Ontario is drowning in debt

Ontario is drowning in debt

Posted in the Georgetown Forum


Georgetown, Canada

#1 Jul 12, 2013
Ontario is drowning in debt
•Ontario debt:$273 billion
•Debt to increase by $20 billion this year
•Interest payments on debt in 2013-14:$10.6 billion
•Projected interest payments in 2017-18:$14.5 billion or 37% increase
•Interest payments fourth largest line item in budget after Health ($48.9 billion), education ($24.1 billion), children’s and social services ($14.3 billion)
•Larger than $7.7 billion spent on Training, Colleges and Universities,$340 million on energy and $305 million on labour and $789 million on municipal affairs and housing
•Kilometres of subway that could be built for $10.6 billion (at Metrolinx cost of $340M per kilometre): About 31 km.
•Number of MRI scans that can be conducted for $10.6 billion (at cost of $895 per scan): About 11.2 million
•Interest charge impact if borrowing rate were to increase by one percentage point:$408 million

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