Since 1990, Ontario's debt has increased from 38 billion to 300 billion in 2014. There were three different governments during that time: Bob Rae's NDP, Mike Harris' Conservatives and McGuinty's/Wynne's Liberals. There's even a wikipedia entry on Ontario's debt as it increased year by year.
There should have been a debate or, at least, an attempt by the politicians of the three parties to enlighten the public on the size of the debt and how it compares to other states/provinces and what can be done about it.
Here are the top facts:
- The Premier of Quebec, Phillippe Couillard, is taking decisive action against Quebec's Debt. What is Kathleen Wynne's plan? I didn't hear much about it during the election.
- Ontario's "revenue to debt total" is worse than any other province including Quebec.
- Ontario's debt is worse that California's.
- Servicing Ontario's debt is the fourth largest expense in the budget.
- Debt servicing costs are monies that aren't going to health care, roads, education, etc. Debt servicing cost is the millstone around the government's neck.
- A quick overview of Ontario's debt compared to the other provinces.
- A look at "The 2012 Drummond Report" that suggested solutions to Ontario's debt problems.
- Are Ontario governments addicted to debt???
- Ontario's debt burden keeps getting worse.
Hopefully, these debt/deficit problems can be handled over the next four years. At least, by then, we should know where we're going on this huge issue.
Posted by qualteam
at 10:12 PM EDT
Updated: Thursday, 19 June 2014 7:35 PM EDT