FOR IMMEDIATE RELEASE:
Feb. 26, 2015
QUEEN’S PARK – Another voice has been added to the chorus calling on the Wynne government to change its financial direction.
Credit agency Moody’s says Ontario is in a more challenged position than Quebec to eliminate its deficit because “it faces larger ongoing deficits and also because there is a risk that all the cost controls designed to return Ontario to a balanced budget may not be carried out.”
“Ontario’s persistently large deficits, and its tendency to delay the most significant cost cutting measures towards the latter years of its projected timeline for returning to a balanced budget, increase the risk that the province will be unable to achieve its goal,” said Michael Yake, Moody’s Vice President and Senior Analyst and report author.
Moody’s also expects the province’s debt burden to remain elevated for several years after balanced budgets are reached.
“The Liberal tax and spend approach is not sustainable,” said Haldimand-Norfolk MPP Toby Barrett. “People and businesses don’t run their finances this way. This debt is so huge, it will be just left for the next generation.”
“This is the latest in a series of economic warnings the scandal-distracted Liberals have ignored,” said Opposition Finance Critic Vic Fedeli. “First, they were told they wouldn’t meet revenue targets, and then acted surprised when they missed those by $500 million. Then the Auditor General warned of credit rating downgrades, one of which actually happened in December.”
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For more information,
contact MPP Toby Barrett at 519-428-0446 or toby.barrett@pc.ola.org