“Today, Standard & Poor's announced it is downgrading Alberta’s credit rating yet again, this time by two notches, from AA to A+. While this latest downgrade comes as no surprise, considering the NDP government’s complete and total mismanagement of our economy and finances, we are incredibly concerned about the consequences that higher interest rates and skyrocketing debt will have on our ability to fund vital public services in the future.
In the two short years since the NDP took office, this government has destroyed our sterling AAA credit rating, taken us from a $1.1 billion surplus to an $11 billion deficit, and put Alberta on track to owe an astonishing $94 billion by 2020. Today, Standard & Poors has again told Finance Minister Joe Ceci that kicking the can down the road is not a viable fiscal plan.
Our caucus has repeatedly called for modest spending restraint and each time has been met with fearmongering, hyperbole and false choices from the NDP. The truth is that prioritizing frontline services, while exercising restraint in non-essential areas, will not lead to deep cuts or public sector layoffs. Nor will borrowing tens of billions on the backs of our children and grandchildren lead to economic recovery now or long-term prosperity in the future. We are disappointed to see this government continuously fail to make the tough choices Albertans sent them here to make.”