This morning, Ontario’s Financial Accountability Office revealed that the government’s debt reduction claims are $6.5 billion off the mark, said Ontario PC Finance Critic Vic Fedeli.
The FAO says that’s equal to eliminating funding for 40% of Ontario’s hospitals.
“This government has allowed Ontario's debt level to rise to its highest level ever, at the fastest rate than ever before. They have grossly mismanaged Ontario tax dollars, and today the independent Financial Accountability Officer confirmed it's only going to get worse,” said Fedeli.
“Yet the government continues to insist they’re on track, even though they have the same data the Financial Accountability Office used. The FAO clearly stated that ‘without an adjustment to Ontario’s fiscal policy,’ we will see increasing budget deficits and higher levels of debt.”
The FAO report also stated that not meeting the government’s debt targets means there will be “less fiscal room for spending on government priorities, such as health and education.”
It also said Ontario will be less able to respond to unforeseen events, such as the next recession, and that continuing on this course will unfairly shift the fiscal burden from baby boomers to younger Ontarians.
“This week, two independent officers of the Legislature have disputed this Liberal government’s numbers,” added Fedeli. “How can Ontario families ever trust anything this government says again?”