In recent years, when discussing the most indebted jurisdictions in the western world, some politicians included California in the same conversation as Greece and Spain.
While that might have been a bit of a stretch, things were pretty gloomy.
Well, surprisingly — or maybe not — a new study by the Fraser Institute suggests that Canada's most populous province is actually worse off than America's most populous state.
The study, released on Tuesday, notes that by any measure, Ontario's debt level trumps California's.
"To many in the United States and Canada, California represents the epitome of irresponsible government spending coupled with poor cash management," notes the study titled Comparing the Debt Burdens of Ontario and California.
"In this context, discovering that Ontario’s financial position is far more precarious should serve as a wake-up call to Ontario policy makers and citizens alike."
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