Despite the headlines, the Ontario deficit is not truly up $3.1 billion -- or at least not yet. What is true is that, despite slower growth in the economy than planned, government revenue is up $2 billion more than planned in the spring Budget and spending is up hardly at all ($702 million on a total planned spend of $247 billion -- or about a quarter of one percent). So, for designated spending, the deficit is actually down almost $1.3 billion. Instead the government has nominally put larger amounts into its line items for its so-called reserve and contingency funds. Money that it may or may not spend. It added $4.5 billion to these vague funds in this past week's Fall Economic Statement, bringing their current balance to an unprecedented $7.1 billion. Yet almost none of the existing contingency and reserve funds set up in the spring Budget have been used - even after seven months of the fiscal year. The government has come to rely more and more on ...
Defend Public Healthcare
Notes from Leftwords -- Doug Allan