TORONTO, ON: The Canadian Taxpayers Federation (CTF) brought the Ontario Debt Clock to the steps of Queen’s Park to mark the milestone of Ontario becoming the first province to surpass $300 billion in debt.
“Everyone loves watching that moment when all the zeros on their car’s odometer roll over, and we thought Premier Wynne might enjoy watching all those zeros of debt she has accumulated turn over today,” said CTF Ontario Director Christine Van Geyn. “Now Wynne see for herself what her government’s nine consecutive deficits have done to our province’s debt.”
Over the last nine years, the Ontario debt has more than doubled. It climbs at a rate of $33.4 million per day and $387 per second. Debt interest is the third largest expense of the Ontario government, and Ontario is the most indebted province in Canada in absolute terms.
“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, continued 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.”
The large aluminum digital Debt Clock measures 6 feet high and 12 feet long. It displays the provincial debt growing in real-time as well as the per person calculation. The clock sits in a customized trailer which allows for a rolling display. It recently concluded a nationwide tour highlighting the national debt.
