It's almost provincial election time in Alberta, folks! How can we tell? Premiere Ralph Klein just declared Alberta to be debt-free!
Well, not really. But we do have the necessary $3.7 billion in the bank right now! We just can't pay it off right now because to do so would drive us into deeper debt because we'd have to pay penalties for making early payments.
But we have that $3.7 billion in the bank right now! Well, not really. We only have $700 million. The remaining $3 billion will be part of the surplus that we won't get until the current budget wraps up in March.
Right now, I'm having nasty flashbacks to the last election. Klein said, "We're going to have the debt paid off by 2005!" The people cheered! A conference was scheduled for after the election in which it would be decided on how to spend all that wonderful, wonderful money. Then, after he was elected, Ralph said, "Oops! We were wrong. It won't be paid off until 2017."
And as my parents pointed out, what does Klein mean, penalties for making early payments? According to my folks, banks stopped charging penalties on people making early payments because the banks realized it was stupid. And it was usually something small, like 5%. If it is small, then to hell with the penalties! Pay it off now!
It's election time, folks. Brace yourselves.
Next Issue...The Best Premiere We Never Had
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