Ontario’s total debt now sits at $300 Million. It has more than doubled since the Liberal government was formed in 2003. No doubt the 2008 recession can be blamed for some of this increase, but the fact is that, on a percentage basis, Ontario’s debt has risen faster than any other province and has risen faster than the federal debt. Our debt –to-GDP ratio at 39 percent is higher than every province except Quebec and is 9 points higher than the federal figure. Part of the problem is the lack of financial literacy demonstrated by the Finance Minister who, in his fall financial report last month, claimed we were ahead of deficit forecasts by $1Billion by virtue of the partial selloff of Hydro One. Note to Mr. Sousa—in an ordinary household when you pawn the silverware to pay the bills, you don’t describe it as getting a raise.
One Comment to: Troubling Ontario finances
Leave a Reply