During 10-year period, major federal transfers to Ontario rose from $10.9 billion to $20.4 billion—an increase of 87.8 per cent.
Many Ontarians have likely heard a horror story or two about their government’s growing debt and the resulting strain on public finances. You can’t blame them. Sources of evidence abound.
When the federal government faced a growing debt problem in the late 1980s, then Opposition finance critic Paul Martin was initially skeptical about cutting spending.
Roughly 12 hours after Premier Kathleen Wynne was re-elected in Ontario with a majority government, bond markets and international credit rating agencies sent her a powerful message about the province’s dismal public finances.