$281 Billion Debt Breach of Fiduciary...

$281 Billion Debt Breach of Fiduciary Duty and Lack of Due Diligence?

Posted in the North York Forum

Since: Aug 08

Toronto Canada

#1 May 4, 2013
Ten years ago the Ontario liberal party’s government took over the reigns of fiscal responsibility and power on behalf of their party and the taxpayers were on the hook for $140 Billion Dollars in total Debt.
Today that total debt has ballooned to $281 Billion of debt and within 3 to 4 years shall reach a projected $300 Billion!
The fastest expense increase for programs now goes to interest payments for debt, courtesy of this liberal party’s government, and Ontario residents are on the hook for $12. 2 Billion Up from $10.4 Billion!
This profound endless diversion of taxpayer funds, from much needed Ontario infrastructure programs of public transit, upgrades, repairs and expansions, to pay for this never ending rise of borrowing and interest on debt servicing costs for unsustainable programs & services will within a year consume 12% of government existing tax revenue sources!
When the cost of holding on to political party power is motivated through appeasement and carefully crafted budgetary imagery that political party’s government has abdicated the right to govern.
The finance minister loudly proclaims that “eliminating the deficit is the single most important step we can take to grow the economy and create jobs,” then presents Ontarians with a $1.9 Billion dollar deficit increase?
In addition to a $3.7 Billion spending increase from $124 Billion to his budgeted projection of $127.6 Billion in one year!
A minimum decrease of $2.9 Billion in spending alone each year for and every year over the next four years in spending alone would be required to eliminate this liberal party government’s deficit that has more than doubled since they gained control of the Ontario government.
In my humble opinion as a mere mortal this budget is a sham and yet another breach of fiduciary duty and lack of due diligence on the part of both the NDP and the Liberal Political Parties.
It seems they both continue to set aside any semblance of prudence or good government that political party governments have the legal, moral and ethical obligations to act honestly, in good faith and in the BEST interest of citizens and NOT the self serving interests of political parties and career politicians.


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