You might want to characterize the Ontario budget as short-term gain for long-term pain.
The gain is for Premier Kathleen Wynne — the government's spending plan might just win the support of the NDP, and thereby keep the Liberal minority alive for a few more months.
The pain is for all Ontarians.
Canada's most populated province is in dire financial straits.
While the Liberals say they intend to balance the books by 2017-18, Thursday's budget increases government spending by 3 per cent, increases the deficit by about $2 billion and will increase the province's debt to over $270 billion.
In a 2012 report commissioned by the Liberals, former TD Bank chief economist Don Drummond made 362 recommendations to balance the books by 2017-18. Drummond cautioned against dawdling and recommended that the government limit spending increases to 0.8 per cent per year.
As explained by the Fraser Institute'sRead More »from Ontario Liberals put off making the tough decisions in budget