Disappointed Wildrosers sit outside as Redford Tories abandon Klein-era financing.

Alberta’s opposition parties are traditionally notorious for being unforgiving towards leaders who fail to meet or beat electoral expectations.

Take for example former Edmonton Mayor Laurence Decore, who after leading his Liberal Party to its best showing in more than 70 years, was driven out by MLAs and members who were disappointed to be sitting in the opposition benches. Now in 2012, will Wildrose Party leader Danielle Smith‘s leadership end with a similar fate? Not likely anytime soon.

As I said on election night, despite her party’s strong showing and newly acquired official opposition status, one of Ms. Smith’s biggest challenges will be to deal with many of her party’s supporters and MLAs who will be disappointed they did not form government. With 17 MLAs and a strong record of fundraising, I expect that Ms. Smith’s party and the powers that finance it will allow her to have a second chance, rather than destabilizing the delicate coalition of fiscal hawks and social conservatives they helped her build.

Last week, an anonymous online video emerged that made waves in the ranks of the Wildrose Party. Borrowing music from Michael Bay‘s Transformers 3: Dark Side of the Moon, the anonymous creators of the online video clumsily detailed the threat that certain individuals posed to the “grassroots” of the Wildrose Party and suggested the chance of a potential coup d’etat against leader Ms. Smith (the video is now removed from the Dailymotion site).

Like blogger David Climenhaga, I hesitate to read too much into the twisted innuendo of internal party politics that this online video delved into. And I would not be surprised if, at their upcoming AGM, Ms. Smith begins taking a more hard-line approach to party discipline, similar to the approach taken by Stephen Harper when he became leader of the Conservative Party of Canada.

For the first time in decades, conservative supporters of the Wildrose Party are sitting outside to the ruling coalition of which they had previously been a pillar constituency. As Premier Alison Redford builds a new moderate political coalition, she will not have to dwell on the every-want of the “Socred Retreads,” as she called them in her speech to last weekend’s PC AGM.

Despite Wildrose MLAs relentlessly criticizing Premier Redford in the media, it must be frustrating for many Wildrose Party supporters to now watch their former party, the long-governing Progressive Conservatives, turn away from the anti-debt orthodoxy that defined former Premier Ralph Klein‘s era in Alberta politics. Without the hype of personality politics behind it, the short-sighted policies of Premier Klein’s govermnent look and feel like they are from a by-gone era. Gone are the days when even a hint of long-term investment was sacrificed in favour of short-term balanced budgets or at-any-cost debt reduction.

Premier Redford, like Premier Ed Stelmach before her, is talking about taking an adult approach to long-term financing of capital projects and maintenance of public infrastructure. With the bulk of the hard-line fiscal conservative hawks sitting in the opposition benches, Premier Redford and Finance Minister Doug Horner are afforded more fiscal flexibility.

Instead of waiting for “cash-in-pocket” to build and maintain important public infrastructure, the Tories are pushing forward with capital financing. Their newly discovered fiscal flexibility could give the Tories an opportunity to fix the problems created by their predecessors.

This of course does not mean they will not face opposition within their own caucus when charting this new fiscal course or creating a new narrative for their party. Like Premier Stelmach before them, neither Ms. Redford or Minister Horner had the support of the majority of their fellow MLAs during last year’s leadership selection.