Fullerton: Wynne and Liberals are irresponsible with your money

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March 24, 2018
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April 5, 2018
Fullerton for Kanata-Carleton, Kanata, Election

The Liberal Government has run up Ontario’s debt to a point that if it was on a credit card, that card would be cut up and the bank would be garnishing wages. Instead, in this election budget, Kathleen Wynne has chosen to get herself a new credit card to spend record amounts on it. “Enough” says Kanata-Carleton PC candidate Merrilee Fullerton who claims this approach to spending is “irresponsible” and jeopardizes Ontarians’ standard of living and ability to prosper.

“This election budget throws money at everything and forecasts another six years of deficit spending by this Government,” states Merrilee Fullerton. “Kathleen Wynne and the Liberals are irresponsible not only with your money, but your children’s and grandchildren’s money. On average, Ontario is shouldering more debt now than at any other point in its history and the Liberals answer to all of this is to spend more.”

“Enough! They are recklessly digging us all into a deeper and deeper hole.”

Fullerton is concerned for Ontario’s future. “This unchecked spending cannot continue. Despite what Kathleen Wynne wants you to believe, government programs are not free. The Liberals election promises will sooner or later need to be paid for. The Liberal’s deficit spending is jeopardizing our standard of living and ability to prosper. Their mounting debt has strapped future generations with higher taxes.”

 

Here are the pertinent numbers from the Liberals 2018 election budget statement.

  • The province’s fiscal plan projects a deficit of $6.7 billion in 2018-2019, followed by deficits of $6.6 billion and $6.5 billion in each of the subsequent years.
  • According to its own projections, this government will not be back in the black for more than 6 years until 2024-25 — beyond even the next election should the Liberals form another majority.
  • Ontario’s net debt is projected to be $325 billion this year — or more than $22,500 per Ontarian — up from $308.2 billion expected as of March 31, 2018.
  • The debt level is projected to grow to $360.1 billion by 2020-2021.
  • Interest on debt remains the government’s fourth-largest spending area at $12.5 billion this year,
  • Interest payments are projected to grow to $13.8 billion by 2020-21, and $16.9 billion by 2025-26.

Merrilee Fullerton points out that Ontario’s debt has almost tripled in the last 15 years with the Liberals. The Province’s debt was $110 billion when the Progressive Conservative government presented its last budget in 2003. It is projected to be $312 billion this year and $336 billion in 2019-2020.

 

Consider these three astonishing facts about Ontario’s debt

  • Ontario’s debt is as much as the annual revenues of eight of Canada’s largest companies. To obtain a figure larger than $311.7 billion, you would need to lump together the annual revenues of George Weston Ltd (Loblaws, No Frills, Shoppers Drug Mart, Provigo, T&T, etc.), Royal Bank of Canada, Magna International, Alimentation Couche-Tard, Power Corp. of Canada, Toronto-Dominion Bank, Manulife Financial Corp. and Enbridge Inc.
  • The Ontario debt is larger than the GDP of 75 per cent of the world’s countries. Of the world’s 200 or so countries, 146 have an annual GDP that is smaller than what Ontario owes. This list includes New Zealand, Portugal, Ukraine, Kenya and Romania. We owe more than what a vast majority of the world’s countries make!
  • It would take Drake more than two millennia to pay off. Drake earned US$94 million (CDN$122,890,900) in 2017, making him the world’s top earning hip hop artist after Diddy. If Drake could somehow maintain this income, it would take him 2,530.6 years to pay off the debt load of his home province.

SOURCE (National Post, March 22, 2018):

How crushing is Ontario’s $312 billion debt? It would take Drake 2,000 years to pay it off

 

Dr. Merrilee Fullerton is the Ontario PC candidate in the new riding of Kanata-Carleton. One of her priority concerns for residents of Kanata-Carleton is Restoring Responsible Budgets at Queen’s Park.

 

Support Merrilee Fullerton – Your Positive Voice for Change in Kanata-Carleton

 

MEDIA CONTACT 
Dr. Merrilee Fullerton
phone 613-435-1716
e-mail info@votemerrileefullerton.ca

 

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