Government debt redistributes resources from the entire population to the wealthy holders of the debt.
debt and deficits
In 2017/18, Ontario’s net debt reached $308 billion.
In 2012, government spending declined by 7.3 per cent.
The Notley government increased spending by nearly 13 per cent over is first two full fiscal years in office.
In 2016-17, the deficit was $0.991 billion but $6.276 billion was added to the net debt.
As the economic role of government expanded in 20th century Canada, governments lost sight of the law of diminishing returns.
Ontario’s unemployment rate crept up slightly to 5.9 per cent in October.
Ontario’s net debt will rise to a projected $336 billion.
Ontario has seen its share of total provincial net debt rise to 51 per cent.