Over a two-year span, Ottawa is expected to add more than $500 billion in federal debt.
Canada's total government debt now equals 107 per cent of GDP.
Premier Philippe Couillard recently declared that government finances and the economy are his top priorities, stating that “the goal is clear: consolidation of public finances and economic re-launch.” This is laudable.
A new report on provincial debts and deficits by Moody's, the international credit rating agency, is another piercing reminder of Ontario's serious fiscal challenges.
It has been more than two years since an independent commission submitted its report to the Ontario government on the provinces poor public finances and high government debt.