Wynne Liberals fall $6.5-billion behind on debt repayment; Official Opposition warns of consequences

MPP Jim McDonell. Zandbergen photo, Nation Valley News

Premier Kathleen Wynne, in St-Albert Oct. 13, 2016. Zandbergen photo, Nation Valley News

QUEEN’S PARK – The Financial Accountability Officer highlighted today that the government’s debt reduction claims are $6.5-billion off the mark in a new report, and local MPP Jim McDonell is warning of the consequences.

“As the need to address this shortfall becomes more urgent, the government will find itself with less funds to spend on key priorities such as health and education” said MPP Jim McDonell, member of the Official Opposition Progressive Conservatives. “This discrepancy could mean a funding cut to 40 percent of Ontario’s hospitals.”

The FAO report also stated that Ontario will be less able to respond to unforeseen events, such as the next recession, and that continuing on this course will unfairly shift the fiscal burden from baby boomers to younger Ontarians.

“Government members insist on telling us everything is fine but their numbers and their words don’t stack up to the facts,” McDonell said. “They say we’re on track to control debt, yet fail to account for $6.5 billion. They tell us we lead the G7 in growth, when in reality 26 US states and nine provinces are growing faster than we do. They say exports grow, when Statistics Canada says Ontario’s exports are languishing. They spend $4 billion in extra borrowing costs just to create a smokescreen around the debt of the Fair Hydro Plan. Is there anything at all that they say that we can trust?”

 


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