TORONTO, ON: The Canadian Taxpayers Federation (CTF) is disappointed with today’s update on the state of Ontario’s finances. Facing the largest provincial debt in Canadian history and the largest deficit in the country, the government has announced its plans to move away from fiscal responsibility and instead opt for more spending to ‘stimulate’ the economy.
“Stimulus spending hasn’t worked in the past,” said CTF Ontario Director Candice Malcolm. “In Ontario, it simply slowed our recovery and left us with a mountain of debt to be paid off by future taxpayers.”
Interest on the debt is the third largest and fastest growing expense in Ontario’s budget. In 2013, Ontario taxpayers sent $10.6 billion to Queen’s Park to service the debt.
“Even in tough economic times, the Wynne government cannot resist using the public purse to fund pet projects like public transit, full day kindergarten, and more targeted subsidies,” said Malcolm. “This government hasn’t met a project it doesn’t want to throw tax dollars at.”
“At least they’re finally being honest about their spending addictions and unwillingness to rein in spending,” said Malcolm. “But they’re delusional if they think they can still achieve a balanced budget in 2017.”
