Nov. 3, 2014 – The Ontario Chamber of Commerce’s latest report provides a straightforward account of Ontario’s current fiscal situation.
Ontario’s history of spending is unsustainable. In only seven of the past 25 years has the government balanced its books or achieved a surplus. The province has been digging itself deeper and deeper into the red. In the 2013-14 fiscal year, the provincial government paid $10.6 billion in interest (or $29 million per day) to service its debt.
A tipping point may be closer than Ontarians think. With a slower growth future projected for the province, combined with the growing demands of a rapidly aging population, the need to deal with the fiscal situation now becomes all the more urgent.
Read How Bad Is It? What Do We Do About It? to learn more about Ontario’s fiscal situation and the steps the government can take to return itself to a path of fiscal sustainability.