The CTF says that each Ontarian currently has a share of provincial debt equaling more than $28,000.
As the summer winds down, it is not only schools that will be back in session in the coming weeks. The Ontario legislature is slated to return next month amid growing rumours of a spring 2025 election, one year ahead of schedule.
While the Ford government continues to tout its significant infrastructure projects, innovative education strategies and private-sector growth initiatives, provincial debt is climbing by the billions. With this reality in mind, the Canadian Taxpayers Federation has been touring communities across the province, seeking to hold the government accountable, and calling for a concrete plan for getting spending under control and balancing the budget. On Aug. 29, the CTF was in Niagara with their Debt Clock.
“The provincial debt is already more than $400 billion and it’s going up by tens of millions of dollars every day,” said Dr. Jay Goldberg, Ontario Director for CTF. “This means we are paying $14 billion on debt interest this year alone,” he added. “Every dollar Queen’s Park racks up in debt today is a dollar plus interest that taxpayers will have to pay back tomorrow.”
While criticism for a general lack of financial stewardship is most often directed toward the federal government, Goldberg explained that it is important to remember that all levels of government are responsible.
“The federal situation is the most egregious,” Goldberg argued. “However, we need to recognize how much better we could be doing in Ontario. Just the $14 billion in debt interest alone could be used to meet so many of our needs for essential services or to lower taxes.”
“Many folks would be shocked to know that the Ford government is spending more on debt interest than post-secondary education. People are frustrated with all levels of government for good reason.”
With a new academic year starting, the CTF will also be visiting college and university campuses, explaining to students why life is so expensive for them, as well as persuading them that fiscal responsibility should be a top priority when entering the ballot box.
“Things are getting harder and harder for students trying to find future jobs,” said Leam Dunn-Opper, CTF Campus Director. “When students look at the price and debt numbers going up, they know they are feeling it, and they will even more so when they graduate.”
As another year draws to a close, CTF will be continuing to advocate for fiscal accountability as governments prepare for 2025.
“The fall is going to be an important time because governments will begin crafting their budgets and make pre-budget spending announcements,” Goldberg explained. “We will continue reaching out to the people of Ontario and we’ll make a pro-taxpayer pre-budget submission to the government. We’ll also make every effort to meet with folks in the ministry of finance and fight to make Ford’s gas tax cut permanent.”
“Then, next year, we’ll go on tour with our Federal Debt Clock, informing people about the Trudeau government’s fiscal mismanagement ahead of the coming election.”
The CTF says that each Ontarian currently has a share of provincial debt equaling more than $28,000. Moreover, provincial debt is increasing by $768 with each passing second.
Nick Redekop completed his Honours Bachelor of Arts Degree in Labour Studies at Brock University. He has previously served in municipal and federal politics. In his free time, Nick enjoys following sports, taking part in outdoor activities, and reading biographies. Nick resides in Niagara Falls
