Annual average job-creation for 2014 to 2016 is below the rate seen during the immediate post-recession recovery period.
ontario government debt
Ontario’s net debt is projected to climb to 40.2 per cent of the provincial economy this year.
Ontario will run its eighth consecutive budget deficit in 2015/16, with a projected $7.5 billion shortfall.
Ontario’s net debt has approximately doubled over the last decade and now stands at roughly $300 billion—or $21,000 per Ontarian.
The Ontario government has dug itself deep into debt and continues to spend more than the revenue it brings in each year.
When the federal government faced a growing debt problem in the late 1980s, then Opposition finance critic Paul Martin was initially skeptical about cutting spending.
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.”