The Honourable Victor Fedeli, Minister of Finance
Department of Finance Canada
For the better part of the last 15 years, the previous government chose to recklessly spend money it did not have by racking up debt while families and individuals in Ontario struggled to make ends meet. Thus currently, Ontario has the largest subnational debt in the world at $343 billion. Interest on debt payments are the fourth largest line item in the budget after health care, education and social services. The government must fix Ontario’s inherited fiscal mess and restore balance before it hurts the economy, jobs and the people who depend the most on critical government services every day. Balancing the budget is the only way the government can ensure that hospitals, schools and other key public services have the sustainable funding they need.
So this is a Budget for the people, by the people and one that, after years of neglect, puts the people first. It builds on the progress our government has made over the past nine months to deliver on our five core commitments – put more money in people’s pocket, create and protect jobs, restore accountability and trust in government, clean up the hydro mess and cut hospital wait times and end hallway health care.