The reckless spending spree initiated by the Notley government has led to another credit rating downgrade for Alberta.
Standard & Poors cut Alberta’s credit rating from AA to A+, based upon expected continued massive budget deficits.
“Our assessment of the province’s budgetary performance … has significantly deteriorated and is materially weaker compared with that of both domestic and international peers,” said S&P.
S&P also said the NDP has shown no fiscal restraint.
The opposition also expressed concern:
“Today’s credit downgrade is yet another example of how much damage the NDP is inflicting with its disastrous budgets and policies at a time we can least afford it,” said Alberta Wildrose Leader Brian Jean.
Massive debt increase
According to S&P projections, Alberta’s debt will increase by $55 billion between 2018 and 2020.
This whopping debt increase has been accompanied by increased taxes and more regulations, which has killed jobs and strangled opportunity.
That’s what happens when socialists are in power. Eventually, they start to run out of other people’s money. As debt adds up and credit ratings decline, the cost of servicing that debt goes up, which can lead to a devastating debt spiral.
Thankfully, the new United Conservative Party appears poised to end the Notley spending spree, but there will still be incredible damage to clean up in the aftermath.
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