Earlier this week I critiqued the Throne Speech the Ontario Government cobbled together to make things sound positive for the coming session of the Provincial Legislature. Yesterday the Provincial Minister of Finance had a more sober take on the new Liberal spending season ahead. He said: "As all Ontarians know, continuing to borrow without curbing spending is simply not sustainable." Someone must have whispered in his ear that a German Bond auction (6 Bn Euros) FAILED earlier in the day. Of course the Liberals have been the ones that are spending with borrowed money as if it's going out of style. The Euro, could be going out of style, and its that risk that the Ontario Liberals will no doubt blame for the province's woes when they are compelled to present a budget in the new year. It is fiscal crunch time.
Terence Corcoran (National Post) compares Ontario's looming problems with the Eurozone crisis, in this column today.