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Hudak Applauds Report for Highlighting Provincial Debt Crisis

Every West Niagara resident owes $23,000 in provincial debt

  • 1 January 2015
  • Author: Tim Hudak
  • Number of views: 1027
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Hudak Applauds Report for Highlighting Provincial Debt Crisis

Toronto, ON – MPP Tim Hudak is applauding the Auditor General of Ontario’s recent report for highlighting the stark economic reality Ontarians face unless urgent measures are immediately taken to get escalating provincial debt under control.

The report, released Dec. 9, 2014, highlights the fact that Ontario’s debt will be more than $325 Billion by the time the Liberals say they can balance the books in 2017/2018. By then, the debt will have more than doubled over the past 10 years.

To put that number in perspective, every resident in Niagara West Glanbrook – man, woman and child - would have to pay $23,000 to get Ontario out of debt.

“Not only is Ontario’s debt staggering, the province’s ability to pay is waning and it will lead to a major tax hike just to pay the bill,” says Hudak.

Carrying such a high debt burden has very negative impacts for the province. Paying the interest on more than $300 billion in debt means there are fewer dollars to spend on programs and services; the province is at a greater vulnerability to interest rate increases; and potential credit-rating downgrades would increase the cost of borrowing.

The province currently spends $10.8 billion annually on interest to finance our debt. By 2018 it will be more than $13 billion.

We could have built a new West Lincoln Memorial Hospital 78 times over with the money wasted on interest charges in one year alone,” says Hudak.  “Instead of spending above their means, the provincial government needs to rein in spending and stop wasting taxpayer dollars.”

 “I agree with the Auditor General when she says the time is now to start a conversation on how to reduce Ontario’s debt burden.”

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Meet Tim Hudak

Former MPP Tim Hudak had been in politics for 20 years and truly saw his role as an MPP as a way to help and support his riding of Niagara West – Glanbrook.

Learn More About Tim

Niagara West - Glanbrook

  • Pelham
  • Lincoln
  • West Lincoln
  • Grimsby
  • Upper Stoney Creek
  • Glanbrook

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