Under the Selinger NDP, Manitobans can expect a credit rating downgrade, more tax hikes and funding diverted from front-line services to pay for growing debt.
“Despite warnings from financial experts and a credit rating downgrade, Manitobans have seen a massive increase in NDP spending promises,” said Opposition Leader Brian Pallister. “Our new Progressive Conservative government will conduct a value-for-money review, eliminate waste, lower taxes for low-income and middle-income Manitobans and protect front-line services for years to come.”
The Selinger NDP’s two-week pre-election spending spree is estimated at $676 million, and since Boxing Day it has reached nearly $750 million – much higher than the $500 million reported. Greg Selinger refuses to attach dollar figures to a number of recent announcements estimated to cost about $250 million. Total NDP pre-election promises since last fall exceed $6 billion.
Following its downgrade of Manitoba’s credit rating last year, Moody’s Investors Service warned of further downgrades if there is “greater accumulation of debt beyond the existing plan.”
Manitoba already holds the title for fastest rise in net debt among all provinces from 2007-08 to 2015-16. According to the NDP’s Q2 financials, the net debt-to-GDP ratio is projected to rise to 31.6 per cent this year, even before accounting for the billions of dollars in new spending announcements.
The NDP has now broken its promise to keep debt manageable and affordable by allowing the ratio to go beyond its own target of “at or around 30 per cent.”