The Financial Accountability Officer (FAO) has echoed concerns of the Ontario PC caucus and cast serious doubt about the Wynne Liberals debt reduction claims, PC Finance Critic Vic Fedeli said today.
In a new commentary, the FAO says not only will the debt-to-GDP ratio not shrink by 2021-22 as the government claims, but will likely rise to 40.3 per cent, with another $76 billion in debt being added. That would bring Ontario’s debt to a staggering $392 billion.
“The FAO says the Liberals are assuming on-going balanced budgets, on average, over the next 12 years; future capital spending as laid out in the long-term infrastructure plan; and a continuation of strong economic growth,” said Fedeli.
“He goes on to say if any of these relatively optimistic assumptions fall short of expectations, the government’s 27 per cent debt-to-GDP target by 2029-30 will not be achieved,” Fedeli continued.
“This is a continuation of the shell game the Liberals have been playing with Ontario’s finances for years. Kathleen Wynne and the Liberals simply can’t be trusted to put the interests of Ontarians ahead of their own. After 14 years in power they’ll never change.”