For the first time in 30 years, an international credit rating agency has downgraded the province’s credit rating. Moody’s Investor Service lowered the provincial credit rating earlier this week after having put the NDP government on notice last year by issuing a negative outlook and calling on the NDP to get their spending and deficit under control.

The last time that Manitoba’s credit rating slipped was in 1985 when NDP Premier, Howard Pawley, was in power.

Despite the many warnings, the NDP ignored the financial concerns and it has resulted in the downgrade. The downgrade means that when the provincial government goes to borrow money it will have to pay a higher interest rate on that money. That is money that is being paid for by Manitobans. Already the province pays $900 million of interest every year on the debt and that number continues to grow under the NDP.

It’s important to remember that that $900 million goes into the pockets of international money lenders and is not available to improve education, healthcare or infrastructure in Manitoba. And the credit rating downgrade will only result in more money leaving the province through higher interest payments.

None of this should come as a surprise to the NDP or Manitobans. Last year Moody’s gave the province a negative outlook and cited the fact that the NDP continued to break their promise to bring the province’s books back into balance. As a result, debt has increased significantly. All this in spite of the fact that the NDP have not only increased the provincial sales tax from 7% to 8% but are applying it to more things, such as home insurance. Manitobans are paying more and more and getting less and less from their government.

None of this seems to be of much concern to NDP Premier Greg Selinger or his Minister of Finance. They have ignored the warning of credit rating agencies for years and have continued to pile on the debt at a record rate. In fact, when the media went looking for a reaction from the NDP Minister of Finance to the credit rating decrease they were told that he was not available for comment. Instead the NDP had a government spokesperson issue a statement to the media. That will hardly send a strong signal of confidence or assurance to Manitobans.

Manitobans have always known that out of control spending and debt have consequences, both in a home and in a government. Unfortunately for Manitoba, those consequences are becoming clear as more and more money is going to pay for interest and not available to protect front line services. It’s a lesson that history shows us, the NDP simply never learn.