MPP Barrett- Ontario’s debt increasing $367 per second!

By -
Never mind? "We shouldn't be carrying a debt that will be paid off by our grandchildren."

Never mind? “We shouldn’t be carrying a debt that will be paid off by our grandchildren.”

 

SIMCOE – In the time it took to read this, Ontario’s debt increased by more than the average wage in Haldimand-Norfolk. So says MPP Toby Barrett who went on to note that in the past three minutes Ontario’s debt increased by over $66,000, which is more than the average Ontario wage.

The fact is the debt increased by:
* $371 per second
* $22,260 per minute
* $1.34 million per hour
* $32.1 million per day

These statistics are being highlighted by the Canadian Taxpayers Federation during its 28-day Debt Clock Tour across Ontario.

“This is not sustainable,” said Barrett. “The debt has doubled since the present government took office. We are on our way to becoming the next Greece.”

At the exact second the news release was written [ 2:38pm EDT Sept 11th CP ], Ontario’s debt sat at $258,087,498,594. Greece’s debt was pegged at $383,107,650,273 earlier this year. With Ontario’s budget deficit at $9.2 billion, on top of rising interest rates, it’s only going to get worse.

The government recently trumpeted the $9.2 billion was less than earlier predictions.

“The provincial debt-to-GDP ratio is at levels similar to Greece in the 1980’s. That’s not a beacon of hope, it’s a lighthouse warning that you’re getting close to the rocks,” said Opposition Finance Critic Vic Fedeli.

“We have to pay down Ontario’s debt,” Barrett said. “We shouldn’t be carrying a debt that will be paid off by our grandchildren.”

Supplemental- Canadian Tax Payers Federation Ontario http://www.taxpayer.com/campaign-and-issues/ontario/

2 Comments to MPP Barrett- Ontario’s debt increasing $367 per second!

  1. We can ill-afford Ontario’s waste and mismanagement

    As of this summer, Ontario’s debt has now topped $300 billion – a debt that has more than doubled in the 13 years the present government have been in office. We pay over $10 billion every year in interest charges – spending that is only surpassed by the budgets for health care and education. This debt translates into over $22,000 for each of us.

    Our economy is more than struggling reinforcing the fact that government’s high-spending gallop should have been reined in years ago. Yet, we see announced spending of $8.3 billion on a cap and trade system despite the fact it was not part of the 2014 election campaign.

    As I have conveyed through this column on numerous occasions, skyrocketing electricity rates add to the burden. There are many who simply cannot afford to pay their bills. Electricity in our province is not a luxury, and yet we’ve been told rates could soar by another 42 per cent over the next few years. Smart meters cost us $1 billion and have provided no savings on our bills.

    Independent energy consultant Parker Gallant recently re-affirmed Ontario’s energy prices are the highest on the continent when global adjustment, delivery and HST are added in. Although the explanation from this government focuses on the energy price only, what matters to the people is the total amount out of their pocket. And then we hear successful bidders in the last round of new wind proposals all donated to the Liberal Party.

    During recent summer outreach meetings, two constituents brought up the eHealth scandal and asked me whether or not Ontario will ever see the full implementation of electronic health records even though one billion dollars was spent on the program

    One billion dollars was also the tab for the gas plant scandal, and once the OPP investigation is completed we’ll get the tally for ORNGE air ambulance.

    Rewind a few years and you may recall the infamous promise not to raise taxes in Ontario. Premier McGuinty signed a pledge but then brought forward the health tax – the then-largest single tax increase in our province’s history. At the same time the Liberals brought in the health tax, they delisted a number of key services covered by OHIP including chiropractor care, physiotherapy and optometry.

    In 2010, taxpayers were again shocked with the HST, increasing prices on goods and services like electricity, home heating, real estate, internet access, used vehicles and travel by air, rail and bus. Despite top economists urging the HST be made revenue neutral, the government did nothing to soften the blow from what replaced the health tax as the largest grab in our province’s history.

    This government’s myriad tax grabs have made life very difficult, particularly for low income earners and seniors. My office hears from these folks on a daily basis.

    There is additional waste and scandal but these top the list people remind me of at coffee shops, parades and events around the riding.

    It’s no mistake we are in economic despair in Ontario with mismanagement and cronyism running rampant.

    If Ontario were a business, it would have shut its doors long ago, but in this case you and I continue to pay for the mistakes. What happens when we run out of money? By Haldimand-Norfolk MPP Toby Barrett

  2. Ontario debt continues to skyrocket- hits $300,000,000,000

    SIMCOE- Ontario’s debt continues to spiral out of control according to the latest report from the province’s Financial Accountability Officer.

    Last week, The Financial Accountability Office (FAO) predicted Ontario’s debt will continue to rise, hitting $350 billion in 2020-21. The office also reiterated Ontario has the most debt of any province, with $2.40 in net debt for each dollar of provincial revenue. The FAO also pointed out 40 per cent of the debt matures in 2020 and that this was a key risk.
    Today is the day Ontario’s debt hit $300 billion – on its way to $350 billion in four years. By ensuring Ontario will continue to be the largest sub-national borrower in the world, Premier Wynne is creating a bleak future for people in Ontario.

    The FAO also said the government is using money from one-time asset sales, such as Hydro One, to artificially balance the budget. Interest on the debt is currently the third largest expenditure in the Ontario budget.

    This is money that could be spent on vital services like health care, education or any of the other vital services the government provides.

    Earlier today, the Canadian Taxpayers’ Federation brought their debt clock to Queen’s Park as the debt hit $300 billion.

    “Debt is often unseen, which is why we built a giant clock to make it more visible to politicians and Ontarians. But the truth is debt is seen in our roads that are falling apart, in cancelled therapy for children with autism, and in poor services and rising taxes,” said CTF Ontario director Christin Van Geyn. “For every billion dollars we spend on interest, that is money we might otherwise have spent on things Ontarians actually value, or money kept in our own pockets to help our own families.”
    Haldimand-Norfolk MPP Toby Barrett.

Leave a Reply

Your email address will not be published.