Premier Andrew Furey’s appointment of Moya Greene to Chair the Economy Recovery Team is a sound choice; it may even signal that he possesses a mind-set that extends beyond the comfort zone that his predecessors found in political friends, compliant bureaucrats and paid consultants.
This province has a huge economic and fiscal problem. It is so large, in fact, that words like “insolvency” and “bankruptcy” not only give it ascription, they have entered common usage. Those who understand phrases like “fiscal capacity” – the revenue generating capability of the province to fund services and pay the public debt – know that, realistically, successive undisciplined governments - from Williams to Ball – have pushed the province into a financial abyss.
The sheer dimension of the problem underscores the necessity to have a proven professional examine and advise as to a realistic cure. Make no mistake: Moya Greene is not Dr. Doug House, Premier Wells’ economic czar; she is the new Lord Amulree - his echo, anyway - Britain’s response to Newfoundland’s plea for financial assistance in the 1930s. She sports a Royal title, too.