Ontario finance minister Charles Sousa announced Nov. 7 that the McGuinty-Wynne government is delaying their plan to balance the budget by a year and will increase spending by seven per cent in this fiscal year.
Ontario will run an $11.7 billion deficit this year, and each year it’s growing by about 5.5 per cent. And with debt comes interest payments.
In fact, the interest payments made by the Ontario government are so large that they are actually the third largest expenditure the government is paying for, after education and health care. It is important to note though, in particular for youth, that the debt surpasses post-secondary education and training by almost double.
When we look at the plans the Liberals had for fixing the debt solution, they too have disappeared from the finance minister’s mind.
According to the budget, the original plan was to eliminate the deficit by 2013, but with two months left that is highly unlikely.
Despite this, the Ontario Liberal government has not been paying down our debt and instead are only exacerbating the problem. Why would the government do this?
Premier Wynne has not tabled any financial motions for some time. Tim Hudak and the Progressive Conservatives stood up to her when she threatened an election and forced her to withdraw her election threat.
Her support from the Ontario NDP is drying up after their recent successes in local byelections. So what does this suggest?
Wynne does not want an election right now, though this spring there will be a budget presentation that will likely be defeated, triggering an election. The time is ticking, and I think the McGuinty-Wynne government is attempting to buy off voters, that is what the seven per cent is for—to get herself elected to form government again next spring.
This seven per cent increase is terrible for youth. The government has been increasing spending in order to buy votes for the anticipated spring election and wants to accomplish this with taxpayers’ money. And unlike the government, who will likely all be retired and sitting on pensions in 10 years, it is our generation that will be paying for this political bribe.
It is our generation who will have to take public service sector cuts, lose government jobs, and pay higher taxes for this mistake.
This seven per cent increase will increase our deficit interest payments, and it is Ontario youth who will be paying for it.
So the next time we go to the polls to vote for an Ontario government, consider a candidate who isn’t going to mortgage our future.
