Ontario spends about nine per cent of all revenue on government debt-service payments.
Ottawa and most provincial governments have failed to offer any significant de-regulatory strategy.
The last provincial budget estimated the government will run deficits until 2023/24.
Household assets have increased from $2 trillion in 1990 to $12 trillion last year.
Ontario has seen its share of total provincial net debt rise to 51 per cent.
Economic productivity remains low, which translates into lower wage and income growth for Ontarians.
The government has removed its annual safety cushion of $6 billion per year.
Starting in 1995, Prime Minister Jean Chretien and Finance Minister Paul Martin reduced program spending, balanced the budget and cut taxes.
The just-released Parliamentary Budget Officer report projects deficits in every year from 2016/17 to 2020/21.
Let’s look at the expected fiscal balances in Canada’s 10 provinces for 2015/16.