So why is the Liberal Gang still in power?
That question’s answers would fill a library and it wouldn’t be pretty! Just to carry that debt, Ontario has to pay out $10.4 Billion every year on interest alone!
To say Ontario is “close to Bankruptcy” is being “optimistic”!
We Ontarians are screwed for decades to come and things won’t stop where they are now, but will only get worse!
Every new born will be delivered into this black and deep swamp of debt and carry that load throughout their lives.
Who to blame? Politicians, greedy back room buddies, fraudulent investors, and wait for this one,………………US!
Yepper, US! That’s the blame game beyond the surreal. Politicians say that if the PEOPLE are too stupid to put a stop to this out and out tax-payer robbery, then the PEOPLE are to blame!
PEOPLE have been asleep at the switch and have ALLOWED these disgusting miscreants to plunder the public purse so “what the hell”!.………….
There is only one thing that these blame game politicians and foul money laundering entrepreneurs of debt are missing.
The PEOPLE are WAKING UP!
BY ADRIENNE BATRA ,TORONTO SUN AUGUST 17, 2013
Candice Malcolm, Ontario director of the Canadian Taxpayers Federation, talks to a passerby next to the debt clock, which showcases the province’s overspending and debt. (Clifford Skarstedt/QMI AGENCY)
My former colleagues at the Canadian Taxpayers Federation (CTF) — Canada’s largest taxpayer advocacy group — have been travelling around Ontario with an oversized debt clock in an effort to drive home the point to Ontarians the province is in big financial trouble.
The CTF’s Ontario director, Candice Malcolm, made a recent stop with the debt clock at the site of the cancelled gas plant in Mississauga. At that time, the provincial debt stood at $257 billion and is increasing by $22,342 per minute, or $372 per second.
Breaking the number down even further, the debt per person in Ontario is nearly $20,000.
By the time you reach the end of this sentence, the debt went up by $2,200.
It’s an astounding figure — and it is not getting any better.
In the recent budget introduced by rookie Finance Minister Charles Sousa, the Liberals will be adding another $40 billion in debt over the next two years.
And the cost to service the debt is $10.4 billion, making it the third-highest expenditure for the provincial government, just behind health care and education.
The numbers aren’t much better when it comes to the province’s deficit, which will balloon from $9.8 billion to $11.7 billion next year. The Liberals claim the deficit will be eliminated and the books will be balanced by 2017-18.
To be sure, the $257-billion-and-growing accumulated debt isn’t all the responsibility of former premier Dalton McGuinty and current Premier Kathleen Wynne. Conservative governments before them overspent and also racked up the debt, but it is worth noting when former premier Mike Harris came to power in 1995, under Bob Rae’s NDP there was runaway spending and double-digit deficits. The NDP doubled the debt from $40 billion to nearly $80 billion.
And like the NDP in the 90s, since taking office in 2003 the Liberals have doubled the debt. They have also circumvented Ontario’s balanced budget laws so many times it’s surprising they haven’t just repealed it.
What is perhaps most troubling about the Liberals, though, is they have no plan to balance the budget. Their numbers don’t add up. What the Liberals intend to do is flatline spending for the two years before their 2017 deadline to balance the books.
Further, they have all but ignored the recommendations laid out in the Drummond report — plowing ahead with full-day kindergarten, for example.
Even repeated warnings from credit agencies doesn’t seem to matter to the current government.
But out-of-control spending isn’t only a Liberal affliction. All governments rationalize their spending habits in these terms — that it is in our best interest. In other words, they are taking care us.
The usual political spin which follows increasing the debt goes something like this:
”The previous administration made such deep cuts to health care and education, our government is committed to re-investing in these important programs for the future of Ontario.” Left, right or centre, every political party uses the same, tired language to justify the special interest politics we see far too often — and it is at our expense.