LIBERALS ROLL THE DICE WITH TAX DOLLARS AND LOSE
High-risk government investments further proof of ‘don’t worry, be happy’ approach to economy
(Queen’s Park) – Today in the Ontario Legislature, Leader of the Opposition Bob Runciman called on Dalton McGuinty to explain the latest example of his government’s ‘don’t worry, be happy’ approach to taxpayer dollars and the economy.
“The McGuinty Liberals have lost millions of taxpayer dollars on a risky investment,” said Runciman. “Yet Dalton McGuinty continues his ‘don’t worry, be happy’ approach.”
Through the Ontario Financing Authority, the government invested over $700 million in high-risk non-bank asset backed commercial papers (ABCP). Numerous large corporations across North America have suffered huge financial losses because they put their money in this type of risky investment. It emerged this morning that the Ontario government will follow suit, meaning hundreds of millions of dollars lost. This money could have been used to help Ontario’s struggling economy.
During Question Period, Runciman asked the Dalton McGuinty to commit to calling in the Auditor General to investigate the government’s latest taxpayer funded spin of the roulette wheel. He pointed to a similar situation in the Yukon in which the Auditor General is investigating and said Ontarians deserve to know how the government came to throw away hundreds of millions on a risky investment scheme.
“The message to manufacturers and hard-working Ontario families from this government is ‘don’t worry, be happy’, said Runciman. “But they’ve got a right to worry because this government just gambled away hundreds of millions on some boondoggle investment scheme. It’s time Dalton McGuinty did the right thing and called in the Auditor General so taxpayers can get some answers.”
