[Newsbot]

Title: Joe Oliver: Ontario�s fiscal train wreck | Financial Post
Category: Economics
Posted By: shockedcanadian
Date: 2015-12-29 08:48:56
Canadian

[Freakinoldguy]

I call bullshit. Joe Oliver is a Conservative so this can't be true. Every economist or advisor who's worth his salt knows that you've got to run your deficit up to reduce your debt or is it the other way around? I'll have to remember to ask Gerald Butts.

So, don't worry Ontario you'll be debt free and living on easy street before you know it just, like Greece.

[martin14]

But hey, Liberal budgets balance themselves !!

[2Cdo]

Ontario is beyond help. They'll be paying for the Libs fiscal "management" for the next 100 years, or more.

[bootlegga]

Oliver's not entirely wrong - Ontario needs help and it needs it quick.

Unfortunately, I doubt anyone else on the provincial scene is willing to do the dirty work (cuts to services, higher taxes) that is necessary to right the ship.

[BeaverFever]

[BRAH]

Coming soon to NDP Alberta.

[Thanos]

All the Liberals can go for comfort to the CBC comment section where everything wrong with Ontario is "all Demon HAAAAAAAAAAAAAAARRRRPPPPPER'S fault!". Ontario provincial Liberals are basically identical in intent to the TeaBirchers in the US. Winning has nothing at all to do with doing the right thing for their province. It'll merely about sticking your thumb in the other side's eye and doing a Nelson "ha ha!" because you won. And that ticking time bomb of a debt they've built up over the last decade that threatens the entire country, and would send a shudder through the entire world economy when they inevitably default Greece-style on it? Oh, well, at least we stuck it to 'em on election day though!

[bootlegga]

BRAH BRAH:

Coming soon to NDP Alberta.

We've got a long way to go before that - even if the Dippers run four consecutive $6 billion dollars (as they said they will do this fiscal year), we'll still be in far better shape than Ontario.

[2Cdo]

bootlegga bootlegga:

BRAH BRAH:

Coming soon to NDP Alberta.

We've got a long way to go before that - even if the Dippers run four consecutive $6 billion dollars (as they said they will do this fiscal year), we'll still be in far better shape than Ontario.

Not if oil price stay this low for that long.

That being said, I heard something about the Saudis financial situation that might trigger them to slow the flow and push oil prices up, thus helping the provincial NDP.

[bootlegga]

2Cdo 2Cdo:

bootlegga bootlegga:

BRAH BRAH:

Coming soon to NDP Alberta.

We've got a long way to go before that - even if the Dippers run four consecutive $6 billion dollars (as they said they will do this fiscal year), we'll still be in far better shape than Ontario.

Not if oil price stay this low for that long.

That being said, I heard something about the Saudis financial situation that might trigger them to slow the flow and push oil prices up, thus helping the provincial NDP.

Not really.

Given that we're roughly a third of the size of Ontario (4.3 million to 13.4 billion), our debt would have to reach $100 billion for us to be in the same boat as Ontario.

I know math is hard, but according to Debtclock.ca, our debt right now is at $16.5 billion. If the NDO runs a $6 billion deficit in each of the four years they are in office (I highly doubt they will win the 2019 election), that would add $24 billion - for a grand total of $40 billion.

http://www.debtclock.ca/provincial-debt ... ta-s-debt/

Even the National Post notes that the highest our debt could go is $47 billion in 2019-20.

http://news.nationalpost.com/news/canad ... -this-year

$47 billion is a helluva lot of debt (and frankly, we better not go that far in hock), but as bad as it would be, it would still be less than 15% of provincial GDP, while Ontario's debt is almost 50% of their GDP.

[ShepherdsDog]

Yup and Trudeau's deficit forecast is working out just fine.... Return to your regular program of lalalala....I won't hear you.

[martin14]

ShepherdsDog ShepherdsDog:

Yup and Trudeau's deficit forecast is working out just fine.... Return to your regular program of lalalala....I won't hear you.

It's the usual delusion.

As long as Alberta is doing better than Ontario, the worst example of fucked up economics
in the Western Hemisphere, then everything is fine.

[ShepherdsDog]

Well for years we've been basing our 'success' on being just slightly better than the US, rather than trying to actually be the best.

[bootlegga]

ShepherdsDog ShepherdsDog:

Yup and Trudeau's deficit forecast is working out just fine.... Return to your regular program of lalalala....I won't hear you.

You really should go to your doctor, your TDS appears to be out of control!