Ontario Budget 2019 Explained / Tackle Budget Deficit & Growing Debt / Path To Balance / Debt-To-GDP
Updated: Apr 23, 2019
The Ford Government (Progressive Conservative Party Of Ontario - Also known as the PC Party) released their first Annual Budget for the Province of Ontario today (April 11, 2019). The PC Government have signalled since the election that their first budget would show a “path to balance.”
One reason they want to Tackle Budget Deficit and The Growing Debt is because The Province of Ontario Has a Net Debt of $346-Billion and a 40.4% DEBT-To-GDP Ratio, and faces slowing economic growth projections.
DEBT-To-GDP ratio - is the ratio between a Country's Gov't Debt and its Gross Domestic Product (GDP). Gross Domestic Product (GDP) - measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time.
Finance Minister said about the interest On the Provincial DEBT: “We will Pay $12.5 BILLION Dollars In INTEREST this Fiscal Year” Finance Minister also said about about the previous Government: “The Previous Government Was Spending $40 Million Dollars A Day MORE Than They Brought In”. Ontarians should expect spending restraint and cuts by the Govt AND tax relief in the coming years.
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