Moody's Downgrades Ontario Debt Rating

[Belguy]

Moody's bond service has announced that it is downgrading Ontario's debt rating which will increase borrowing costs for the province:

http://www.theglobeandmail.com/repor...rticle2415219/

We've gotta hold out hope that the nice folks out in Alberta will be willing to lend us a hand!!

[stephenheath]

I'm holding out hope that we'll finally get a conservative (not necessarily the party, but the fiscally responsible) leader who does what needs to be done to get us back in the black and start eliminating the debt... if not, then I'm holding out hope that my field becomes more in demand in Saskatchewan or Alberta

[HaroldCrump]

This was mostly expected...Moody's gave enough advance notice.
They had put ON under review several months ago.
And now S&P has reduced the outlook from stable to negative - downgrade may follow at some point in the coming months.

Nothing is going to change...the fiscal irresponsibility will continue, the drunken spending will continue, the appeasement of labor unions will continue, the hiring and fattening of public sector will continue.

What is going to change will be taxes - more and more taxes, fees, levies, tolls, etc.

[Belguy]

Ontario's borrowing costs will rise due to higher interest costs. It is sad to see the province, that was once the economic engine of the country, reduced to this. It would appear that Whodat was right in opposing the budget and Horwath is wrong in trying to extract more concessions out of the government. Every Ontarian is going to end up paying more. If I were a young person today, I would strongly consider raising my family in either Alberta or Saskatchewan.

[Saslix]

Ontario's borrowing costs will rise due to higher interest costs. It is sad to see the province, that was once the economic engine of the country, reduced to this. It would appear that Whodat was right in opposing the budget and Horwath is wrong in trying to extract more concessions out of the government. Every Ontarian is going to end up paying more. If I were a young person today, I would strongly consider raising my family in either Alberta or Saskatchewan.

Just curious but what was stopping "Whodat" from making demands and extracting concessions out of the government?

[andrewf]

Just curious but what was stopping "Whodat" from making demands and extracting concessions out of the government?

That was my point. I blame Hudak for not being willing to offer support for the budget in exchange for more spending cuts and reforms. The NDP tax increase is in part Hudak's fault.

I don't see why we can't put the GST back to what it was in 1989.

Also, the "Healthcare Premium" introduced in 2003 was to address the deficit. Why hasn't that been done?

Seems nobody knows how to manage money anymore and it starts from the top.

Do does that mean you want to go back to the income tax rates from 1989, as well as the hidden Manufacturers Sales Tax?

[ddkay]

I don't see why we can't raise HST from 13% to 15%. Or even 20%. Soon we'll be in a cashless society.

You can't play games to lessen or avoid it. If you want something, you pay. I love consumption tax.

[Jungle]

Bring on the casinos, tax and legalize marijauana, tax income in brawdy houses, open more LCBO, hmmm future of Ontario lol

[HaroldCrump]

I don't see why we can't raise HST from 13% to 15%. Or even 20%. Soon we'll be in a cashless society.

That's right - soon there will be no cash left after taxes to actually buy any real goods or services.
So the GST/HST rate won't matter anyway.

[matlock]

What is going to change will be taxes - more and more taxes, fees, levies, tolls, etc.

... and if taxes increased at the rate that fear mongering about taxes increases, we'd truly be doomed. Lucky for us that they don't.