Ontario’s net debt is projected to climb to 40.2 per cent of the provincial economy this year.
ontario government debt
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.”