Tbnewswatch Local News
Friday July 3 2015
2:12 AM EDT
2014-07-04 at 11:55

Chamber concerned about province’s ability to axe deficit

By tbnewswatch.com

THUNDER BAY -- The Chamber of Commerce is concerned about the province’s ability to eliminate its $12.5 billion deficit.

Moody's Investor Service isn't waiting for this month's budget to pass judgment on Ontario's financial position. The credit rating agency has changed its outlook from stable to negative. 

Moody's says there must be a considerable shift in government action to control spending.

Thunder Bay Chamber of Commerce president Charla Robinson says the change doesn't come as a shock. 

The Ontario Chamber has been pushing for the need to balance the books in a more timely fashion. 

Now, with a four-year mandate, Robinson hopes the Liberals make the tough decisions and get spending under control.

(TBT News)

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Commonsense says:
The article refers to the province's $12.5 billion deficit, which is the difference between revenues and expenditures for JUST A PARTICULAR YEAR.
What is not mentioned is the accumulated overspending for each year, called THE DEBT.
Ontario's has a debt over over $273 billion, and paid over $11 Billion in interest last year.
This should be concerning Ontario taxpayers. They can't continue to spend at this pace. All those shiny election promises were made with borrowed money, and we'll be in trouble should interest rates rise.
7/7/2014 11:01:58 PM
The Beaver…. says:
Waldo here is one more for you
acording to its website, since 2006 IO has brought about $42 billion in capital projects to market. Such projects include the North Bay Regional Healthcare Centre, Sunnybrook Health Science Centre, the Roy McMurtry Youth Centre and the Durham Consolidated Courthouse.
That $42 billion has — in practice and in fact — become Ontario’s financial responsibility and, as a result, should be treated as part of Ontario’s total debt.
7/6/2014 10:16:42 AM
Royalflush says:
First move, no money for event centre! There, just saved the province 33 million dollars. Next.........
7/4/2014 10:08:13 PM
signman says:
Just like Thunder Bay the province's spending is out of control.

Balancing the books is just a Dream!
7/4/2014 8:16:12 PM
tsb says:
The credit rating itself hasn't changed at all, so the province's interest rate isn't affected yet. This is actually a good thing, because it will put more pressure on the government to reduce the deficit by next April to avoid a credit rating downgrade.
7/4/2014 7:15:54 PM
brandon says:
Want to spend $100m on an events centre? Watch our credit rating plummet along with the province.

This is assuming the province doesn't realize they don't have the money to put in. Fact is they don't, but the liberals appear to want to spend us into oblivion, so who knows.... they may 'find' that money to fritter away anyway.
7/4/2014 5:15:33 PM
bobguy says:
However do not take away the $1B dollar corporate welfare to the Ring of Fire and be sure to dump $50M into the event centre...
7/4/2014 5:14:50 PM
pc says:
of course he was. But people don't want the hard truth they would rather go with the nice stories.
So Ontario loses again.
7/4/2014 4:15:58 PM
The Beaver..... says:
Yes Waldo he was, and we now have a hug dilemma on our hands.
The Ontario deficit is greater then the combined deficits of all the other provinces and the Federal Government together.
Mr. Hudak can now sit back and say I told you so. Strategic voting that played its cards will soon be striking all over the place to get it their way, and then this house of cards will tumble.
7/4/2014 2:37:12 PM
Waldo Lydecker says:
So Hudak was right all along.
7/4/2014 1:31:17 PM
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