Toronto, ON: The Canadian Taxpayers Federation is criticizing Ontario Premier Doug Ford for increasing government spending by over eight per cent this spring compared to the first quarter of the last fiscal year. Today the independent Financial Accountability Office of Ontario released its analysis of the province’s first quarter spending.
“The FAO report shows just how little the Ford government is prioritizing fiscal responsibility,” said CTF Ontario Director Jay Goldberg. “Deficit spending is fueling inflation and the cost of living. Now is the time for restraint, but the report shows that spending is up on every major budget line compared to last year.”
Ontario government spending during the first quarter of the 2022-23 fiscal year was up $3.1 billion, or 8.3 per cent, over the same period last year. The report also shows that government spending on debt interest has ballooned. Debt interest costs are up by 16.8 per cent to $3.34 billion.
“The end result of nearly two decades of deficits is that Ontario is the most indebted subnational unit in the entire world,” said Goldberg. “All of that debt means that, when interest rates go up, the province is on the hook for billions more in interest payments. With interest rates still rising, there’s never been a more important time to stop digging and finally balance the books.”