Our Speaker, Steve Lafleur

 

 

 

 

 

Bill Andrew introduced Steve Lafleur, a senior policy analyst with the Fraser Institute, who ably filled in for Neils Velhuis as this week's speaker. Mr. Lafleur's presentation focused on how recent Alberta and federal government policies have damaged the province's competitive position as a place to do business. The key message he delivers when addressing policy makers outside the province is that a strong Alberta is essential to a strong Canada.

 

His first observation was that confidence and investment in Canada are decreasing while the United States is seeing increased investment, particularly in its energy sector. While these declines have been somewhat masked by gains in the residential housing sector, the Canadian economy remains uncompetitive relative to many other countries.

 

The federal and provincial governments have made several policy mistakes that include personal and corporate tax increases, long term fiscal mismanagement in the form of budget deficits, and the creation of onerous regulatory barriers. Interestingly, the province's revenues, projected at $51.6 billion for the 2019-2020 fiscal year, have recovered from the 2014 recession. However, program spending has increased from $24.0 billion in 2003-2004 to a projected $55.8 in 2019-2020.

 

Additionally, inadequate pipeline capacity has increased the price differential between Canadian and US oil, which has resulted in a loss of $15.8 billion for the energy sector this year.

 

Returning to his opening comment that a strong Alberta is essential for Canada, Mr. Lafleur pointed out that the 2017 federal deficit of $19 billion would have been $39 billion without Alberta's contribution.

 

Following a lively question and answer session, Ron Hymers thanked our speaker.