GUNTER: Ontario's debt problem a lesson for other provinces Via sunlornegunter
This advertisement has not loaded yet, but your article continues below.The Fraser Institute calculates that when federal and provincial debts are added together, the combined red ink is equivalent to 85% of provincial GDP or higher in most provinces.
The real surprise is Ontario. Once the wealthiest province in the land , Ontario has a debt-to-GDP ratio of 85.7%. That’s worse than New Brunswick and Newfoundland, and only marginally better than Quebec. Quebec is routinely the biggest recipient of equalization payments and now Ontario is on a path to surpass Quebec in the “weak-link” race.
Their campaign cost hundreds of billions of dollars, made Ontario the most indebted provincial or state government in the world, doubled electricity prices, drove out hundreds of thousands of well-paying manufacturing jobs and stunted the province’s economy.Article content First, as interest costs rise, governments are less able to spend money improving public services such as health and education.
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