Article content

Even the most determinedly disinterested taxpayer should be alarmed by two recent reports assessing the state of Ontario’s provincial debt, and the rapid increase in electricity rates.

The reason Ontarians should take note is simple: The reports indicate the province is in a highly precarious position that could soon have a dramatic impact on household budgets and public programs. The Ontario Liberals have built a financial structure so perilous it could easily be tipped into crisis by forces outside any Canadian’s control, with painful consequences to the very programs people most value.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Kelly McParland: Ontarians face a heavy price for Liberal-crafted budget noose Back to video

Although Liberals argue they need public “investment” to promote growth, 56% of additional borrowing since 2009-10 went to financing the existing deficit, while just 26% went to capital spending.

The first of the two reports has to do with debt, an issue that is often discussed but rarely addressed, and, quite frankly, bores a lot of people who’d rather not think about it. The Financial Accountability Office, a watchdog agency forced on Kathleen Wynne’s Liberals as part of a political deal, spelled out in simple terms just how deeply the province has fallen into hock. According to analysts Diarra Sourang and Peter Harrison, Ontario’s debt is among the country’s highest by any of the four most common means of measurement. This is important to understand, because the Wynne government goes to great lengths to hide the reality behind actuarial smokescreens and political spin.