Photo: Bill Walker
Bill Walker MPP Bruce-Grey-Owen Sound

Bill Walker MPP

Media Release:


For Immediate Release
April 19, 2018

Uncertainty abounds over Ontario’s borrowing ability after Liberal budget forces a credit downgrade

 QUEEN’S PARK – Bruce-Grey-Owen Sound MPP Bill Walker says the Liberal government’s pre-election budget is causing big uncertainty after it forced Ontario’s credit rating to be downgraded to negative from stable.

“This government is trying to buy votes with big-spending promises it can’t afford, and it has failed to realize that there are dire and serious consequences to such misdeeds, namely higher borrowing costs for Ontario ratepayers,” says Walker.

Moody’s Investors Service yesterday downgraded Ontario’s credit to negative, with a stern warning that Ontario remains on an unsustainable path as the most indebted province or state in the world.

“This downgrade means our already exorbitant debt payments, which are now $1 billion every month, could keep rising and crowding out even more core services because we won’t be able to afford them,” Walker explains.

The source of angst and uncertainty is the Liberals’ decision to plunge Ontario into years of deficits and growing debt.

“I don’t know how Kathleen Wynne sleeps at night, and if she ever worries about what happens when your government runs out of borrowing ability?” says Walker.

“Her big-spending election budget, her tripling of our doubt and her endless deficits are blowing up Ontario’s confidence and causing a lot of uncertainty. I would never want to see any government get into a situation where it’s not able to invest in the people of this province because it has run out of its borrowing ability.”

“Sadly, her only alternative is to hike taxes and slash services. They’ve done it before, and they will do it again,” concludes Walker.  
 

CONTACT: Ana Sajfert | ana.sajfert@pc.ola.org | 416-325-6242

 
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