Don\u0027t expect cuts or fiscal restraint from Thursday\u0027s budget at Queen\u0027s Park.
“I don’t think you can cut your way to prosperity,” Finance Minister Peter Bethlanfalvy said Tuesday.
“Things are changing out there. These are uncertain times and so what’s so important in uncertain times, and very serious times, is to have a plan,” the minister said.Article contentLILLEY: Ford briefed by CSIS about MPP allegations after news broke While the federal debt charges, essentially just the interest payment on the debt, went from a projected $26.9 billion in last April’s budget to $34.7 billion by the November fall economic statement, Ontario’s debt charges only went from $13.5 billion to $13.6 billion in the same time period. Neither the federal nor the provincial debt charges are good — both are still too high — but the provincial government is managing its debt payments in a more prudent fashion.
To put the cost of this into perspective, the $13.6 billion we are expected to pay in debt charges this year is much more than the roughly $10 billion the province spends on the ministry of transportation, almost double what is spent on long-term care and more than double what is spent on colleges and universities across the entire province.
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