Posts Tagged ‘fiscal prudence’

Is Fiscal Conservatism Dead?

Written by Harold McNeill on October 16th, 2019. Posted in Tim Hortons Morning Posts, Editorials


While Newfoundland and Labrador have not yet declared bankruptcy, they are on the verge.
Guess who engineered the downfall?

Oh, Danny boy, the pipes, the pipes are calling
From glen to glen, and down to oceanside.
The summer’s gone, and all the roses falling,

It’s you, it’s you who choose to quit, the rest must bide.

And, Danny Williams, the ninth Premier of the Newfoundland and Labrador, did just that. After setting the province up for failure, he walked away a hero.  Was Danny as a fiscal conservative? Perhaps, but rather than setting up the Province for success as one might expect from a party and leader that preached fiscal conservatism, he and the party preferred, instead, to reap the benefits of power in the present. It’s the failing of many governments, not just the Conservatives, but it is an extra failing for the Conservatives as they profess themselves to be the party of fiscal prudence.

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Part 1: Newfoundland & Labrador: A case study in how to fail

For those who think I have heaped to much blame on Alberta and British Columbia Conservatives for poor resource and fiscal management, let’s take a trip to the east coast for some relief. It seems the rise of Conservatism in NFLD under the leadership of Danny Williams in 2003, is eerily similar to the Alberta experience of the last two decades.  This from a 2018 National Post article:

When Danny Williams (that vibrant, outgoing, irascible, Irish politician) came to power as the ninth premier of NFLD in 2003, he promptly held a grim news conference where he warned that the provincial debt was out of control, and threatening to bankrupt the province. Fortunately for Williams, after one unpleasant budget and a nasty public sector strike, the price of oil rocketed from around $30 when he first took office, to $50 by the early months of 2005.

By the end of Williams’ first term in office, oil was flirting with $80 a barrel and it only climbed higher in his second term. Williams cut taxes and allowed spending to explode, fuelled by windfall oil royalties, right up until he quit politics in 2010, one week after he had announced a landmark deal for a multi-billion dollar hydroelectric project. 

“During those good years, a few columnists, some policy wonks, and the province’s (Newfoundland that is) auditor general fretted that the government was living beyond its means, but the electorate didn’t care. After decades of crushing societal poverty, Newfoundland and Labrador was rich for a change, and Williams got credit for the economic miracle.”

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