2007 Ontario Spending Spree Budget
Economy
With this budget Dalton McGuinty has increased spending to $91 billion per year, an astounding $22 billion or 34 per cent increase in a single mandate.
After three years of reckless spending, broken promises and unbalanced budgets, McGuinty finally managed to squeeze out a razor thin $310-million surplus.
Revenues were $3.4 billion higher than planned in the 2006 Budget and lower interest rates resulted in almost $600 million saved in debt servicing charges… but McGuinty spent an additional $1.7 billion more than budgeted, or fully $7.7 billion higher than he promised during the 2003 election.
During Dalton McGuinty’s time in government the provincial debt has risen by almost $13 billion. Clearly the debt is going in only one direction—up; raising annual debt servicing costs by approximately $750 million per year.
Ontario’s economy continues to suffer under Dalton McGuinty’s leadership. In 2007 the Ministry of Finance has reduced their forecast of every key economic indicator—from GDP and income growth to job creation and corporate profits. Ontario is now last among Canadian provinces in GDP growth and no longer the economic engine of the nation.
McGuinty unveiled his solution to the property assessment system by phasing in assessment increases and moving to a four-year cycle for re-assessment. This will not provide real protection for homeowners like the 5 per cent cap and reverse onus appeal system proposed by the Ontario PC Party.
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