A promise of fiscal responsibility echoes hollowly in Ontario today. Premier Doug Ford, who once decried reckless spending and vowed to end the “party with taxpayers’ money,” now presides over a surge in provincial debt, a stark contrast to his 2018 campaign pledges.
The numbers paint a troubling picture. This year alone, the province is borrowing $32.6 billion, pushing the total debt to a staggering $461 billion. That translates to over $28,000 of debt for every single Ontarian – a burden that continues to grow.
The scale of the debt is now exceeding the cost of vital public services. Interest payments alone are consuming $16.2 billion annually, surpassing the entire budget allocated to post-secondary education. This isn’t simply about numbers on a spreadsheet; it’s about choices being made, and opportunities lost.
Despite this massive borrowing, Ontario’s economy isn’t thriving. Per-person GDP has stagnated for a decade, and even contracted between 2022 and 2023. The promised economic growth hasn’t materialized, leaving Ontarians with a mounting debt and little to show for it.
The current trajectory is unsustainable. Without a course correction, the provincial debt is projected to exceed $500 billion by 2027-28, accelerating Ontario towards a fiscal crisis. The situation demands immediate and decisive action.
A critical opportunity for change lies in the upcoming fall economic statement. This is a chance for the Ford government to abandon its current path and prioritize fiscal responsibility, focusing on eliminating wasteful spending and restoring financial stability.
One clear step would be to reverse the decision to permanently fund a political welfare program – a program Ford initially pledged to eliminate. Millions of taxpayer dollars are currently channeled into supporting the political establishment, resources that could be better allocated to essential services.
The province also directs billions in corporate welfare, effectively picking winners and losers in the marketplace. A more equitable approach would be to lower taxes for all businesses, fostering a competitive environment and encouraging broad-based economic growth.
Furthermore, the government’s spending on self-promotional advertising – $103.5 million last year alone – represents a blatant misuse of public funds. These advertisements serve only to highlight the government’s spending, rather than addressing the underlying fiscal challenges.
Returning to the principles outlined in the 2018 election campaign and implementing common-sense cuts to wasteful programs is not merely an option, but a necessity. The fall economic statement represents a pivotal moment – a chance to steer Ontario away from the brink and towards a more secure financial future.
