“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?