News from Ontario’s Opposition Conservative Party
QUEEN’S PARK, July 3, 2014 – Premier Kathleen Wynne needs to detail precisely how her government plans to solve the serious challenges facing the province while protecting frontline services, Ontario PC Finance Critic and Nipissing MPP Vic Fedeli insisted today.
Ontario Conservative Party critic Vic Fedeli
“Today’s Throne Speech leaves many troubling questions as to the direction Ontario is heading,” said Fedeli, specifically pointing to yesterday’s credit outlook downgrade by Moody’s.
Moody’s stated “the province is facing a greater challenge to return to balanced outcomes than previously anticipated.” (National Post, July 3, 2014). This comes after BlackRock, the world’s biggest money manager, said it was on “high alert” for a downgrade and Ontario borrowing costs spiked to a six-month high the day following the election (National Post, June 13, 2014).
“The economic assumptions the budget was based on are actually worse now,” said Fedeli. “I’m very concerned that with a $12.5 billion deficit, the government will soon be underfunding more vital services – like they already are with home care and physiotherapy – to pay for higher interest costs on their irresponsible debt.”
Fedeli also noted the government is still not addressing concerns small business owners have with the proposed Ontario Retirement Pension Plan.
A recent survey by the Canadian Federation of Independent Business (CFIB) stated 86 per cent of its members were opposed to the idea and 53 per cent expect they’d have to reduce staffing if it’s implemented (CFIB Release, June 2, 2014). Fedeli also points to internal government documents that state a new payroll tax will cost Ontario tens of thousands of jobs.
“With our energy rates already being the highest in North America, we can’t afford another drag on our economy right now.
Fedeli added the government also needs to table a comprehensive plan soon to ignite development in the Ring of Fire.
“Despite their $1 billion funding and 60-day development corporation pledges, the government has had several years to make this a priority yet production remains years away. It’s time they tell us exactly how they’ll start realizing the vast potential of the Ring of Fire.”
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