Household assets have increased from $2 trillion in 1990 to $12 trillion last year.
Ontario has seen its share of total provincial net debt rise to 51 per cent.
Economic productivity remains low, which translates into lower wage and income growth for Ontarians.
Let’s look at the expected fiscal balances in Canada’s 10 provinces for 2015/16.
The Ontario government has never made a secret of its desire to have the federal government help fund Ontario’s provincial budget. It even started its own think-tank with $5 million in 2009, which regularly publishes reports that call on the federal government to rescue Ontario’s provincial finances.
Imagine you’re near what you thought was a dormant volcano but it suddenly erupts. Assuming you escape, you might later reflect that there was nothing “sudden” about it.
Ontario’s 2015 budget, like those of years past, needed a concrete plan to get government finances on a sound footing. Yet again, the budget failed to deliver.