Ontario Premier Doug Ford is talking out of both sides of his mouth.
The Ford government’s summer throne speech warned about the need to be fiscally prudent. The question is whether the government is going to heed its own warning.
“Unprecedented spending throughout the pandemic has created new fiscal challenges here in Ontario and across Canada that will require prudent economic management in the months and years to come,”Ford’s throne speech was dead right. Ontario is not too far away from a genuine fiscal crisis.past $450 billion this year.than $13 billion this year will flow out of government coffers to Bay Street bondholders instead of staying in taxpayers’ pockets or going toward mending the health-care system.
And interest rates are climbing faster than the Starship Enterprise at warp speed. Higher interest rates will mean higher deficits and even more fiscal pressure on Ontario’s bottom line. If Premier Doug Ford was truly concerned about the debt build-up and the challenges ahead in the throne speech, surely the time to address those concerns was in the budget presented hours later, right?Remember, the Ford government’s spring budget included the largest deficit in the province’s history,
, which is higher than any deficit run during the pandemic. And the budget included no plan as to how to get back to balance.Article contentThe Ford government acknowledged in its throne speech that Ontarians face major cost-of-living challenges as inflation hits its highest level in nearly four decades.The best Ford appeared to be able to do was toThe government has no plan for further relief going forward.tap here to see other videos from our teamSuch was the spectacle at Queen’s Park.
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