CTF gives two thumbs down

OTTAWA, ON: The Canadian Taxpayers Federation (CTF) chastised the McGuinty government today for its failure to control spending and stop Ontario from sliding into a major debt crisis.

“This budget was an opportunity to turn the corner away from the disastrous policies of the last decade and focus on returning to fiscal discipline. This budget failed to do so,” said CTF national research director and acting Ontario director, Derek Fildebrandt. “Touting $1.5 billion in savings over three years is a pittance to the mammoth $16.3 billion deficit projected for this year alone.”

The budget tabled projects a structural deficit lasting until 2017-18. By the end of fiscal year 2010-11, the CTF calculates that every Ontarian will owe $33,500 in combined federal and provincial debt.

“The McGuinty government has ramped up spending at an incredible pace year-after-year, leaving Ontario broke and with a record $220 billion debt,” continued Fildebrandt.

Turning towards business taxes, Fildebrandt stated, “Budget 2011 commendably withstands calls from union bosses and the NDP to hike business taxes. Continuing to make business taxes more competitive will help Ontario’s economy to recover and attract new jobs. Unfortunately, these positive measures come on the heals of a decade of policies unfriendly towards business and growth.”

Fildebrandt concluded, “Ontario’s debt problems are on par with some of the most bankrupt PIIGS (Portugal, Italy, Greece and Spain) in Europe. Unless we pull back from the edge and get spending under control, it is not unthinkable that Ontario will be looking to the federal government for a bailout the way Greece looked to the EU.”

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For more information please contact:
Acting Ontario Director/National Research Director Derek Fildebrandt at:1-800-265-0442 (office), 613-794-6554 (mobile) or [email protected]