Alberta Heritage Fund: An Embarrassment of Riches
Posted on | June 16, 2009 | No Comments
The Heritage Savings Trust Fund - widely known as the Heritage Fund – has taken a beating and posted a $3 billion loss, the largest in its 33 year history.
And while I clearly understand market volatility, heaven forbid if the provincial economy suddenly imploded and the government was forced to rely on the Heritage Fund to keep the lights on … poor Ed would only have enough money to sustain things for a few months, at best.
The basic premise was simple … the revenue produced by Alberta’s non-renewable resources was to be exchanged for long-term financial assets to provide for future generations.
Instead, the government remained incredibly short-sighted and repeatedly used energy windfalls to fuel expenditures instead of saving and investing them.
Economic booms end. And sadly, Alberta has nothing to show for it.
If I’ve said it once, I’ll say it again … Alberta can and should do better.
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