(Current Platforms in Ontario’s 2018 Election Puts Province At Risk of a Credit Downgrade)
Late Tuesday afternoon Moody’s downgraded the economic outlook for Ontario from stable to negative. In its press release Moody’s cited the recently tabled Liberal budget, and growing spending pressure from all parties that need to be addressed as the economy is expected to retract 1% by 2021. Moody’s also cites current household debt is a record high level, and that key interest rates are likely to rise as a result, making it expensive to service the debt, with retracted economic growth. If spending pressures do not ease post-election, it could mean that Ontario could face a credit downgrade in the very near future which would have a huge impact on the provinces ability to borrow money.
What does this mean for autism services? Over the past several years the autism community has been dealing with austerity through the Wynne Liberals. The last time Moody warned of an impending credit downgrade Wynne slashed special needs education budgets, tried to lower the age of behavioral therapy, and froze special services at home funding. Just in time for the election Wynne has stopped a lot of the austerity measures she put into place, and focused more investment in autism services in Ontario, with huge spending promises in other areas.
The NDP have released their platform, which is huge on spending rather than prioritizing. The NDP in their election platform have stated that they are willing to keep the status quo in Wynne’s investment in Autism Services. In fact NDP MPP Monique Taylor took to social media to try and calm the nerves of parents that the NDP would in fact keep investments the Liberals have made in place, however did not respond to questions regarding Moody’s economic outlook downgrade and what the NDP would do to shift priories to protect the disabled from austerity measures. Taylor who has championed parents’ plight with austerity in the past is currently being sued for human rights abuses in her own constituency office. NDP leader Andrea Horwath has stated in the past that she may take action against Ms. Taylor if a negative judgement is placed on Taylor’s conduct.
Doug Ford hasn’t released any policy platform at all.
With a credit downgrade almost certain in the near future with the current platforms, all three parties should clearly express to the people of Ontario exactly what their priorities are and where the cuts will be. The disabled should not be the punching bag of austerity. They’ve been through enough of that over the past few years. The cupboards so to speak are already bare. The tax payers deserve answers.
UPDATE 12:43: Finance Minister Charles Sousa has responded to the Moody’s downgrade:
— NEWSTALK1010 (@NEWSTALK1010) April 18, 2018
You can read the full Moody’s press release below: