Editor:
Well, the Fair Deal Report, at a cost $650,000, gave Kenney what he wants. And even though a recent poll showed that the majority of Albertans do not want an Albertan Pension Plan, he is forging ahead.
But why does he want all that money, and what is he going to do with it?
The first thing he is going to do is stick it into AIMCo, even with its less than stellar year, with losses in the billions. They did it by betting on contracts that only pay off if stocks remain stable.
They admit that they were fully aware of the risks they were taking. Kenney defended AIMCo's loss, saying things are "topsy turvy" from day-to-day.
In the midst of a collapse in oil and gas and a global recession, plus COVID-19 pandemic illustrates the volatility and risk that could batter a smaller provincial pension plan.
An Alberta Pension Plan would be pushed to invest in provincial industries instead of creating a more diversified portfolio.
The Canada Pension Plan works with an independent expert board. Its investment arm employs a wide reputation for its independence mandate and performance.
Kenney has been touting that because of our higher income level, a younger population and historically higher employment would mean lower contributions and would offer better pensions than the rest of Canada.
However, what is currently happening is just the opposite. The Calgary Herald it reported a migration out of Alberta of 2,700 people.
But what is the real reason for this push to have an Alberta Pension Plan? APP is only part of the triad of actions that would set Albertans in good stead to separate from Canada.
Kenney also wants to have an Alberta Police Force, getting rid of the RCMP, he wants to collect our taxes. Also he wants to make a set of institutional reforms that would increase Alberta's influence in Ottawa.
He wants policy initiatives that would be increasing Alberta's autonomy by taking over programs that are now federally funded.
However, our own government documentation has acknowledged that the small size of the pool relative to CPP means less stability to spread out the risk, therefore more volatility.
Kenney says that he doesn't want to separate, so why all the fuss? Although Kenney has told a lot of untruths before, is this just another one?
And remember – what you put in is what you take out. Less in, equals less out.
Marilyn Foxford,
Canmore
