NDP hires former ATB chief economist as advisor

By Cal Braid - Lethbridge Herald Local Journalism Initiative Reporter on October 22, 2022.

On Friday NDP leader Rachel Notley introduced former ATB Chief Economist Todd Hirsch as advisor to the party on matters of financial stability, recovery, and responsibility. Hirsch is expected to deliver a plan and report to the NDP by early 2023.

Shannon Phillips, MLA for Lethbridge-West, opened the presentation with an overview.

“Alberta finds itself in a unique situation, possibly a place we’ve never found ourselves before. Albertans are still struggling to make ends meet. A number of international factors are pushing up prices for everyone. While taming global inflation is beyond the control of the provincial government, the UCP has made that bad situation worse by piling on more costs at every available opportunity. Income taxes, tuition, park and camping fees, utilities, (and) car insurance have all gone up under this government, which has only exacerbated everyone’s affordability crisis.”

“Vital public services are under immense pressure,” Phillips said, citing several rounds of health care and education cuts made by the UCP. “Yet this is all happening at a time when the province is collecting record resource revenue. Despite higher energy prices we aren’t seeing the jobs boom in the energy industry like we have in the past. Instead, Albertans are falling further and further behind as wage growth continues to be the slowest in Canada. As we look ahead to the future, economists are saying there are some choppy waters ahead. In fact, the only thing that might save us from the worst of a looming recession is to hope that energy prices stay high.”

She emphasized that “The economy, our finances, and our public services are all facing instability. That means that it is our responsibility to bring forward a plan to address the immediate challenges facing Albertans, to restore stability for families and secure our economic future.”

Notley took to the podium to formally introduce Hirsch and expanded upon Phillips’ comments. She highlighted long wait room times and the unpredictability of ambulance services. In addition, she said that schools are under-resourced and post-secondary tuition costs have skyrocketed.

“Our public services are crumbling,” Notley said. “Yet this is all happening when the province is collecting absolute record resource revenues. This should never be happening in a province as blessed as ours. We need a plan to address these challenges.”

She reiterated that earlier in the year she had promised that an NDP government would finally get Alberta off “the resource-royalty roller coaster.”

“We can’t count on another energy price boom to pay for regular operational spending. That’s why we need to save and invest the majority of the province’s royalty windfall.”

This led into her introduction of Hirsch, whom she called “a trusted voice on public finance and the economy across our province. To me good leadership means seeking out the best advice I can find.”

Hirsch said, “The province is now collecting record resource royalties which represent a really great opportunity for us to use this money to address our immediate challenges and set us down the path of long-term prosperity. I think everyone remembers the bumper sticker ‘Please God, grant us another boom.’ Here it is. This time we’re going to be smart about it.”

He expects to begin his work shortly by reaching out to a range of experts including investors, economists, business and labour leaders, and maybe even “my mom,” he said with a chuckle. “I’ll bring that wisdom together and deliver a report in the new year. I hope to bring back the best advice I can-in fact I will bring back the best advice I can for the long-term benefits of all Albertans. I look forward to the work ahead and the chance to make a contribution to our province that will last for generations.”