Wednesday, September 14, 2011

"On a quick path to ­bankruptcy"


Last year he was dead last at 29.7 out of 100. Deficit Dalton has improved to Ninth spot this year, losing only to Robert Ghiz's PEI for worst performing Premier. This was published in an annual study: Measuring the Fiscal Performance of Canada's Premiers, 2011. That's encouraging but still a major drag on the Canadian economy because of Ontario's size.
column in todays Financial Post by some of the authors of the study claims that: "during McGuinty’s tenure, program spending has grown 7.1% annually — more than twice the average rate of economic growth (3.2%). If an Ontarian family managed its budget the same way — that is, by increasing spending at double the rate of income growth — it would be on a quick path to ­bankruptcy."
The column continues: "in power, the McGuinty government has accumulated $41-billion in deficits with plenty more to come over the next six years ($68-billion)..........(Premier) McGuinty (is) quick to blame the economic downturn for (the) deficits, the reality is (the) current fiscal woes are primarily the result of excessive spending well before the recession." So will McGuinty change his ways if re-elected? You can bet he will be forced to by our increasingly precarious fiscal position.

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