Discussion:
Credit agencies warn Ontario
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M.I.Wakefield
2018-03-30 14:23:46 UTC
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Credit-rating agencies warn Ontario about planned spending

On Thursday, both Moody’s Investor Service and DBRS said the fiscal plan set
out by the Liberal government in its 2018-19 budget, which includes billions
in new spending, would harm the province’s credit profile over the long
term.

“It demonstrates in the clearest terms that the province is not committed to
disciplined … fiscal policy,” DBRS analysts said in a report.

Both agencies stopped short of downgrading Ontario’s debt, but stressed that
the province’s creditworthiness could come under pressure as a result of
abandoning its commitment to balanced budgets.

https://www.theglobeandmail.com/business/article-credit-rating-agencies-warn-ontario-about-planned-spending/


This matters because a credit downgrade could result in the province having
to pay higher interest on its debt ... and Ontario has a lot of debt.
TomP
2018-03-30 22:00:50 UTC
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Post by M.I.Wakefield
Credit-rating agencies warn Ontario about planned spending
On Thursday, both Moody’s Investor Service and DBRS said the fiscal plan
set out by the Liberal government in its 2018-19 budget, which includes
billions in new spending, would harm the province’s credit profile over
the long term.
“It demonstrates in the clearest terms that the province is not
committed to disciplined … fiscal policy,” DBRS analysts said in a report.
Both agencies stopped short of downgrading Ontario’s debt, but stressed
that the province’s creditworthiness could come under pressure as a
result of abandoning its commitment to balanced budgets.
https://www.theglobeandmail.com/business/article-credit-rating-agencies-warn-ontario-about-planned-spending/
This matters because a credit downgrade could result in the province
having to pay higher interest on its debt ... and Ontario has a lot of
debt.
How the debt is managed is also a major concern. In Manitoba we got a
new Conservative government and as a matter of policy they started
cutting and cancelling projects that were either in the works or
underway.
For example there was a $300 million Cancer Care Center being built
which had been in the works for years which was cancelled by the new
government after millions had been already spent on this project. They
cancelled schools, infrastructure projects and senior care centers that
were already planned. As a result the monies earlier spent on these
projects became dead debt. Many of these infrastructure projects were to
improve the Manitoba economy. The new government had only been in for
one year and because of this dead debt the credit rating of Manitoba had
been degraded twice without any further debt added to Manitoba. Of
course they blamed the previous government for these new downgrades.

http://www.cbc.ca/news/canada/manitoba/manitoba-credit-rating-downgrade-1.4219032

The Pallister government also slashed the rail subsidy for Churchill.
Since Churchill does not have any roads the subsidy was in lieu of
infrastructure spending. That $1 million saving ended up shutting down
the port as well as causing the Tolko paper mill in The Pas to look at
closure. To date that line is still closed as it deteriorates and that
closure has cost Manitobans and the Manitoba government millions.

http://www.cbc.ca/news/canada/manitoba/pallister-omnitrax-threats-1.3699307
"Pallister said Greg Selinger's NDP government signed a one-year subsidy
deal in 2015 that saw OmniTrax receive $800,000 to $1 million that
year."

Right now the Manitoba government is fighting with the Metis Federation
after it cancelled a settlement with that group. Now it looks like the
project may be stalled as it sorts this mess out which could cost the
Manitoba government millions in late fees.

http://www.cbc.ca/news/canada/manitoba/ron-schuler-manitoba-metis-federation-1.4600243

Cutting programs and initiatives can cost more in the long run if they
are not done properly. Not every spending cut will cause these kinds of
problems but the government has to be careful with the axe.
What the Ontario government should focus on is bringing in quality jobs
and a decent wage for Ontarians. With more tax revenues coming in it
will be easier to balance the books.
M.I.Wakefield
2018-03-30 22:36:02 UTC
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Post by TomP
What the Ontario government should focus on is bringing in quality jobs
and a decent wage for Ontarians. With more tax revenues coming in it will
be easier to balance the books.
If only we had a powerful economic advantage, that would encourage
investment in Ontario.

Oh, yeah. We did ... electricity rates ... but then Kathleen Wynne signed
wind and solar deals that provided 4% of the power, but represented 20% of
the cost of generation.
Eric®
2018-04-03 22:22:26 UTC
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M.I.Wakefield wrote:
[snip]
Post by M.I.Wakefield
This matters because a credit downgrade could result in the province having
to pay higher interest on its debt ... and Ontario has a lot of debt.
"'For the past 15 years, I've been part of a government that has built this
province,' he said, later adding, 'We have tripled (the debt) and we're proud
of it, because we can afford it. It's the responsible thing to do. It's the
correct thing to do, it's what people have asked us to do and I would do it
again and I would do it proudly.'"
- Mississauga-Streetsville MPP, Bob Delaney, March 29
https://www.bramptonguardian.com/news-story/8366040--i-would-do-it-again-and-i-
would-do-it-proudly-mississauga-mpp-says-about-tripling-provincial-debt/

https://is.gd/iYk6NZ
The Doctor
2018-04-03 22:24:13 UTC
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Post by Eric®
[snip]
Post by M.I.Wakefield
This matters because a credit downgrade could result in the province having
to pay higher interest on its debt ... and Ontario has a lot of debt.
"'For the past 15 years, I've been part of a government that has built this
province,' he said, later adding, 'We have tripled (the debt) and we're proud
of it, because we can afford it. It's the responsible thing to do. It's the
correct thing to do, it's what people have asked us to do and I would do it
again and I would do it proudly.'"
- Mississauga-Streetsville MPP, Bob Delaney, March 29
https://www.bramptonguardian.com/news-story/8366040--i-would-do-it-again-and-i-
would-do-it-proudly-mississauga-mpp-says-about-tripling-provincial-debt/
https://is.gd/iYk6NZ
Higher debt sucks!!
--
Member - Liberal International This is doctor@@nl2k.ab.ca Ici doctor@@nl2k.ab.ca
Yahweh, Queen & country!Never Satan President Republic!Beware AntiChrist rising!
https://www.empire.kred/ROOTNK?t=94a1f39b Look at Psalms 14 and 53 on Atheism
To see what is in front of one's nose needs a constant struggle. -George Orwell
M.I.Wakefield
2018-04-04 00:11:00 UTC
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Post by Eric®
Post by M.I.Wakefield
This matters because a credit downgrade could result in the province
having to pay higher interest on its debt ... and Ontario has a lot of
debt.
"'For the past 15 years, I've been part of a government that has built
this province,' he said, later adding, 'We have tripled (the debt) and
we're proud of it, because we can afford it. It's the responsible thing to
do. It's the correct thing to do, it's what people have asked us to do and
I would do it again and I would do it proudly.'"
- Mississauga-Streetsville MPP, Bob Delaney, March 29
https://www.bramptonguardian.com/news-story/8366040--i-would-do-it-again-and-i-would-do-it-proudly-mississauga-mpp-says-about-tripling-provincial-debt/
https://is.gd/iYk6NZ
If there's a tape of that quote, people with talking parrots are going to
hate it, because it's going to play so often during the election campaign
that the birds will be repeating it back for the rest of their lives.
Eric®
2018-04-04 21:57:55 UTC
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Post by M.I.Wakefield
Post by Eric®
Post by M.I.Wakefield
This matters because a credit downgrade could result in the province
having to pay higher interest on its debt ... and Ontario has a lot of
debt.
"'For the past 15 years, I've been part of a government that has built
this province,' he said, later adding, 'We have tripled (the debt) and
we're proud of it, because we can afford it. It's the responsible thing to
do. It's the correct thing to do, it's what people have asked us to do and
I would do it again and I would do it proudly.'"
- Mississauga-Streetsville MPP, Bob Delaney, March 29
https://www.bramptonguardian.com/news-story/8366040--i-would-do-it-again-and-i-would-do-it-proudly-mississauga-mpp-says-about-tripling-provincial-debt/
https://is.gd/iYk6NZ
If there's a tape of that quote, people with talking parrots are going to
hate it, because it's going to play so often during the election campaign
that the birds will be repeating it back for the rest of their lives.
It seems kind of miraculous that Moody's seems (they are kind of unclear) to
have Ontario's credit rating presently set at the same as Alberta's: AA
(negative) (BC's is AAA). Of course they are projecting that Alberta's per
capita debt will approach $20,000 which seems to be almost as bad as Ontario's
TomP
2018-04-04 22:07:18 UTC
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Post by Eric®
Post by M.I.Wakefield
Post by Eric®
Post by M.I.Wakefield
This matters because a credit downgrade could result in the province
having to pay higher interest on its debt ... and Ontario has a lot of
debt.
"'For the past 15 years, I've been part of a government that has built
this province,' he said, later adding, 'We have tripled (the debt) and
we're proud of it, because we can afford it. It's the responsible thing to
do. It's the correct thing to do, it's what people have asked us to do and
I would do it again and I would do it proudly.'"
- Mississauga-Streetsville MPP, Bob Delaney, March 29
https://www.bramptonguardian.com/news-story/8366040--i-would-do-it-again-and-i-would-do-it-proudly-mississauga-mpp-says-about-tripling-provincial-debt/
https://is.gd/iYk6NZ
If there's a tape of that quote, people with talking parrots are going to
hate it, because it's going to play so often during the election campaign
that the birds will be repeating it back for the rest of their lives.
It seems kind of miraculous that Moody's seems (they are kind of unclear) to
have Ontario's credit rating presently set at the same as Alberta's: AA
(negative) (BC's is AAA). Of course they are projecting that Alberta's per
capita debt will approach $20,000 which seems to be almost as bad as Ontario's
The Notley government inherited a financial mess after 40 years of
Conservative rule. I find it absolutely unbelievable that Canada's
richest province was left in shambles.
Liberals are VERMIN!
2018-04-04 23:23:24 UTC
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Raw Message
Post by M.I.Wakefield
Credit-rating agencies warn Ontario about planned spending
On Thursday, both Moody’s Investor Service and DBRS said the fiscal plan set
out by the Liberal government in its 2018-19 budget, which includes billions
in new spending, would harm the province’s credit profile over the long
term.
“It demonstrates in the clearest terms that the province is not committed to
disciplined … fiscal policy,” DBRS analysts said in a report.
Both agencies stopped short of downgrading Ontario’s debt, but stressed that
the province’s creditworthiness could come under pressure as a result of
abandoning its commitment to balanced budgets.
https://www.theglobeandmail.com/business/article-credit-rating-agencies-warn-ontario-about-planned-spending/
This matters because a credit downgrade could result in the province having
to pay higher interest on its debt ... and Ontario has a lot of debt.
The liberals should all be classed as enemies of the state.

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