Premier Ed Stelmach: "We always knew we had a volatile revenue steam". FSW: "Then why didn't you do anything about it?"

I usually try to avoid the Alberta PC press releases disguised as journalism found in Neil Waugh’s columns, but his recent sit down with Premier Stelmach has produced some quotes worth examining:

"This is a total, unforeseen global crisis”… "It's a national and international economic crisis, It's difficult to predict and I don't know if we've seen the end of it."

and

“We always knew we had a volatile revenue stream,"

Is it just me, or do these two statements not match up? Premier Stelmach, if you “always knew we had a volatile revenue stream”, why hasn’t more been done, and how could Alberta's current situation be "unforeseen"? Why wasn’t money put away in the heritage fund while we had the chance, rather than spending $940 a second in the ten days leading up to the 2008 provincial election alone?

While the crisis itself may have been unforeseen ten years ago, its roots stretch back into 2006 and 2007. The American crisis has been brewing for a while, and it was only a matter of time before it spread over the 49th into Alberta. To say it was "unforeseen" is not exactly the case.

Also, Albertans should take not of this line in an Edmonton Journal article:

Economists estimate the fund could keep the province from running a real deficit for about two years, but at some point, Stelmach will likely be forced to make some tough decisions.

"If you're not going to have a deficit, that means two things. Either you cut spending, or (increase) taxes," said Mel McMillan, a University of Alberta economist.