May 22, 2020
(Queen’s Park) – Wellington-Halton Hills MPP Ted Arnott is calling the Ontario Economic Outlook and Fiscal Review, tabled in the Ontario Legislature on November 26th, an exercise in creative accounting.
“It’s little more than a shell game,” Mr. Arnott charged.
The Minister of Finance is claiming credit for a lower deficit than was anticipated in the 2015 provincial budget last spring. But the Ontario PC Caucus maintains the Government has achieved that by counting the proceeds of the sale of shares in Hydro One and a reserve fund that they may still have to spend.
“Even with a $7.5 billion deficit, in effect they’re continuing to borrow over $850,000 an hour, every hour, every day, 365 days a year,” Mr. Arnott said.
Other key indicators in the fall economic statement should concern Ontarians, Mr. Arnott added.
“Program spending continues to go up, overall spending continues to go up, the debt-to-GDP ratio continues to go up, all since the budget was tabled in the spring,” Mr. Arnott stated. “Any way you look at it, it means higher taxes or a higher debt, or a combination of both down the road.”
“Instead of boasting about progress, the Minister of Finance owes Ontarians an apology,” he concluded.
For more information visit: http://www.fin.gov.on.ca/en/budget/fallstatement/2015/
Ted Arnott, MPP
Email: [email protected]