The Cold Hard Truth About The April 6th Budget
As you may well know, I’ve been touring the province on my “Connect with Crosbie” tour to give residents a chance to get to know me.
You see, I believe that people should decide for themselves whether they think I have what it takes to be Leader of a confident and capable PC Party.
This is giving me a real sense of how people feel about the current Liberal government. People have expressed all manner of concerns about the April 6th budget during my cross-province tour.
Some people are afraid that essential services will lose funding. Others are worried about job security in the public and health sectors.
These are important issues and rightful cause for concern. But from my perspective, the upcoming budget raises one critical issue that will affect every single person in this province…
The critical issue for the provincial budget to be released on April 6th is whether it will result in a credit rating downgrade.
Just like individuals, governments have credit ratings based on how they spend, borrow, and pay back money.
Our spending crisis is so severe that the Government of Newfoundland and Labrador has just two downgrades left before lenders refuse to give the province money.
Forget crisis – I'm talking about a looming financial emergency. Public service pay cheques will not be issued and contractors large and small will not get paid, unless the federal government steps in, with a cost to us in democratic independence and sovereignty.
In this budget, credit rating agencies and lenders are looking for government to lay out a credible plan for spending sustainability over the next three to five years. My financial experts say they likely won’t find it.
That means we have one more downgrade to go before nobody will lend us money. A willingness to lend may not even last until the next election in 2019.
Some people may think this is fear mongering. The only way to win a brighter future is to face up to ugly realities, and my trademark is to tell it like it is.
We can avoid financial collapse only if government shows the political will to think outside-the-box and stop doing things the same old way.
If I become Leader of the PC Party, I know I can find creative solutions to our spending crisis and help set this province on a path to a brighter future. But I can’t do it alone…
We all have a lot to lose if government continues to mismanage collective finances, and a lot to gain by finally getting a grip on the situation.
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My vision is a Newfoundland and Labrador of boundless opportunity where our young people choose to make their future, and we can only realize this vision by working together.