financially reliable
The financial uncertainty alone should be enough to make any fiscally adept government cautious in spending these revenues, but volatility isn’t the only problem. As former Alberta premier Peter Lougheed was fond of saying, spending resource revenues is like “selling the house to buy groceries.” When the house is gone, Saskatchewan will starve.As former president of the University of Saskatchewan Peter Mackinnon observed, if Saskatchewan found a way to save 26 per cent of non-renewable resource revenues, then the province would not need to depend on the price of potash or oil to balance the budget.
What’s better than $110 million in savings per year? Saving 26 per cent of resource revenues this year, and paying off interest and debt at an exponentiating rate in perpetuity.
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