Moody, the credit rating agency has just cut Spain's credit rating and warned that further downward adjustments may be on the way. It strikes me that this should serve as a stark warning to the people of Ontario that Mr. McGuinty's vision for our once great province is deeply flawed.
The model which McGuinty seeks to have us buy into is based around two things.
1. The implementation of a green energy act supported by taxpayer subsidies in the belief that we will create a "new Green economy"
2. Large growth of public sector payrolls with claims of improved services and trickle through benefits to the greater economy.
If you look at Spain they embarked on an almost identical program in advance of Ontario and after spending tens of billions of their tax payers dollars on subsidizing green energy (wind and solar), the facts show that for every 1 job they created they lost 2.3. Their energy costs went through the roof placing strain on their already burdened taxpayers and driving many "real" businesses into financial hardship and making them uncompetitive globally.
Spain's ever burgeoning public sector costs are (like Ontario's) the only area that has truly grown, but this contrary to what Mr McGuinty would have us believe is not a good thing. It is once again the poor taxpayers who have to foot the bill for these services and (contrary to what all the public sector unions would have us believe in their annoying radio ads), the government is not very good at delivering services in a cost effective manner. If we really do need all of these programs ( I personally don't think we do) then let private industry bid for them in a competitive manner so that the taxpayer get value for money.
The ratings agencies are already paying close attention to Ontario's growing deficit and ballooning costs and if Mr McGuinty and his friends continue on their destructive path, it will not ne long before we too start paying more to service that debt load which the liberals have created.
As with all things though Mr. McGuinty like all politicians will not suffer the future effects of his legacy to us in the same manner as the hard working taxpayers as he will be nicely protected by his index linked pensions and benefits.
