Who would want the NDP to manage their investments?
Unfortunately, that's the reality faced by the Heritage Fund. Last year, the NDP government decided that it would direct the Alberta Investment Management Corporation (AIMCo) - the independent Crown Corporation tasked with managing the Heritage fund – to stop investing in companies that would provide the maximum Return on Investment.
Instead, the NDP directed that a portion of the Heritage Fund be invested in Alberta companies with "strong growth potential".
This means that instead of seeking to maximize our money, earned by the Heritage Fund each year, the government has decided that – once again – it will pick winners and losers.
Between higher corporate taxes, higher income taxes, and a new carbon tax come January, directing the Heritage Fund to invest here echoes Ronald Reagan's famous quote "if it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it".
In a press release on Monday, Minister Deron Bilous bordered on taking credit for the Heritage Fund’s investments (even though they had been announced months earlier by AIMCo). He even touted that these investments supported "job creation and innovation in the renewable energy and natural gas sectors." AIMCo quickly fired back that Return on Investment is really their only criterion when it comes to the investments they make - even with the government's new quotas.
Tell the NDP you don't need them taking investment decisions away from the professionals. Their job is not pointless announcements and press-conferences, it is to make Alberta an attractive place to do business.
Send a message to Minister Bilous now.