Government spending has grown approximately 47 per cent faster than the provincial economy over a 12-year period.
If interest rates rise faster than expected, Ontario’s annual debt interest payments could increase by up to $857 million in 2017/18.
Ontario’s net debt is projected to climb to 40.2 per cent of the provincial economy this year.
While saying the public sector should focus more on outcomes, McGuinty refuses to look at the end results of his policies for Ontario’s economic performance.
Dalton McGuinty laments that the Great Recession stunted his plans to expand Ontario public services
In his autobiography, McGuinty discusses how his first act as premier was to break his election promise and raise taxes.
Interest payments are Ontario’s fastest growing expense—faster than health and education spending growth
This year, Ontario is projected to run its eighth consecutive budget deficit, which will be approximately $7.5 billion.
With budget season on the horizon, the headlines may mask the magnitude of growth in government debt.