ontario budget

10:17AM
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The Ontario government's strategy to eliminate the projected $8.5 billion deficit has largely hinged on hoping revenues will grow robustly and eventually catch up to spending increases. This is a risky strategy.


9:30AM
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The Ontario government has pledged to eliminate its budget deficit by 2017/18. However, the government’s recent record on fiscal issues casts doubt on whether it will meet this target.


2:35PM
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The Ontario government has dug itself deep into debt and continues to spend more than the revenue it brings in each year.


9:00AM
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Last week, Standard and Poor’s announced a downgrade to Ontario’s long-term credit rating, pointing to the province’s “very weak budgetary performance.”


6:00AM
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Ontario’s 2015 budget, like those of years past, needed a concrete plan to get government finances on a sound footing. Yet again, the budget failed to deliver.


9:00AM
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How governments manage their finances matters a great deal. Spend and borrow too much and the result is a spiral of increasing deficits that create ever higher debt. Then, ever-more tax dollars end up spent on debt interest—not on education, health care, administering provincial courts, or other areas in which provincial governments are involved.


10:00AM
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There was an aura of complacency in Queen’s Park as the Ontario government released its update on the state of provincial finances.


6:00AM
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We’ve seen this script before. Higher spending. Tax increases. Persistent deficits. Growing debt. Warnings from credit rating agencies. A government unwilling to make the tough choices to turn things around.


2:00AM
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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.


2:00AM
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Ontario Finance Minister Charles Sousa called his updated financial plan “a new direction” but in truth it had a nostalgic feel. With his government facing considerable fiscal challenges including an $11.7 billion deficit and growing debt, Ontarians desperately needed a new direction. What they actually got was more of the same: increased spending and a government reluctant to deal with core problems.