If politicians don\u0027t tackle the province’s fiscal challenges soon, the consequences will be felt for many years by all Ontarians.
Consequently, Ontario’s debt burden equals 38.7 per cent of the provincial economy. This 38.7 per cent figure — what economists call the “debt-to-GDP ratio” — is the highest in Canada and near Ontario’s all-time high.
And the problems don’t stop there. The Ford government doesn’t expect to balance the budget again untilThe dismal state of Ontario’s finances, combined with the province’s weak economic growth prospects, led the Parliamentary Budget Officer to conclude that Ontario’s government financesAdvertisement 4What are the consequences for Ontarians?
Obviously, like households, Ontario must pay interest on the debt it has and any new debt it adds. Due to rising interest rates, debt will become more expensive to service. The province expects to spend $13.6 billion on debt interest costs this year — roughly $900 per Ontarian. This is money unavailable for tax relief, health care or education.
But there’s good news. In its upcoming budget, the Ford government can change the trajectory of debt and restore fiscal sustainability in Ontario by bringing spending back in line with revenues. Balancing the budget through spending restraint is the best way to brighten Ontario’s fiscal future. But if the Ford government fails to tackle the province’s fiscal challenges soon, the consequences will be felt for many years by all Ontarians.
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