Province Credit Rating Downgraded

by , under Financial, Politics

trillium

Trillium – Ontario’s floral emblem

Ontario used to be a very wealthy Province in the Dominion of Canada. For decades, it was often seen as the economic engine that kept the rest of the country going. However, it seems under many years of Liberal Party rule, Ontario is heading towards economic disaster.

It was announced on Monday, that Standard & Poor had downgraded Ontario’s credit rating. While an A+ rating might seem good, it’s actually pretty horrible that this province that was once rich and prosperous, would have to endure a downgrading of it’s rating. But, that’s what happens when economies are mismanaged by political sociopaths, of course.

On Monday, according to the National Post, Standard & Poor’s statement about the downgrade included:

“The downgrade reflects our view that Ontario is a sustained and projected underperformer on its budgetary performance and debt burden versus domestic and international peers”

Let’s look at some of the mismanagement issues over the years:

  • Verging on fraud with regard to gas plant cancellations which cost billions
  • Mismanagement of Ontario Hydro and its debt
  • Soaring electricity rates causing many businesses to flee the Province
  • Nanny statism
  • Stupid regulations that cause small businesses to go broke or no longer able to operate.
  • Massive growth in Provincial debt over past decade
  • Stupid “Green” practices have which destroyed arable land to generate tiny bits of solar power

Of course, Ontario’s Liberal Party politicians want to point the finger at the Federal Government, but as the Fraser Institute points out after it’s analysis, this is a “made in Ontario” problem.

I personally know of several local businesses that have had to shutter their doors just because of stupid new regulations for which there was no need. This actually benefited larger corporations when local businesses cannot afford to compete due to the expense of complying with regulations that in reality, don’t need to exist. But now, because of the cost of doing business in Ontario, many of those large corporations have set up shop in other jurisdictions and others that have not yet left this once rich province, are considering moving away do to enormously increased costs of doing business here.

In the 1970’s, Ontario school children were taught to sing proudly, a song called “A Place To Stand, A Place To Grow” which was about “Ontari-ari-ario.” Well, it seems today that it no longer is a place to stand or a place to grow, and all it is is now “Ontari-Liberal-Mismanagement-o.” A place to leave. A place to not go.

Here’s the song school children used to sing proudly, but now as adults are fleeing to other places:

Truly, Ontario has slipped considerably since this song was written in 1967. I wonder how further it will go? What do you think?

See: Robyn Urback: Ontario’s credit rating gets a downgrade. Ontario government: ¯\_(ツ)_/¯

  1. Dave Roberts

    Jen (my wife) and I are seriously considering moving out of Ontario. The electricity rates are really what’s breaking the camel’s back now. There are some good opportunities in Saskatoon, Saskatchewan and we’re looking at some properties there where we can set up our business.

    Ontario is a beautiful province but just getting to bloody expensive to live and do business in now. Can’t afford it!

    Reply
    • admin

      Sorry to hear of the issues you and Jen are having, Dave – with the expense of Ontario. Hopefully brighter days ahead for you out in the ‘toon’.

      Reply

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