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/