The mandate of any politically elected government is to serve and protect all the people in their jurisdiction. One of the key requirements is wise use and investment of the funds, so financial competence is necessary for good stewardship. With this in mind, I thought I would look for 12 of the most costly financial decisions/mistakes over the last 10 years. Since the Ontario Provincial Liberals have been the only party in power in the last 10 years, they can be held accountable for the outcome of these decisions.
#1 Provincial Debt – Ministry of Finance – $143.35 billion increase since 2003
The projected budget for Ontario for 2014-15 is $127.6 billion in expenses with $117 billion in revenue so with deficit financing the government will add $10.6 billion to the Ontario provincial debt. This is in addition to the existing $276 billion provincial deficit, approximately $20,500 per person.
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