This year’s budget shortfall is projected to eclipse $14 billion.
A nominal spending freeze could free up approximately $20 billion.
Lower business taxes tend to result in higher wages for employees.
Ontario has seen its net debt increase by $126.5 billion since 2008/09.
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.
How governments manage their finances matters a great deal. Spend and borrow too much and the result is a spiral of increasing deficits that create ever higher debt. Then, ever-more tax dollars end up spent on debt interest—not on education, health care, administering provincial courts, or other areas in which provincial governments are involved.