Debt Grows in Ontario
QUEEN’S PARK – Under a reign of Liberal spending and mismanagement, Ontario’s debt is set to increase by more than $50 billion in the next four years, and this spells bad news for rural Ontario, says MPP for Huron-Bruce Lisa Thompson.
In a report published on July 19th, Ontario’s Financial Accountability Office (FAO) determined that Ontario’s debt is expected to rise to $350 billion by 2020-21. Currently, Ontario’s debt burden is one of the highest among provincial governments, clocking in at $296.1 billion as of March 31, 2016.
The FAO went on to report that while he believes the Liberals will artificially balance the budget in time for the next election through the one-time sell-offs of Hydro One and prime LCBO real estate in Toronto, the manner in which the Premier is conducting the province’s business is unfortunately setting Ontario up to fall back into a deficit after 2018. Ontarians must call the Premier out for her poor fiscal management.
“Rural Ontario is already feeling the effects of increasing hydro rates and cuts to much needed front-line healthcare,” said Thompson. “It’s time the Premier and her government stopped putting their own priorities ahead of the realities and needs Ontarians face every day. After they have sold off everything they can, Premier Wynne won’t have any choice but to raise taxes to maintain her government’s bad spending habits. No one can afford the Liberal path that we’re on.”
She added, “The Premier has frequently lectured on what kind of world we should be leaving for our children and grandchildren. Her government’s reckless spending and mismanagement however, does not promise a better Ontario for future generations. Will good things continue to grow in Ontario? Under the Wynne government, the answer is sadly no.”
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