Alberta’s fiscal performance in the second half of the 1990s made possible two significant achievements: lower debt and tax reform. But more recently, Alberta has allowed its underlying spending path to grow much faster than a reasonable estimate of future revenues. In order to remain on the path of fiscal happiness, therefore, Alberta must scale back its spending path to keep it in line with future revenue growth. This will require more than the recently announced postponement of infrastructure projects. To remain fiscally happy, Alberta must significantly slow the growth of its underlying program spending.