Ford’s misplaced priorities compromise investor confidence in Ontario

Ontario NDP Finance critic and Hamilton West-Ancaster Dundas MPP, Sandy Shaw, released the following statement regarding two major credit rating agencies changing Ontario’s financial outlook “negative” – a downgrade from “stable.” According to the Financial Accountability Officer’s warning, all four major credit rating agencies have cited concerns about Ontario’s financial outlook:

“Today’s disappointing news from all the major credit rating institutions should be a wake-up call to Doug Ford.

Instead of fixing what’s not working, today’s news indicates that Mr. Ford’s string of backward priorities is taking Ontario’s financial health from bad to worse.

At a time when Ontario needs economic stability, Ford’s short-sighted decisions have come under heavy indictment from organizations like the Business Council of Canada. Under Ford, 80,000 jobs were lost in Ontario in August alone. And, under the Conservative premier, minimum wage earners will take home $2,000 a year less.

The potential lawsuits and penalties for Ford’s attack on industries and programs put Ontario in a financially precarious position; while the job losses drag the economy backwards. The concerns cited by the credit rating agency are based on future risks – and it’s not hard to see why the experts are concerned.

While Ford is focused on meddling in municipal elections, his misplaced, backward priorities have compromised investor confidence in our economy and have led to the grim economic outlook credit agencies have confirmed today.”