Liberals drowned us in debt
Posted in the Georgetown Forum
North Bay, Canada
#1 Feb 1, 2013
Ontarios finances are in worse shape than Californias and heading toward Greece.
That was the stark warning from the Fraser Institute Thursday in a new report entitled The State of Ontarios Indebtedness.
The first priority for incoming Ontario Premier Kathleen Wynne has to be taking action on the provinces precarious financial situation, the conservative think tank said.Ontario simply cannot continue spending money it doesnt have.
This isnt shocking news its the same message the Liberals received last year from their own hired gun economist, Don Drummond.
The real question is whether Wynne, a left-wing Liberal anxious to steal votes from the NDP heading into the next election, is going to take either warning seriously.
Not likely, given that she was a loyal member of outgoing Premier Dalton McGuintys cabinet, the very folks who spent us into this fiscal train wreck to begin with.
Of course, Wynne now talks the talk about controlling government spending.
So is outgoing Finance Minister Dwight Duncan, who has been arguing that by freezing public sector salaries, Ontario wont have to go the way of massive layoffs in the public service, as occurred in California.
But the problem is the Liberal record over the past decade illustrates that when Liberals talk tough about the need for restraint, thats all it is talk. And talk is cheap.
In the real world, they more than doubled the $5.6-billion deficit they inherited from the previous Conservative government in 2003, to $11.9 billion this year.
And theyve almost doubled the provincial debt from $139 billion to $255 billion.
As a result, Queens Park now spends more than $10 billion a year simply paying off interest on debt, more than it spends on post-secondary education.
Thats not going to change just because the Liberals traded in their old leader for a new one.
Considering that Wynne promised to build on McGuintys legacy, all we may end up with is even more debt.
The bottom line is the Ontario Liberals have been a tax-and-spend government for the past 10 years. Reducing spending isnt in their political DNA.
Which is why Ontario needs an election now and a new government that is genuinely fiscally conservative
#2 Feb 1, 2013
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