Almost $25 billion was spent on Ontario public school education in 2012/13, $8.3 billion more than a decade earlier.
ontario government spending
This year’s operating deficit will be “only” $5.7 billion in 2015/16, down from the $8.5 billion projected in last April’s budget.
There is very little to feel reassured about when it comes to Ontario finance minister Charles Sousa’s latest budget.
Government spending has grown approximately 47 per cent faster than the provincial economy over a 12-year period.
Ontario’s net debt is projected to climb to 40.2 per cent of the provincial economy this year.
Interest payments are Ontario’s fastest growing expense—faster than health and education spending growth
This year, Ontario is projected to run its eighth consecutive budget deficit, which will be approximately $7.5 billion.
Ontario’s net debt has approximately doubled over the last decade and now stands at roughly $300 billion—or $21,000 per Ontarian.
While some provinces have taken steps to rein in spending and balance budgets, Ontario is a laggard and Alberta has embarked on a new road to debt.