Liberal Budget Hurts Ontarians – MPP Jim McDonell

July 14, 2014

QUEEN’S PARK – The Liberal Government re-introduced its Budget earlier today. MPP McDonell highlighted how the spending promises contained in the Budget are likely to increase the debt burden on taxpayers.

 

“This is the same Budget that the Liberals used to trigger the election and shore up their support base” – MPP McDonell commented. “It is a political Budget, not a practical one. The Government is determined to ignore warnings from the financial and business community and pile on debt with no plan on how to repay it. Rating agencies have already warned us of a potential credit downgrade if the Budget is passed as originally drafted. A downgrade will cause our interest payments to rise. A one-percent increase in the interest rate charged on our debt will cost us $3 billion more per year, seriously endangering our ability to pay for essential services such as healthcare, education and support services for vulnerable Ontarians.”

 

The Budget will be debated over the course of the next week in the Legislature.

 

“It is imperative to tackle the Province’s decreasing competitiveness” – MPP McDonell added. “This Budget does not achieve that objective. It is full of spending promises without any commitment to tackling the growing debt, or giving any relief to Ontarians who are paying outrageous hydro rates, experiencing cuts to their healthcare coverage or waiting for a long-term care bed, a family physician or support services for developmentally challenged or disabled relatives. Sensient Biopharma and Savory Flavors in Cornwall is another casualty of the uncompetitive cost of doing business in Ontario.  Sensient will be closing their doors this winter and as many as 50 people will be out of work.  The Government is putting partisan interests above those of the people of Ontario, and I will not support this course of action”.

 

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