was told this came from on high at Politico: Don’t write about the laptop, don’t talk about the laptop, don’t tweet about the laptop.

Two former reporters with Politico accused the outlet of suppressing negative stories about former President Joe Biden and his son, Hunter Biden during the 2020 presidential election in a video clip posted to YouTube Thursday.

Dozens of former intelligence officials signed an October 2020 letter published by Politico that claimed a bombshell New York Post report about emails from a laptop supposedly abandoned by Hunter Biden “has all the classic earmarks of a Russian information operation.” Puck News reporter Tara Palmeri and Axios reporter Marc Caputo discussed the Politico newsroom’s alleged approach to unflattering reports about the Bidens on Palmeri’s podcast, “Somebody’s Gotta Win,” though the outlet has denied their allegations.

“Politico did that terrible, ill-fated headline: 51 intelligence agents, or former intelligence agents, say that the Hunter Biden laptop was disinformation, or bore the hallmarks of disinformation. Turns out that story was closer to disinformation because the Hunter Biden laptop appeared to be true,” Caputo told Palmeri, who responded. “But then Facebook also pulled all stories down about the Hunter Biden laptop, and I think Twitter did at the same time, too.”

WATCH:

Twitter locked multiple accounts, including the New York Post’s and the personal account of then-White House Press Secretary Kayleigh McEnany for sharing the Oct, 14, 2020 report, citing a “hacked materials” policy. Documents released to journalist Michael Shellenberger by Elon Musk show that the FBI contacted Twitter about the potential for leaks involving Hunter Biden prior to the New York Post’s report.

“Correct, they punished The New York Post, that didn’t help. I mean, Politico, my former employer and I knew at the time, didn’t do itself any favors,” said Caputo. “I was covering Biden at the time, and I remember coming to my editor and saying, ‘Hey, we need to write about the Hunter Biden laptop.’ And I was told this came from on high at Politico: Don’t write about the laptop, don’t talk about the laptop, don’t tweet about the laptop. And the only thing Politico wound up writing was that piece that called it disinformation, which charitably could be called misinformation, at the least.”

Palmeri claimed to have experienced difficulty getting a story regarding Hunter Biden’s purchase of a .38-caliber revolver in 2018 published. Hunter Biden was convicted on three felony counts related to buying the gun in June 2024, but received a pardon from his father on Dec. 1.

Biden pardoned five other family members shortly before his term ended.

“Yeah, I mean, I had a hard time — you know I wrote some pretty serious reporting on Hunter Biden, which actually ended up getting him prosecuted — the story on the gun,” Palmeri said, with Caputo responding, “Yeah! And I remember you consulted with me cause you had, you did the original report on the gun and you came to me like, ‘How do I write about this?’ I’m like, ‘Honestly, I don’t know.’”

“Cause it was hard to get it done. I spent three months on it, I went to the laptop shop, and I did all of the reporting in Delaware, and I did all of that. But yeah  it had, it had to be like much, it had to be 100% nailed down. I had everything, you know, the police reports, every, like, you know, I’m a solid reporter. But I do wonder if it could have, if it would have been published a little quicker if it was a different type of story,” Palmeri said. “It was the beginning of his administration, it was a honeymoon period — you know what I mean?”

Caputo recounted that Hunter Biden’s laptop was not the only story regarding the Bidens that was allegedly killed by Politico’s editors.

“Since we’re spilling tea about our former employer, I still have a copy of the story on my external hard drive. In 2019, a rival presidential Democratic campaign of Joe Biden’s gave to me the tax lien — the oppo research — the tax lien on Hunter Biden for the period of time that he worked at Burisma,” Caputo said. “And I wrote what would have been a classic story saying, you know, ‘The former vice president’s son was slapped with a big tax lien for the period of time that he worked for this controversial Ukrainian oil concern, or natural gas concern, which is haunting his father on the campaign trail.’ That story was killed by the editors, and they gave no explanation for that either.”

“We just get called, like, ‘the terrible mainstream media.’ It’s like you don’t understand the process there,” Palmeri said, with Caputo responding, “Well, you also don’t understand the dumb decisions of cowardly editors that are made above us.”

Politico disputed Caputo’s recollections in response to a request for comment from the Daily Caller News Foundation and sent a list of references to their past reporting on the Biden family.

“It’s bullshit. During the years referenced, POLITICO journalists lead the way on wide-ranging reporting on the business dealings of Joe Biden’s closest relatives. Ben Schreckinger was probably the top reporter in the country reporting on these matters—he literally wrote the book on it,” a Politico spokesperson told the DCNF. “Through deeply reported coverage—both pre- and post-election—POLITICO provided readers with a nuanced understanding of the dealings of James Biden, Hunter Biden, and other relatives of the president, along with the ethical questions they raised. Notably, POLITICO was the first to confirm that Hunter Biden’s laptop contained genuine material and to report on the gun incident that led to his conviction.”