Not really news - we knew it was coming

Standard & Poor’s is downgrading Ontario’s long-term credit rating, saying the province may be tackling its deficit but a multibillion-dollar 10-year plan for infrastructure spending will exacerbate its debt load
The downgrade, from double-A-negative to A-plus, comes because of a combination of “very high debt burden” and “very weak budgetary performance,” the major credit-rating agency says.
Since being re-elected last year, Ontario has been moving to cut the province’s deficit – projected to fall to $8.5-billion this year – by squeezing health care and education spending. But S&P is focusing, among other things, on the government’s intention to spend $130-billion over the next 10 years on transit and other infrastructure.
In addition to raising a red flag on the province’s long-term infrastructure plans, the rating agency chastised Queen’s Park for not being stricter on reining in its spending.
“Ontario has been slow to fully roll out the spending controls and revenues needed to eliminate its structural operating deficit, which has caused its tax-supported debt level to approximately double since fiscal 2008,” according to the analysis accompanying S&P’s decision.
Douglas Porter, chief economist at Bank of Montreal, characterized the downgrade as “a fairly significant move by Standard and Poor’s.” Mr. Porter called it “more of a report card on what has been than a look forward.”


http://www.theglobeandmail.com/news/...ticle25334122/

And therein lies the rub. The government also knew this was coming and despite that did nothing. Tax and spend is still in full swing. This is so symptomatic of the left wing idealogy.

Maybe they simply believe as Trudeau has stated "And, the budget will balance itself."

Too many people don't think for themselves and rely on the government to do it all.... Blind sheep mentality is going to cause our downfall.


Regarding life........ It is much more easier for citizens to ignore than it is to act.

There are more storm clouds on the horizon. The teachers will not accept anything but a raise in September, the OPP is nearing another contract and they have the power to destroy the Liberals with all the investigations they are sitting on and the PANAM games have the potential to add another 3-4 $billion of debt despite what the projections said. So, whatever this governmnet is claiming in regards to balancing a budget is about as valuble as a Greek governmnet bond. They will be downgraded again and God help us if the interest rates start to climb. Once the left get control of Ottawa the spending Orgy will erode our financial stability for years.

/shrug

Like other topics this to has been coming.
Fitch
S&P
Moodys (?)

I doubt many of the defenders and those that support them even know who they are.

And, isn't lovely with repsect to her/their spending, compensation, debt levels and more.

On the very day S&P downgrades.
For Hydro One employee's
3% raise (remind me please what the peons of Ontario are seeing)
3% signing bonus
2.7% in stock
http://news.nationalpost.com/full-co...r-for-humanity

Yep, theres two classes. Those that work for them, and those that dont

Sad but true

http://i78.photobucket.com/albums/j1...psnwncd0ho.jpg

Gee John... thanks for that. Now I am really going to have nightmares!
She was already frightening enough.

Given my choice is take the one on the right lol.

Quote:

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Originally Posted by terrym

There are more storm clouds on the horizon. The teachers will not accept anything but a raise in September, the OPP is nearing another contract and they have the power to destroy the Liberals with all the investigations they are sitting on and the PANAM games have the potential to add another 3-4 $billion of debt despite what the projections said. So, whatever this governmnet is claiming in regards to balancing a budget is about as valuble as a Greek governmnet bond. They will be downgraded again and God help us if the interest rates start to climb. Once the left get control of Ottawa the spending Orgy will erode our financial stability for years.

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Ok now you are gettin a Toronto guy going on the Panam games. 3-4 billion in debt. There is no way that the games could ever generate enough revenue to cover even a fraction of cost here. There will be little to no upside financially for a huge majority of businesses in the cities that are hosting events except maybe Minden or Markham and yet we all get put on the hook. It's like your kid coming to you and begging you for a Benz and you can't afford one but you buy one anyway to look good to your neighbours. It's pathetic. By the way signs on the 401 are telling us to "avoid rush hour" what in the hell does that even mean? Rant.

Quote:

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Originally Posted by flowerjohn

Ok now you are gettin a Toronto guy going on the Panam games. 3-4 billion in debt. There is no way that the games could ever generate enough revenue to cover even a fraction of cost here. There will be little to no upside financially for a huge majority of businesses in the cities that are hosting events except maybe Minden or Markham and yet we all get put on the hook. It's like your kid coming to you and begging you for a Benz and you can't afford one but you buy one anyway to look good to your neighbours. It's pathetic. By the way signs on the 401 are telling us to "avoid rush hour" what in the hell does that even mean? Rant.

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It means stay the hell away from Toronna !!!!!!

Yep. Stay out of TO!

Generate revenue??? It's actually costing TO's tourism industry because tourists are staying away from TO to avoid the crowds.

http://news.nationalpost.com/toronto...sociation-says

and

http://business.financialpost.com/ne...d-angry-locals

As one writer puts it, the only good thing about the pan am games is that it (hopefully) will discourage any talk of Toronto hosting the Olympics.

Dude. Don't even go there. Aren't we still paying for the 76 Olympics in Montreal ??

And lining the pockets of some Werner, though I suppose deciding whether that's good, depends on who is benefitting.

In the end, I suspect in years to come this will been seen as little more than another boondoggle, with little upside or economic benefit and lots of cost.

The City of Vancouver is still paying for The Olympics and will be for decades to come as is Montreal still to this day. People just never learn that if you don't know how to run something,don't go there.

Quote:

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Originally Posted by JBen

And lining the pockets of some Werner, though I suppose deciding whether that's good, depends on who is benefitting.

In the end, I suspect in years to come this will been seen as little more than another boondoggle, with little upside or economic benefit and lots of cost.

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I guess compared to the gas plants, its a pretty good deal for 2.5B, when you've already paid 2B for nothing. And we are ing about the teachers wanting another 3.2B over three years. Hell if we would have skipped the games, we could have gave them most of that.

What about the long gun registry? Lol.

Give it up. Ontario gave Wynne a credit card with no credit limit. She will pile it on non stop for her entire mandate. In her last few months she will grease the entire PS so well that they will get her re-elected. At some point Ontario will be unable to find financing but being part of Canada they will have big brother there to bail them out. But in the end what is happening in Greece is not that different than here in Ontario. Ontarians voted in a government that they knew would spend more than our economy could generate. They knew that Liberals lied and broke the electoral laws repeatedly but people being what they are felt they wanted instant gratification and really didn't care about what they are burdening their children with. So, we aren't quite on the edge yet but voters made the decision to go the same way.

Settle in people from Ontario because if Bieber gets elected we are in for a rough ride. You might want to start withdrawing your money now before they close the banks

Quote:

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Originally Posted by flowerjohn

Dude. Don't even go there. Aren't we still paying for the 76 Olympics in Montreal ??

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I'm still paying for the 67 Expo in Montreal.....Went to Expo and proposed, that was my Centennial Project. While I am still paying I am enjoying every minute of it....

Quote:

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Originally Posted by patvetzal

I'm still paying for the 67 Expo in Montreal.....Went to Expo and proposed, that was my Centennial Project. While I am still paying I am enjoying every minute of it....

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That is a payment that you will do well to enjoy dor the rest of your days. Cheers!

I just don't know what to say anymore about our current provincial leadership.

One word Dyth , Fooked.