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By Bob Ascah

Alberta’s fiscal history has been strewn with examples of over-ambitious province building. It can be argued that despite Alberta’s resource abundance, its finances have been mismanaged for most of the 110 years since the province was created.

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Few residents know that Alberta’s finances were so poorly managed, that Alberta was the only province in Canada to default, in April 1936 (April Fool’s Day, in fact!).

Alberta has always been a province with grand designs and great opportunities. Don’t get me wrong: these are great assets — optimism and opportunity for everyone, irrespective of one’s religion, class or language. But optimism unbridled, particularly with access to a provincial credit card, has its limits.

Some examples: the Liberal government, which held power from 1905 to 1921, left a legacy of large, unproductive debts for the newly formed United Farmers of Alberta Party, which took office in 1921.