ontario debt

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.


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.”


10:00AM
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According to the Globe and Mail, Ontario Premier Kathleen Wynne has a new advisor, former TD Bank chief executive officer, Ed Clark. Mr. Clark will apparently advise the government on a host of issues including finding new sources of revenue to help balance the provincial budget.


10:00AM
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Despite the talk of painful austerity, Ontario’s recent budget continues to bleed red ink. Finance Minister Charles Sousa projects a deficit this year of $8.5 billion, and doesn’t predict an actual balancing of the books until 2017-18 fiscal year.


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.


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.


6:00AM
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The other day former Ontario Premier Bob Rae, fumed at a column by economist Jack Mintz who noted the similarities between the current Kathleen Wynne government and Rae’s reign as premier of Ontario, specifically the “high deficits, debt and taxes.”


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.


3:00AM
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It has been more than two years since an independent commission submitted its report to the Ontario government on the province’s poor public finances and high government debt.


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.