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Credit Rating Downgrade a Sign of a Much Bigger Problem
Tony Wakeham, Finance critic for the PC Opposition, said Moody’s downgrade of the province’s credit rating is a sign of a bigger problem, which the Ball Liberals have spent the past four years ignoring...
Friday, July 26, 2019

Office of the Official Opposition 
For Immediate Release

 

Stephenville, NL (July 26, 2019) – Tony Wakeham, Finance critic for the PC Opposition, said Moody’s downgrade of the province’s credit rating is a sign of a bigger problem, which the Ball Liberals have spent the past four years ignoring.

 

“Moody’s is concerned the province’s plan to get back to balance is not credible. The Liberals have not been meeting their targets and are left with both an underperforming economy and an overspending problem – a toxic mix. The Minister of Finance says he has a plan to return to surplus by 2022/23 but is refusing to provide any details. It is no wonder then that Moody’s is questioning the province’s ability to meet its highly ambitious target,” said Wakeham.

 

A program of deep cuts right now would obviously lead to more pain and suffering than growth. What’s needed is a combination of sound fiscal management plus sound economic investment, so our public dollar is working harder than it’s been working. The province is badly in need of strategic thinking, which has been sadly lacking for the past four years.

 

“We’re also seeing the consequences of the Ball Liberal failure to achieve fairness in fiscal transfers for health, social programs and Equalization. Other provinces get billions to help them balance their books while we get zero because the Ball Liberals have refused to stand up and fight for fairness. No other province is going to do the fighting for Newfoundland and Labrador, so we have to stand up and make the case for ourselves.”

 

“Moody’s also has a problem with the Liberal rate mitigation plan, which was very late being announced. Some of the Liberal plan was lifted straight from the PC plan, but an extra $200 million of the Liberal plan is completely phony – money that has no source. That’s not the kind of accounting that inspires trust among credit rating agencies. You don’t get credit for not being credible.”

 

Contacts:

Bradley Russell
Director of Policy and Research
(p) 1.709.729.3668
BradleyRussell@gov.nl.ca

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