Ontario’s net debt increased from $373.6 billion in 2020/21 to $380.4 billion in 2021/22.
The province holds $380.4 billion in debt—or nearly $26,000 per Ontarian.
The government plans to increase spending by 8.6 per cent.
Between 2018 and 2024, the Ford government will increase debt by a forecasted average of $20.7 billion annually.
Governments often spend money today but promise more discipline in the future.
Ontario’s per-person government debt is 66.6 per cent higher than the weighted average of all other provinces.
According to forecasts, the province’s net debt will eclipse $468 billion by 2024/25.
Annual debt growth has increased substantially since 2018 when the Ford government took office.
It’s always easier to promise fiscal restraint several years down the road than actually deliver on it.