The outlook on Ontario’s debt rating was lowered today to negative from stable by Moody’s Investors Service, citing a “greater challenge to return to balance” following weak growth and “higher than previously anticipated deficits projected in the next two years.” […]
The announcement comes the same day Premier Kathleen Wynne’s Liberal government, which won re-election June 12, opened a session at the provincial legislature. During the campaign, Wynne pledged to re-introduce her fiscal plan that Moody’s had earlier described as “credit negative.”
The citizens of Ontariostan voted for bankruptcy and corruption so they must be very pleased with this news. Liberals and their union buddies must be jumping for joy in celebration of such a successful downturn, everything is going as planned.
You get what you voted for.
Unfortunately many of us who did not vote for this also get it.
Exactly, but the vast majority of the morons that voted for the McMoron crowd do not pay any attention to the financial well being of theirs or any other province for that matter. All they care about is the free stuff and the immoral licence that liberalism represents these days.
I feel sorry for people like LindaL.
And, as we saw in the Ft. McMurray by-election this last Monday, the Liberal candidate made a fairly respectable showing. So even out of province (Alberta) workers vote (those than can vote)for the same crap heads that created the environment in their provinces that made them go to FtMac to find a job.
I’m bracing myself, this won’t be pretty. I guarantee that the Ontario Pension Plan will get pushed through and not one cent of it will be invested, it will be immediately spent by Wynne.
The lowered status that Moody’s has assessed means loans to the government for financing their debt will cost more.
The amount of the budget to spend on goods and services for the people of Ontario has been reduced. That amount will continue to shrink as each portion of the debt comes up for re-financing.
The Liberals must think Western Canada will subsidize their profligacy with ever higher transfer payments.
Someone tell me they are wrong!
Moody’s Investors Service -citing a “greater challenge to return to balance”
Guffaw… The joke’s on Moody’s!
The Wynne regime has no intention of taking up this challenge. LOL
Now, if we can only prevent the blighters who voted for Wynne from moving to Alberta after they’re done destroying Ontario.
Moody’s rating of Detroit- I mean- Ontario is quite accurate.
Ontario needs to merge with Michigan. They can share best practices with each other.
Moronto will never separate from Morontario, Moronto considers itself Morontario.
Morontario will never separate from Canada, Morontario considers itself Canada.
Such are facts and no amount of western bitching is going to change them.
Without Morontario there will never be a conservative majority in ROC.
That is fact too, so be careful what you wish for.
Oh right, so you will separate. Ugh, good luck with that. A western separation party would be a sure way for the libranos to split the vote get a federal majority. We have been though that one before, haven’t we?
Again be careful what you wish for.
Also do not send us a single penny. This we can agree on. The sooner the liberal ponzi scheme collapses the better and the less painful (for both you and us) in the long run.
Please, it’s not Morontario (though that may be an apt sobriquet for the capital, Moronto). On a provincial level, however, it’s more accurate to call it Argentario.
The only people who would lend this bankrupt crime ridden government a loonie are the international loan sharks who will carry off pieces of Ontario on default – I can see the IMF/WB sharks circling the sinking HMS Morontario.
The lpo didn’t win the last election, the PCPO and Hudak lost it.
I sure hope the Western premiers are secretly putting plans in place to get out of this thing before Chow and Jr get elected.
Fred said: “You get what you voted for.”
Actually Fred, we get what Toronto voted for. Look at an electoral map, its all Tory blue except Toronto, and the psychos who voted NDPee in Hamilton and London. Still blue, despite the pitiful campaign run by Mr. Doofus, aka Tim Hudak.
Remember, a Liberal government is a great deal for Toronto. More money sucked out of the rest of the province to pay for more gubmint jobs in the 416, baby. More debt piled up on debt to keep the subway ticket booth guys making over six figures every year. (Yes, >$100k for a ticket booth guy.) Gotta keep those windmills turning, too. Lotsa construction jobs for connected guys in Toronto and Mississauga. BILLION$ for “friend$”, right? All safe now, thanks to a prudent vote for Great Leader Kathleen Dong Wynne.
But don’t think you got away Scott free, Fred. Your taxes are paying for Toronto too. Where do you think all those transfer payments end up? They’ve got a lot of ticket booth guys to pay, y’know. It’d be a national crisis if the TTC shut down.
The usual reason for breaking promises by a newly elected government is that they opened to books and found the finances to be Worse Than Expected. Funny, this isn’t a New Government. They knew the books all the time, as much as they cared.
You are importing too many Ontario Liberals.
What isn’t spent on the Liberal seat sitters on the executive of the OPP will be used to buy Ontario government bonds.
By the way. Just an example of -why- Toronto voted for more Liberal corruption…
… guess where CSA headquarters is. 178 Rexdale Blvd. Toronto, ON Canada M9W 1R3
Multiply by every crown corporation headquarters and scummy Ministry of Paperclips office, staffed by countless overpaid, underworked apparatchiks.
That’s why.
Toronto won’t go like Detroit. There is no business that keeps Toronto going, as the car business made Detroit go or the oil business makes Calgary go. The business of Toronto is -government-, and business is booming. The entire rest of Canada will be a smoking ruin before Toronto goes down.
Gord, you are wrong IMHO. I canvassed for the PC long days and was a pole captain on election day. I talked to many people in my neighbourhood with Liberal signs on their lawn. PCs blame Hudak and didn’t like him but the vast number of non-PCs could have cared less who the PC leader was. As The Phantom noted it is the urban vote that for the last 4 election put and kept the Liberals in power. The huge numbers of public employees, their families, retirees and those dependent on Liberal largesse carried the day.
When I discussed the economy disaster Liberal just did not care, the scandals, billions wasted, $300B debt, they simply did not care. PCs keep scrambling for the perfect leader. Well we have red Tories like John Tory, Ernie Eves, Hudak lite and Hudak far right wing and it did not matter. Long term NDP ridings are now Liberal, super lefty Adamn Vaughn was elected.
You watch as the same thing happens in cities across the West like Calgary or Fort M as the Liberal vote climbs. Crockatt had 10k votes while the left wing parties split 17k with the Liberal at 9+k.
This will not end well for Canada. By the way my riding of Don Valley West is 13.1% muslim.
Government of Ontario bonds will soon enter the “junk bond” category. Kind of like Detroit.
There wasn’t anything “far right wing” about Hudak.
The details of the Ontario pension Plan will be interesting. Will the money be forced into Ontario provincial bonds as a way to fund the increasing debt? time will tell. One thing is for sure the younger generation just got screwed again and the smart ones should be looking elsewhere for a future. Much higher taxes are guaranteed in the not too distant future.
In the eyes of the lefties talking about balanced budgets, cutting billions in waste like Ornge, stopping the wind farms or making teachers actually teach needed subjects are all “far right wing” actions. I was told this by several Liberals.
Correction:
The major cities of Ontario voted for them. The rest of the province went conservative, just like usual. Of course this problem could be solved if the GTA was made it’s own province, and split away from the rest of us.