Quote:
Originally Posted by jim_bred
I’m ok with a slow steady growth over the next 5 years. Centerport will help.
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It's easy to become impatient with the growth in city's/province's economy. I've been itching to hear some "big news" myself, especially when I read announcements about the Carney government supporting headline-grabbing projects in other jurisdictions. That "middle child" syndrome comes on strong.
However, the "slow steady growth" has benefitted us as well. The "boom" jurisdictions are often subject to "busts". Their provincial governments that benefit from the "big announcement" sometimes wind up having to hide the fact that the "good news" wasn't as "good" as they said.
The trouble is, for places like ours, that the
perception of performance can drive an economy almost as much as the actual performance. Here's an example.
The wealth of Alberta was largely built by Peter Lougheed when he was premier there from 1971-1985. Since then Alberta premiers have frittered away the province's wealth and their trust fund, renegotiating revenue deals with oil & gas companies to a small fraction of what Lougheed was able to gain.
Alberta was, and still is, a wealthy province, but since 1985 there's been a slow decline in Alberta's economic fortunes since Lougheed.
Now they have a projected deficit of $9.8 billion, a provincial debt of over $100 billion, provincial clawbacks on social services and the lowest minimum wage in the country. But the
perception of wealth for everyone still sends oodles of people moving there (okay, maybe the mountains help, too, they're very pretty).
Here's a link to a substack article about provincial performances vs their public perceptions:
https://factsmtr.substack.com/p/getting-...FtllJz0X4TXOM_aem_IV8GOiKzWsKPLuKyaDAT4A