This year’s budget shortfall is projected to eclipse $14 billion.
Despite Premier Ford’s rhetoric, government spending in Ontario will still be up markedly this year.
If Queen’s Park reduces spending by $5 billion, it could eliminate two-thirds of the provincial deficit.
Ontario holds more debt than any other sub-national government in the world.
At the end of this year, Ontario will have run 10 operating deficits in 11 years.
The province’s debt load will hit $325 billion this year.
The Ontario government plans to spend more than $190 billion on public infrastructure.
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.