Moody's downgrades Ontario's credit rating

[jacee]

https://business.financialpost.com/news/economy/moodys-downgrades-ontarios-credit-rating-from-aa3-to-aa2-citing-deficit

Because of the deficit (blamed on Liberals) and reduced revenues due to Ford's tax cuts for the wealthy and for polluters. 

I guess 'austerity budgeting' isn't all it's cracked up to be. 

 

[Shady]

Right.  So the previous government runs the provinces finances into the ground over a period of 15 years, leading to a previous credit downgrade, but somehow the current government of a year is to blame.  Lol.  Too high of taxes hamper economic growth. Unstrangling the economy needs to be done to help dig out of the massive hole left by the Liberals, who’ve literally maxed out the credit cards.

Edited April 21, 2019 by Shady

[BubberMiley]

A credit downgrade is based on forecasts. If they were optimistic that the new government has a viable plan, they would raise it.

[Zeitgeist]

I think Doug is on the right track except on cap and trade, which was a more effective climate action policy and less expensive to consumers than the Trudeau carbon tax being imposed on Ontario.  I also liked the transnational nature of cap and trade, involving Quebec and California.

[Argus]

It became apparent during the election that the Ford government was not going to be the Mike Harris government. There were not going to be any big cuts to jobs and spending. In fact, there would be additional spending on new social programs. That doesn't mean they can't eventually get back to budget balance, but Ford is not a fiscal conservative at heart. If this were a government like Harris they'd already have frozen public sector salaries and have announced major layoffs. That's not going to happen.

Now whether Ford can achieve political success with his 'softer and nicer' form of progressive conservatism is anyone's guess. To my mind there's little point in trying to make nice with people who wouldn't spit on you if you were on fire. And that pretty much describes the entire public sector in Ontario. They know on which side their bread is buttered and it's not any kind of conservatism, however 'progressive' it might be.

 

[Shady]

3 hours ago, BubberMiley said:

A credit downgrade is based on forecasts. If they were optimistic that the new government has a viable plan, they would raise it.

I agree.  It’s going to several years of digging out before there’s a light at the end of the tunnel.  It’s the second downgrade in the last 5 years.  Ontario is the most indebted sub sovereign borrower in the world.

[taxme]

3 hours ago, Zeitgeist said:

I think Doug is on the right track except on cap and trade, which was a more effective climate action policy and less expensive to consumers than the Trudeau carbon tax being imposed on Ontario.  I also liked the transnational nature of cap and trade, involving Quebec and California.

Doug Ford is a fiscally responsible conservative leader who will try and make Ontario great again. Trudeau is a leftist liberal azz hole who only knows how to go about making Canada not so great. The lieberals in Ontario that ran that province for so many years have pretty much destroyed Ontario with all of their socialist and communist programs and agendas that did nothing for the Ontario people. They mostly helped their liberal friends out and gave everything away to a bunch of whiny minorities while the majority had to just sit there and shut up. Pathetic. 

[taxme]

3 hours ago, BubberMiley said:

A credit downgrade is based on forecasts. If they were optimistic that the new government has a viable plan, they would raise it.

Pessimistic forecasts no doubt brought up by liberals, eh? People need to give Ford a chance to see what he can do. I am pretty sure that he will never come close to what the liberals did to Ontario in the past 15 years. When there is a conservative government in power all we will hear from the leftist liberals and leftist liberal media is doom and gloom. Only liberal or NDP liberal/socialist governments know how to run a government properly and with honesty and integrity. Ha-ha-ha-ha-ha-ha-ha. 

[taxme]

If people want to know as to what the Ford conservatives are planning to do for Ontario to help make Ontario great again and get the government off their backs then they need to go to "Ontario News Now" and get that information first hand. Of course it will not be a safe site to go visit for leftist liberals and socialists because it will scare the hell out of them to see what Ford has already done for the Ontario people already that is starting to save them plenty of tax dollars. For instance, Ford just got rid of the ineffective and outdated Clean Drive program that will save Ontario drivers money and time to not be wasted on having to test their vehicles for pollution anymore. Ontario drivers have just got a little more freedom from government intrusion in their lives.   Source: Ontario News Now. 

Edited April 21, 2019 by taxme

[jacee]

58 minutes ago, Shady said:

I agree.  It’s going to several years of digging out before there’s a light at the end of the tunnel.  It’s the second downgrade in the last 5 years.  Ontario is the most indebted sub sovereign borrower in the world.

But it didn't have to be that way. Dougie paying off his handlers with tax cuts for the rich have reduced revenues

But Moody’s also said that actions taken by the current government to reduce revenue levels will add to the budgetary pressures facing the province.

[taxme]

1 minute ago, jacee said:

But it didn't have to be that way. Dougie paying off his handlers with tax cuts for the rich have reduced revenues

But Moody’s also said that actions taken by the current government to reduce revenue levels will add to the budgetary pressures facing the province.

Up Moody's. All they do is to try and make predictions where in most cases they have been found out that some of their predictions turned out to be false and misleading or things said never happened. I suppose that when kid Trudeau says to you that carbon taxes are just dandy and are needed to have you are all in on that one, right? There are many people out there who enjoy trying to spread fear and bull chit, and there are so many people out there that eat it up like candy. I call those people losers and zombies no minds. Just my opinion of course. 

[Nationalist]

Doug has already lost my respect. I find him too eager to placate. I sense little to no conviction in him.

But blaming Doug Ford for this move by Moody's is just silly. The damage was already done and the welfare response and outrageous spending in response to The Rona is gonna hurt all of Canada and the States...and England and...

[Faramir]

On 4/21/2019 at 1:03 PM, taxme said:

If people want to know as to what the Ford conservatives are planning to do for Ontario to help make Ontario great again and get the government off their backs then they need to go to "Ontario News Now" and get that information first hand. Of course it will not be a safe site to go visit for leftist liberals and socialists because it will scare the hell out of them to see what Ford has already done for the Ontario people already that is starting to save them plenty of tax dollars. For instance, Ford just got rid of the ineffective and outdated Clean Drive program that will save Ontario drivers money and time to not be wasted on having to test their vehicles for pollution anymore. Ontario drivers have just got a little more freedom from government intrusion in their lives.   Source: Ontario News Now. 

I understand Ford has been quite a NAZI in regards to COVID mandates?

[TreeBeard]

1 hour ago, Faramir said:

I understand Ford has been quite a NAZI in regards to COVID mandates?

Where are the camps located?

[taxme]

On 2/2/2022 at 3:22 PM, Faramir said:

I understand Ford has been quite a NAZI in regards to COVID mandates?

It is for dam sure that Error the Tool was never a real and true conservative. That liberal belonged in the liberal party and not the conservative party. 

I think that Pierre Polivere should be the next leader of the conservative party. Pierre despises comrade Trudeau and his liberal communist party. I wonder where the coward Trudeau is hiding? Come out- come out wherever you are, coward. ?

[RyanBellefontaine]

Please remember that credit ratings are arbitrary and economic growth is a much better economic indicator

[ExFlyer]

13 hours ago, RyanBellefontaine said:

Please remember that credit ratings are arbitrary and economic growth is a much better economic indicator

AA-3 now https://www.fao-on.org/en/Blog/Publications/credit-rating-2021