Ontario’s debt size nearly double California's: Study


Locutus
#1
TORONTO - Ontario’s debt is nearly twice as large as California’s — even though the province has far fewer people and a much smaller economy, the Fraser Institute says.

The right-wing public policy think-tank will release a report Tuesday that compares Ontario’s debt burden to that of California.

“The study — Ontario vs. California Debt Burdens — notes that Ontario, with a fraction of California’s population and a significantly smaller economy, carries a debt load almost twice as large as the Golden State,” said a news release Monday.

The Institute compared the bonded debt for both jurisdictions in its report. Ontario’s bonded debt stands at $267 billion while California’s stands at $144 billion.

California has a population of more than 38 million while about 13.5 million people live in Ontario.

Sean Speer, associate director of fiscal studies with the Institute, said while California — one of the “most indebted states” in the U.S. — has taken steps to bring its finances under control, Ontario is moving in the opposite direction.

“The fact is, if you use virtually any measure — debt to GDP, overall debt, debt interest payments — Ontario actually finds itself in a worse position,” Speer said.

He added that almost 10% of Ontario’s tax revenue goes toward debt interest payments. In contrast, around 2.8% of California tax revenue goes to service the state’s debt.

He noted last year’s provincial budget expected debt service charges to be the fastest growing expenditure over the next three years.
“We don’t have a good report card and that’s why it’s of critical importance that the public debate in Ontario shifts from how to spend taxpayer money to how to get this public debt under control before it’s too late,” he said.


Ontario’s debt size nearly double California's: Study | Ontario | News | Toronto Sun
 
Machjo
#2
Scary.
 
captain morgan
Bloc Québécois
#3
It's the unfunded liabilities that will scare the crap out of you.
 
Tecumsehsbones
#4
California's recovery has been a very encouraging story.
 
spaminator
#5


if the lesbo wants to be re elected she better do something.
 
captain morgan
Bloc Québécois
#6
Quote: Originally Posted by TecumsehsbonesView Post

California's recovery has been a very encouraging story.

They were sure in the crapper for a while. Ontario might want to take a page from their play book
 
Machjo
+1
#7  Top Rated Post
Quote: Originally Posted by spaminatorView Post



if the lesbo wants to be re elected she better do something.

Strangely enough, sometimes heterosexual leaders are more militantly pro-LGBT than LGBT leaders themselves. If she keeps her sexual orientation out of her politics, which she seems to be doing just as much as any heterosexual politician, then her orientation is not an issue here.
 
shadowshiv
Free Thinker
#8
Those wind turbines sure were a great idea!
 
petros
#9
California produces a sh.tlode of oil and probably holds far less assets and therefore less liabilities.
 
Zipperfish
No Party Affiliation
#10
Ontario's **** size nearly double that of California? First of all, I must say I'm surprised, given the number of African Americans in California. Second, I didn't even know that the Fraser Institute did this kind of study.
 

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