Not really news - we knew it was coming

[werner.reiche]

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/

[DGearyFTE]

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."

[fratri]

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.

[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.

[JBen]

/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

[Hunter John]

Sad but true

[DGearyFTE]

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

[flowerjohn]

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

[flowerjohn]

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.

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.

[rick_iles]

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.

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