Ontario’s debt load is higher than that of California, America’s most-indebted state, and could reach 66 per cent of GDP by 2019 unless the provincial government musters the courage to rein in spending
" ... Ontario simply cannot continue spending money it doesn’t have; otherwise it will soon be compared to Greece, not California.”
“If Ontario continues spending at its current rate, its net debt will increase to 66 per cent from 37 per cent in just seven years. It took Greece 10 years to experience a similar increase. ..."
"One should doubtless keep an open mind...though open at both ends, like the food pipe, and have a capacity for excretion as well as intake." -- Northrop Frye, 'The Great Code'
Thursday, January 31, 2013
Ontario headed for Greek-style meltdown?
Ontario's debt load larger than California's thanks to big-spending ways
And Ontario could pull the rest of the nation down with it. By 2017, with a do nothing Premier designate at the ehlm, we could see Ontario's debt explode to $400 billion and the deficit to $30 billion; about the same magnitude as the National debt.
ReplyDeleteWhen bond hawks start to refuse Ontario government bonds unless a large risk premium is factored in, then the Central Bank will no longer be able to hold interest costs down, and all Canada will take the hit.
Thank's Dalton. Your stupidity didn't just destroy Ontario, it wreaked Canada as well....
Canada is broke and our children and our children's children have been reduced to serfs. Yet Canada is the envy of the world? Only because the vast majority of politicians are sociopaths and for the vast majority of voters "math is hard". We are *****.
ReplyDeleteOntario is not headed for a Greek style meltdown. They have already achieved it but no one has the jam to say so.
ReplyDeletePowell Lucas
Ontario could have bought cheap Quebec hydro power, but it said it wanted to create Ontario jobs and mentioned some vague threat of separation. Then the Liberals signed with a huge energy contract with a foreign company Korean Samsung.
ReplyDeleteThe myriad contracts with wind and solar power suppliers are totally unrealistic and will eventually force the government to invest in new transmission capacity since it has sold this capacity at bottom rates to these suppliers.
Our hydro bills are already very high and there is no end in sight.
Global cooling very concerning
ReplyDeletehttp://www.foxnews.com/science/2013/02/01/report-show-un-admitting-solar-activity-may-play-significant-role-in-global/
fhl