Ontario $200 Billion Debt

CBC: Ontario debt tops $200B

“Ontario’s Liberal government ran a smaller deficit in 2009-2010 than predicted, but its debt is still well over $200 billion.

The province’s finance ministry said the numbers are mainly due to spending cuts and better-than-expected economic growth.

However, tax revenues were $6.4 billion below budget forecasts, reflecting the lagging impact of the recession and a weaker-than-expected economic performance.

Overall, the province’s debt grew by $35 billion to a record $212.1 billion in 2009-10.”

So which is it “better-than-expected economic growth” or “weaker-than-expected economic performance”?  You can’t have it both ways (hint: it’s the later).  Ontario’s debt is roughly 33% of it’s GDP!  With Ontario holding the balance of power in every single Federal election is it no surprise that the same tax & spend politicians are running the Country into the ground as well?

Further Reading: http://globaleconomicanalysis.blogspot.com/2010/03/california-usa-vs-ontario-canada-which_29.html

Be Sociable, Share!
This entry was posted in Small Government and tagged , . Bookmark the permalink.