Nipissing MPP Vic Fedeli says new analysis shows Premier Kathleen Wynne’s debt reduction plan is fiscal fallacy based on questionable assumptions and wishful thinking. Fedeli pointed to a new Fraser Institute report that questions the credibility of the government’s claim it will reduce Ontario’s debt-to-GDP ratio back to pre McGuinty-Wynne levels by 2029-30. Fedeli says after years of Liberal waste, mismanagement and scandals, the province’s debt is crippling. He says Ontario families will be saddled with huge costs after the election and for decades to come.
The Fraser report shows debt ratio reduction will have to nearly triple its current pace to meet the target, and that essentially no new debt be added after 2021. Something Fedeli noted Wynne has shown little appetite or ability to achieve. It also states the government is relying on questionable economic growth assumptions in its projections, and Fedeli adds this continues the pattern of Liberal dishonesty about the state of Ontario’s finances.
Fedeli says the Financial Accountability Officer has repeatedly contradicted the government’s fiscal claims. He says in the FAO’s annual report last month, he stated his fiscal outlook was not consistent with the one in the budget and projects a significant deterioration in Ontario budget deficits in the coming fiscal years. Fedeli says to fix the mess they’ve created, after the election, the Liberals will go back to raising taxes, cutting health care, and jacking up hydro rates. He says some people might say math is hard, but Wynne Liberal math is downright impossible. Fedeli finished by saying under the Liberals, Ontario families will continue to pay more and get less.
