Today we heard the “Provincial budget is balanced” but in reality The Province of Saskatchewan Statement of Debt has increased by $1 Billion in 6 months. What is going on here? Huh? What? I thought they said “balanced budget?”
Indeed. Electoral support in Saskatchewan is a function of provincial balance sheets. Rein it in, Sask Party.
Government of Saskatchewan
At June 30, 2012, the unfunded liability in the Teachers’ Superannuation Plan is estimated to be $5.171 billion.
http://www.stsc.gov.sk.ca/
Plan closed down 30 years ago …… By June 30, 1979, the estimated cost of providing retirement benefits to members exceeded the Plan assets by $1.2 billion
http://t.co/T6PSt4bV
h/t https://twitter.com/Fairpension
The high price of decades of NDP rule.
Who the hell do you guys think you are, Alberta?
Kate, I know, but, is our slightly liberal center right government also hiding the deficits in the crowns?
Teachers should fund their own pension fund. Without any additional money from the general tax paying populace. They’re paid well enough for 210 days of employment to do so. And they tend to retire with +/- 30 years of life to draw on.
Our university pension plan is nicely in the black, and has never received any government support.
In fact, because the plan for provincial civil servants in NL is not so healthy, we keep looking over our shoulders for a takeover.
Fortunately the provincial economy is doing OK – for now.
But this is NL, and the dumb Noofs will screw it up sooner or later – at the next election if not before.
The NL government is working on reducing the pension deficit for its own civil servants – the reason is not fiscal good sense but rather,
fear of the bond rating agencies.
CRA is a big player in Canadian pension plans, and in particular its requirement for a limit on surpluses to about 10% is iniquitous.
Market fluctuations (non-Gaussian) are way bigger than that.
Politicians are greedy little animals. That is the best of them.
The bad ones are BIG greedy animals that like to suck blood.
Yeah,like marc said.
Welcome to the club,Saskabush,all ten Provinces and three Territories are in the same boat,some just a little lower in the water than others.
Same situation in all 57 States down South.
Electoral support in Saskatchewan is a function of provincial balance sheets.
But you’ll vote for them no matter what. And they know it. That’s why we’re in this mess. And you never. Ever. Learn.
We are seeing the same sleight of hand in Alberta. Claims of a $3billion deficit (sad in itself) but a $6 billion drop in the sustainability fund. Where did the other $3b go?
British Columbia…
VICTORIA – Falling revenues have blown another hole in the B.C. budget, Finance Minister Mike de Jong said Wednesday as he revealed his government’s deficit has grown by 50 per cent in just the past six months.
In releasing second-quarter results, de Jong said this year’s deficit is expected to reach $1.47 billion. In February, his government projected a deficit for 2012-13 of $968 million.
http://www.vancouversun.com/business/projected+deficit+jumps+cent+billion/7622410/story.html
British Columbia… … Let’s try this again with the quotation marks where they’re supposed to be:
“VICTORIA – Falling revenues have blown another hole in the B.C. budget, Finance Minister Mike de Jong said Wednesday as he revealed his government’s deficit has grown by 50 per cent in just the past six months.
In releasing second-quarter results, de Jong said this year’s deficit is expected to reach $1.47 billion. In February, his government projected a deficit for 2012-13 of $968 million.”
http://www.vancouversun.com/business/projected+deficit+jumps+cent+billion/7622410/story.html
So, are you going to run instead, LAS?
57 states? Did the Heinz Corporation annex us and I didn’t get the memo???
Every nation gets the lefty/pinko-commie government it deserves.
I’m not that worried about Sask future pension liabilities. We are one or the few jurisdictions in North America who switched to defined contribution 40 years ago. From the Teachers Pension site:
-the youngest member of the Plan was born on December 26, 1959.
-the Plan’s oldest superannuate was born on December 9, 1903.
Most provinces and states would love to be in the position where the bulk of its soon to retire public service employees are on a defined contrition plan. We are in better shape than all others in that respect.
That is not to say that spending should not be reduced. It should. The provincial government is too involved in what should be private business. The three crowns- SaskTel, SaskEnergy and SaskPower- are untouchable because of voters emotional attachment to them but the rest should be fully privatized (and we are seeing this in SLB and IT). Healthcare needs to be opened up more to private clinics. Various forms of corporate welfare and subsidies for professional sports needs to end (Boo, Hiss from Rider fans). On the positive side, he is taking on the unions and that is a worthwhile battle to help taxpayers and employers.
Wall’s political incrementalism has its advantages but during recessions it does prevent bold spending reform. The thing is…Wall could probably be bolder because he is quite popular.
Kevin, it was B. Hussien that said he’d visited 57 states, and he thought he had 2 more to go. He’s a B+ President, so he may be right on that one.
…defined *contribution* plan, of course. Contrition would be nice but I don’t think union executives are capable of remorse or want to make amends for bankrupting cities and provs/states.
So simple. Break/outlaw unions and their “pensions”,especially the socialist/commie indoctrinators known as teachers. And DO NOT let uninformed,illiterate people such as kevin vote.A basic math,history test should be given before anyone can vote.AND they should be at least 25,with 4 years of employment.
LAS at November 29, 2012 2:36 PM
It’s not that we haven’t learned, it’s that the majority of the electorate has not and will vote for the guy with the magic rainbow. What we have learned is that in the age of marxist media the only way to govern responsibly is to do it by stealth. To turn back the tide of profligacy one must tread ever so carefully. I expect the Wall gov’t will eventually get the books balanced, and more, but it will take a great deal longer than it would if it could be done in the open without fear of the media turning on them. Remember, absolutely nothing can be done from the opposition benches.
Prospective Canadian politicians should not be allowed to run for any public office unless they have successfully owned and operated a Corner Variety or Country General Store for at least 5 years!!!!!!
To turn back the tide of profligacy one must tread ever so carefully.
Absolutely hilarious that the Sask NDP and Chretien Liberals did this faster harder years ago. Remember to lift with your knees when moving those goalposts.
Lass
when a passenger plane is 35,000 ft in the air and the pilot adjusts 2,000 ft down wards, the PPL on the ground don’t even notice, butt, if a F-16 is smokin it at 2500 ft and adjusts downward 2000 ft, the PPL on the ground load their pants
Um. What? Who’s the plane?
Phil- you are a lowlife piece of pond scum. Go to hell.
If two of the most resource rich have provinces are writing cheques their taxpayers cannot pay for then what does that say about our society? I remember when Canada had no debt and in most respects we are no better off now but much poorer.
Folks, there is nothing wrong with keeping your savings account. just try not to spend everything you have and then some.
LAS: re: voting for them again and again. Provably false. Where exactly is the Saskatchewan PC party again?
So what do we call it again when a statement is proven false? Oh, yeah, bunk.
I actually cannot understand what you just tried to say.
Saskatchewan’s Brad Wall put all his eggs in the potash and oil baskets.He spent money like a drunken sailor during the”boom” now were gonna pay the price.But thanks to people like John Gormley and his babbling man love for Brad Wall by the time most people realize its all been smoke and mirrors it will be to late.With the price of oil and potash plunging i fear for the “new Saskatchewan”.!!!!!
Dusty, so what would you suggest?
“Dusty, so what would you suggest?”
Excellent question Ken. Like you, I am awaiting an answer. It should be interesting and will quite probably have something to do with a return to the mindless socialism promoted by the likes of Tommy Douglas, Woodrow Lloyd and Allan Blakeney.
@ Dusty
the price of oil and potash plunging
With the economies of India and China growing at 8-9 % annually why would demand for oil/potash plunge?
India is not growing at 8%.
“What would you suggest?”
Can’t speak for Dusty, but I would stop mindlessly celebrating baby-blue socialist Brad Wall and stop conflating his good fortune with fiscal conservatism. God you cons are easy to lead.
The fact remains, the budget is balanced on the general revenue side and on the summary financial statement.
Compare Saskatchewan to any other province and we’re on a fiscal island.
BC, Albert, Manitoba, Ontario, the feds and others are all projecting huge deficits. In Sask, things are good, even the Leader Post editorial board agrees. Focus on the big picture people.
So why all the debt Nathan? Is this like the Clinton ‘surpluses’?
Thanks for your enlightening comments but I believe Ken’s question was directed to Dusty. In addition to being predictable and boring, your ramblings only serve to reinforce the fact that you are an angry, one-dimensional waste of oxygen.
By the way … I am not a farmer although my father was and he never went near the “trough” you frequently mention.