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Monday, December 17, 2018

Walker on Credit Rating Downgrade

Regional | by Ken Hashizume  

Bruce-Grey-Owen Sound MPP says the PC government is working on chipping away deficit inherited from previous Liberal government.


The recent news of the downgrading of Ontario's credit rating is of no surprise to our local MPP.

Bond rating agency Moody's downgraded the Province credit rating from Aa3 to Aa2 on Thursday.

They cite the province's $14.5 Billion deficit.

Bruce-Grey-Owen Sound MPP Bill Walker tells Bayshore Broadcasting News that the previous Liberal government saddled the province into a huge deficit, spending $40 Million more per day than what they took in.

He says that equals to about $24,000 for every person living in this province.

Walker points out programs like the Green Energy Act where they were paying cities in the United States to take their surplus of electricity.

He says this one of those unfortunate things that led to the fiscal problems and his government is doing something to take care of that.

While the government says they are already taking steps to tackle the deficit, Moody's also says that the province will continue face deficits because of budgetary pressures.

Walker says the debt payments alone represent one-fifth of the health care budget and half of the education budget.

He says that is not sustainable and his government has pledged to get the province back to a good financial footing.

Walker says since his government took office, they have found $3.2 Billion in cost savings resulting in $500 Million off the deficit.

He says when you spend money on interest charges, that is money that can't go into programs.

 

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