Ontario Auditor General Warns Province Is In A Debt Spiral.
Ontario’s auditor general is sounding the alarm about the province’s ballooning debt in her annual report, warning that it continues to grow faster than the province’s economy.
In her 600-page annual report released Tuesday, Bonnie Lysyk cautioned that despite Ontario’s work to eliminate its deficit, the province’s rising net debt — the difference between its liabilities and its total assets — could have a number of negative implications for its finances in the future.
Ontario’s majority Liberal government has pledged to eliminate its $12.5-billion deficit by 2017-18. But by that year, the province’s net debt will have soared to $325 billion — more than double the $156.6 billion a decade ago, Lysyk’s report estimated.
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