We, Canadians, thought the Americans were drowning in debt. Looking down at them smugly from our lofty perch north of the border.
And especially sneering at California. Because as probably most know, California is in dire straits financially. Huge debt load, massive public service layoffs, with no relief in sight.
Well, I have good news and bad news.
Good news if you are California. Bad news if you are Ontario.
On any basis. Absolute amount, as a ratio of debt to GDP, and - the scariest measure - on a per captia basis. Over four times as much as debt laden California.
But at least we're not Greece, you chortle.....
Greece, a country essentially bankrupt, with a fairly similar population, has only twice as much debt as we do.
Their economy is virtually in shambles, so the ratio to GDP is crippling. But unless our economy starts to move, or we get our debt in order.....
Welcome to Ontario, Premier Wynne[1] !
[Note 1; brand new premier of Ontario.]
P.S. None of this even includes the massive federal debt!! This is strictly provincial.
2 comments:
Interesting view point... But we have lovely new social infrastructure such as new courthouses, prisons and hospitals built by the private sector and being paid for by Joe Q. Public. Debt is being mortgaged over the next 30 years as we couldn't load more into the current ledger or taxes would increase immediately. So spread out the pain and get new facilities now. Imagine what the debt would be if Ontario loaded the $12 B they have spent to date on top of your bar graph? One thing our generation is known for is spending. However, perhaps if the previous generations spent the proper amount on infrastructure we wouldn't have to make up such huge ground given the increase in population relatively to the existing social infrastructure. Thanks Mike Harris for getting it going and Dalton for really spending large and we hope who ever is next will want a brand new state of the art Hospital in Kapaskasing too. After all you deserve one too to keep up with North Bay.
Hey Fins, leave our hospital out of this.
In so far as not spending enough on infrastructure years ago - nobody wanted to pay for it then either (before Harris). That's not money spent that governments can boast about and show off - it's just as hidden as buried new watermains. I don't think we'll ever have enough money or enough will to adequately spend on infrastructure - we're too busy griping about what our taxes are going to or not going to with the rest of the needs/wants. A new jail does look a lot "shinier" than than refurbishing or replacing underground infrastructure or providing assistance for the less fortunate.
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