I do not want Ontario to become like California Finance Minister Dwight Duncan once proclaimed. And it's not hard to understand why, California is a fiscal nightmare. It has the lowest bond rating in the United States and its own Treasurer, Bill Lockyer, referred to the state budget as "a fiscal train wreck." Yet, despite all that is said about California's finances in the media and financial markets, there is a Canada province that is in much worse shape. Welcome to Ontario.
At a recent political event, outgoing Premier Dalton McGuinty touted his legacy as leader of Ontario. Our government hasnt been perfect, he said. But when it comes to the big things that families count on us to get rightschools, health care, the environment, and the economyweve gotten it right every time.
While McGuinty later backtracked and claimed his original clear point was not his actual opinion, what is yet transparent is how, in McGuintys world, Ontarios problems have nothing to do with his own policy choices, or events outside of Canadasay, worldwide competition in the manufacturing sector.