Stefen Molyneaux takes a look at the fall of Ontario under the Liberal Party and the rise of the provincial debt. Nobody is talking about the huge level of debt that Ontario now has. In fact, all three major political parties are planning on increasing that debt well…forever. Nobody has a plan to balance the provincial budget let alone pay any of that debt back.
Some examples of the debt servicing issues
- Debt servicing is Ontario’s fourth largest cost after healthcare, education and social services
- It consumes 88% of the $13.9 billion in annual Ontario corporate taxes
- Interest payments are exactly half of the $24 billion education budget
- Some of Ontario’s debt is locked in at low interest rates – but up to 40% of Ontario’s $311.7 billion debt will come due during the next governmental term
and there is more. Lots more. Why is the provincial debt not the number one issue during this election campaign? Nooo, in fact everyone wants to add MORE debt! More free stuff!
There is no such thing as FREE stuff. Someone is paying for that stuff.