Dark Clouds in Miller’s Forecast

There are a few questions to consider in the wake of Miller’s tax defeat.

First why would he attempt to pass these new taxes without first ensuring that he had all the needed votes and then some?

Talk about a rookie move.

You have to believe he was aware of the possibility of a motion to defer.

Why would he put all his credibility on the line and not be 110 per cent sure all his ducks were in line?

If this were a federal vote we would be looking at the fall of a government and thus an election.

Further, this is the first real test of power under the new City of Toronto Act.

Miller dropped the ball on the goal line.

Any power that the Act was suppose to give him now will be challenged.

In all likelihood, not only will the service cuts be drastic and forthwith but the bonding agencies (as I mentioned in previous postings) will be forced to meet in their respective board rooms -very soon.

Remember Toronto’s credit rating is as low as it has ever been at AA. Now if or when it drops below this level the Act will forbid the City from borrowing any short term money.

And so let it be said that no one can predict the future, but we can anticipate.

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