Moody's Downgrades Ontario Debt Rating
Moody's bond service has announced that it is downgrading Ontario's debt rating which will increase borrowing costs for the province:
We've gotta hold out hope that the nice folks out in Alberta will be willing to lend us a hand!!
Last edited by Belguy; 2012-04-26 at 05:25 PM.
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
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.
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?
Originally Posted by Belguy
... 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.
Originally Posted by 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.
You can't play games to lessen or avoid it. If you want something, you pay. I love consumption tax.
Bring on the casinos, tax and legalize marijauana, tax income in brawdy houses, open more LCBO, hmmm future of Ontario lol
That's right - soon there will be no cash left after taxes to actually buy any real goods or services.
Originally Posted by ddkay
So the GST/HST rate won't matter anyway.
Right, and where have you been for the last 3 years?
Originally Posted by matlock