April 26, 2012

It's Probably Nothing

Ratings agency Standard & Poor’s (S&P) has revised its outlook for Ontario’s economy. It had been projecting Ontario’s outlook as “stable.” On Wednesday, the day after Liberal minority government passed its budget with the help of the New Democrats (who politely abstained), the ratings giant announced that they now consider Ontario’s outlook to be “negative.”
Posted by Kate at April 26, 2012 12:08 AM

Surely it would be asinine to extrapolate that to the Alberta economy..?

Posted by: syncrodox at April 25, 2012 11:12 PM

Oh yes, Syncrodox, asinine, to extrapolate or to not extrapolate; that is the question. The temptation is to be rational and use logic - but Alberta citizens could panic and have 'buyer's remorse', set up fire walls around themselves, oppose and obstruct every word of legislation that crosses the desk of the UN lawyer turned Premier.

Are you looking South and watching Ron Paul winning an Intellectual Revolution in the USA by announcing that "Liberty is Popular"! That would bring up some 'old Alberta' ways and maybe even your Dad! Albertans rejected our Dads and their superior ideas, Albertans have the Big Moma running the show now - no more out of the box thinking allowed! Boys will act like teacher's pet girls..or else.

Posted by: Jema54 at April 25, 2012 11:28 PM

I heard that thud from Alberta, and that's saying something. As it stands, not realllyyyy looking to head back to Ontario in the next couple of weeks.

Posted by: M at April 25, 2012 11:45 PM

I think things are gonna goet a lot closer to hurt before it gets better Jema...talked to my boys since this broke and to a man they are open to busting a move to Saskatchewan.

We will watch and see...but I can't see the Redford experience turning out well...

Posted by: syncrodox at April 25, 2012 11:56 PM

"If I wanted America to fail........................I would't change a thing"

What can one say?

Posted by: Lev at April 26, 2012 12:02 AM

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years.
Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage.

Most of Ontario (and Quebec), is at the "dependent" stage.

Posted by: Mike in Calgary at April 26, 2012 12:04 AM

Lets see....

BC, Alberta and Saskatchewan are AAA rated.
Manitoba is AA rated.
Ontario and NB are AA- rated with negative outlook.
Quebec, NS and NFLD are A+ rated.
PEI is A rated.

The further east one goes the sh1ttier the financial outlook. Mmmmmm, why could that be? Why, why? Nope...can't put my finger on it.

Posted by: Rudy at April 26, 2012 12:04 AM

I love the picture of those two smiling on the linked article. You shouldn't be smiling Dwight, your consigning us to financial ruin. I wonder if Nero smiled like that?


Posted by: RaughKee at April 26, 2012 12:05 AM

Ontario is Canada's sinkhole. As of now, only Quebec could try to be worse.

Thanks, McGuinty.

Posted by: Osumashi Kinyobe at April 26, 2012 12:07 AM

Danielle Smith and her party have four valuable years to get their act together and work on the
remaining real conservative MLAs who Redford will be keeping on an ever tightening leash.
As Mark Steyn says, "We can't wait to elect the right people to do the right things,we must
also compel the wrong people to do the right things."

Posted by: Sgt Lejaune at April 26, 2012 12:08 AM

Loved that video,thank you!

I WAS going to say,"where's a man like Chamberlain when you really need him", but unfortunately the world has an adequate supply of Nevilles at this time.

Posted by: dmorris at April 26, 2012 12:10 AM

Government services are an expensive oxymoron. Gov't schools, gov't hospitals, gov't administration - privatize it all - problem solved.

Posted by: Philanthropist at April 26, 2012 12:13 AM

Apology, wrong post.

Posted by: Lev at April 26, 2012 12:33 AM

Th National Post is afraid Redford is going to spend all of Ontarios share of Albertas money in Alberta --

Posted by: cantuc at April 26, 2012 1:20 AM

Don't tell Kinsella, as he is still in la la land.

Posted by: Ken (Kulak) at April 26, 2012 1:33 AM

Go west young man, go west

Posted by: green at April 26, 2012 6:57 AM

And to think I'm moving to ON within the next six weeks...... [cry]

Posted by: Mark at April 26, 2012 7:22 AM

Alberta finally has the Lieberal government they have always dreamt (read - nightmared) about. Redford becoming leader of the PC's reminds me of boiling a frog. If you throw a frog into a pot of boiling water, he will immediately jump out. If you put him into a pot of cold water and gradually heat up that pot of water, well that ol frog will be cooked before he knows or is able to jump out.

So sad for that soon-to-be former great province.

Posted by: a different bob at April 26, 2012 9:25 AM

The Ontario people deserve what's coming - Higher taxes, unaffordbale electricity, fewer services at a higher cost and higher unemployment. They did this to themselves by voting for a sociopathic liar that's not qualified to run a hot dog stand let alone a province. McGuinty has destroyed Ontario all because the Ontario voter is dumber then a bag of hammers and kept voting the fool back in.

Posted by: Cdn Bacon at April 26, 2012 10:11 AM

McGuinty gets elected by Toronto and Ottawa and their surrounding serfdoms,most of the rest of the province wouldn t elect the SOB as dog catcher.Boob Rae started the dismantling of Ontarios economy and McGuinty has nearly completed the project.
Alberta should keep a close eye on its newly elected "lieberal" government,are you sure that the Premier isn t Daltons sister?They sure sound a lot alike on some policies.

Posted by: Frankemm at April 26, 2012 11:10 AM

See, this is what's retarded about the Ontario PCs. They could have been driving this thing the way they want it to go just by offering McSquinty a deal. Instead they pout and refuse to do anything, threaten an election.

So now the NDPee is driving the bus. Into Lake Ontario.

Which really burns my thrusters.

Posted by: The Phantom at April 26, 2012 11:11 AM

And to think I'm moving to ON within the next six weeks...... [cry]
Posted by: Mark at April 26, 2012 7:22 AM

Mark, I feel your pain. I'm headed there next month but there is no chance to talk my folks into moving west after 80 years so I gotta cowboy up.

Posted by: Texas Canuck at April 26, 2012 3:04 PM

Oh, Toronto is still a good place to visit for a little. But it is noticeable how dirty and slummy some of the downtown areas have become
(both my wife and I have lived in Ontario in the `60s and have visited it several times since).

Posted by: John Lewis at April 26, 2012 3:38 PM

Oh, Toronto is still a good place to visit for a little. But it is noticeable how dirty and slummy some of the downtown areas have become
(both my wife and I have lived in Ontario in the `60s and have visited it several times since).

Asinine to extrapolate to the Alberta economy? How so? That the strongest economic entity in Canada can be brought to its knees by bad policy badly administered is a lesson for all.

It is sufficiently obvious a lesson that it should be unnecessary, but the younger set today are lacking in many ways.

Posted by: John Lewis at April 26, 2012 4:08 PM

This is the seoond agency downgrade. Moody's downgraded Ontario's outlook to negative last December.

This blows the budget which was passed yesterday. With a second agency changing outlook to negative, the interest costs are going to rise on future rollovers of Ontario debt. This effect will be compounded by the strong suggestions from Mark Carney over the past month that interest rates are going to rise, probably starting as early as this fall and certainly no later than next spring.

The bond markets are remorseless. You can't run, you can't hide, you can't lie. Bond buyers will want more interest for the added risk.

Posted by: cgh at April 26, 2012 4:38 PM

McGuinty and his sidekick Horwath paid no attention whatever to the Drummond report, or any other analysis outlining the stark economic reality.
Without a change to FIT subsidies for wind developers, Ont is desined for the highest energy rates in NA as well as higher CO2 emissions then when McGuinty took over about 8 years ago. Quite the legacy for the this green zealot.

Posted by: Martin at April 26, 2012 4:43 PM

Moody's just downgraded Ontario's debt from AA1 to AA2. Looks like Dalton's ability to manouver is starting to run out.

Posted by: RaughKee at April 26, 2012 6:32 PM

The Tories had a chance to turf Dolton in the last election and screwed up.

Ontario needs a Wild Trillium Party.

Posted by: Ellie in T.O. at April 26, 2012 7:38 PM

Ontario has a Libertarian Party and a Freedom Party. Neither has managed to get its act together yet.

Posted by: nv53 at April 27, 2012 1:18 AM