By 2022/23, the province will have accumulated an estimated $46.6 billion in net debt.
Between 2007 and 2018, Alberta workers contributed a net $12.3 billion to employment insurance.
The budget includes a 1.6 per cent nominal spending reduction over four years.
Last year, the province ran a $6.7 billion operating deficit.
The Kenney government plans to reduce spending by 1.6 per cent over four years.
Additional spending reductions would have created additional fiscal room for pro-growth tax reform.
Per-person spending in Alberta last year was 18.5 per cent higher than in next-door B.C.
Alberta spent $2,451 per person more than the average spent by the three largest provinces.