Peter Munk Centre for Free Enterprise Education
The province’s debt problem is due to dramatic increases in government spending.
The Ontario government plans to spend more than $190 billion on public infrastructure.
Between 2007/08 and 2018/19, Ontario’s debt has grown from $157 billion to $325 billion.
Ontario and Alberta are projecting budget deficits for years to come.
This year, the government expects to add $16.8 billion to the province’s net debt.
This year’s budget plans to increase program spending by 6.1 per cent this year.
Ontario will run budget deficits of nearly $7 billion in each of the next three fiscal years.
Ontario’s debt-to-GDP ratio has climbed from 26 per cent pre-recession to 38 per cent today.