Report: Wynne’s Spending Plan Would Add $70 Billion To Ontario Debt By 2021 Says FAO

And the 2018 budget deficit will be many billions of dollars higher than Wynne had claimed.

If the Wynne Liberals spending plan goes forward, Ontario’s debt will rise by about $70 billion dollars by 2021.

That’s according to the Financial Accountability Office, who also revealed that the 2018 budget deficit will reach $12 billion, far higher than the $6.7 billion Wynne had claimed.

According to a CP report, “J. David Wake, the Temporary Financial Accountability Officer, said the government’s plan “shifts the burden of stabilizing Ontario’s public finances from current taxpayers to younger Ontarians and leaves the province with less flexibility to respond to future crises, including recessions.”

Also, “The report echoes some of the findings from the auditor general who said last week that the government had understated its deficit numbers in the 2018 budget, saying they were off by 75 per cent for 2018-2019, with that jumping to 92 per cent for 2020-2021.”

Wrecked credibility

Everything that Kathleen Wynne says in the upcoming campaign needs to be filtered through the fact that she and the Liberals have lied over and over again.

Misleading the public on the size of the deficit, and racking up tens of billions more in debt in an effort to win an election is a disgraceful move, and it shows an attitude of contempt for both current, and future Ontarians.

With such high debt levels, an economic downturn could quickly turn into a crisis, and as the FAO said, Ontario would be left with far less ability to respond.

As a result, Wynne has wrecked her credibility, and has made it clear that nothing she says can be trusted.

Spencer Fernando

Photo – YouTube