FOR IMMEDIATE RELEASE:
July 25, 2016
SIMCOE- Ontario’s debt continues to spiral out of control according to the latest report from the province’s Financial Accountability Officer.
Last week, The Financial Accountability Office (FAO) predicted Ontario’s debt will continue to rise, hitting $350 billion in 2020-21. The office also reiterated Ontario has the most debt of any province, with $2.40 in net debt for each dollar of provincial revenue. The FAO also pointed out 40 per cent of the debt matures in 2020 and that this was a key risk.
“Today is the day Ontario’s debt hit $300 billion – on its way to $350 billion in four years,” said Haldimand-Norfolk MPP Toby Barrett. “By ensuring Ontario will continue to be the largest sub-national borrower in the world, Premier Wynne is creating a bleak future for people in Ontario.”
The FAO also said the government is using money from one-time asset sales, such as Hydro One, to artificially balance the budget. Interest on the debt is currently the third largest expenditure in the Ontario budget.
“This is money that could be spent on vital services like health care, education or any of the other vital services the government provides,” Barrett said.
Earlier today, the Canadian Taxpayers’ Federation brought their debt clock to Queen’s Park as the debt hit $300 billion.
“Debt is often unseen, which is why we built a giant clock to make it more visible to politicians and Ontarians. But the truth is debt is seen in our roads that are falling apart, in cancelled therapy for children with autism, and in poor services and rising taxes,” said CTF Ontario director Christin Van Geyn. “For every billion dollars we spend on interest, that is money we might otherwise have spent on things Ontarians actually value, or money kept in our own pockets to help our own families.”
For more information, contact MPP Toby Barrett at 519-428-0446 or [email protected]