Economic Update Shows Liberals to Keep Racking Up Debt
(November 8, 2013) It looks like our province will continue to spend its way into oblivion.
This week the Liberal government released its Fall Economic Statement revealing an agenda that includes more taxes, spending and debt.
The new document shows an $11.7 billion projected deficit, up from $9.2 billion last year. It also uncovered that since coming into office, the McGuinty-Wynne Liberals have grown the debt by $153.1 billion to total a whopping $291.9 billion projected debt this year. This equates to $20,099 of debt for every man, women and child, plus interest.
It’s a troubling fiscal outlook for our province. Particularly, since this week marks the 5th anniversary of Ontario being declared a have-not province. After so many years of having to collect equalization payments from the federal government, the Kathleen Wynne Liberals have proven they have no plan to balance the provincial books and there is no excuse for it.
Kathleen Wynne, propped up by the NDP, is driving this province into more and more debt. Case in point, provincial spending is up another $5 billion from just last year.
In one breath the Finance Minister claims to be on track to balance the budget by 2017-18, than in the next he says he won’t be tied to any “short-term targets”.
Mrs. Wynne’s blatant disregard for spending puts everything we value at risk. Only this government would applaud such failing fiscal numbers.
A Wall Street Journal article released this week highlighted the urgency surrounding Ontario’s precarious financial situation.
The article marks Ontario’s fiscal woes as worse than America’s most indebted state, noting that California’s debt burden was approximately 50% of total revenues in 2012-2013, compared to Ontario’s debt burden that was at approximately 226% of total revenues by the end of March 2013.
The provinces fiscal plan can’t be to depend on our federal counterparts because this government has a spending problem. And, we can’t saddle future generations with our mess either.
Instead, we need to set Ontario up for success.
People in my riding and across Ontario deserve a government that can manage its own finances. A government that brings business back to our province and creates jobs and opportunities for our youth. A government that won’t threaten our health and education systems through poor oversight and reckless overspending.
The PCs are the only party that have developed a plan to turn Ontario’s economy around, and it starts with electing a new government that is willing to act in the best interest of those they serve. The Liberals are beyond a failing grade.