Friday, January 15, 2021
-3 °c
Cornwall
0 ° Sat
-2 ° Sun
-7 ° Mon
-10 ° Tue
-11 ° Wed
-9 ° Thu

No products in the cart.

download our APP
  • About
    • Contributors
    • Disclaimers
    • Giving back
    • Mission Statement
    • Past Issues
    • Where to Find
    • Call us at 613-935-3763
  • Get The Seeker at Home!
  • Advertise with us!
COVID-19 Response Framework: As of 12:01 AM on December 26, the EOHU region is at the GREY-LOCKDOWN level for 28 days.
  • Home
  • News
  • Leisure & Lifestyle
  • Community & Columnists
  • Events
    • 5 questions with…
  • Disclaimers
  • Merch
No Result
View All Result
The Seeker Newspaper Cornwall
  • Home
  • News
  • Leisure & Lifestyle
  • Community & Columnists
  • Events
    • 5 questions with…
  • Disclaimers
  • Merch
No Result
View All Result
The Seeker Newspaper Cornwall
Home News and Announcements

MPP Jim McDonell fuming over Ontario’s $300 Billion debt

Jason Setnyk by Jason Setnyk
July 26, 2016
in News and Announcements, Politics, Press Releases
Reading Time: 2min read
24 0
15
SHARES
163
VIEWS

MPP Jim McDonell Cornwall Ontario 2016

Cornwall Ontario – This latest stat has MPP Jim McDonell fuming. According to fiscal projections released by the Canadian Taxpayers’ Federation, Ontario’s total provincial debt surpassed the $300 billion mark on Monday. By the Financial Accountability Officer’s estimates the debt will grow to $350 billion by 2020.

You might also like

Rudy’s Pizzaria adds new slice to Cornwall’s delicious pizza scene

Ontario Temporarily Pauses Residential Evictions

Pick up a New Habit … Start Walking and DISCOVER HISTORIC CORNWALL … part 1.

“The Liberal Government has mortgaged our Province’s future with nothing to show for it,” MPP Jim McDonell stated. “The Province owes $2.40 for each $1 it takes as taxes and payments every year, and 40% of this debt load has to be repaid or refinanced in 2020. A household facing such fiscal pressure would take immediate steps to secure their financial standing – the Liberal government continues, instead, to waste taxpayers’ dollars and taking on debt.”

Ontario’s budget forecasts that interest payments on the government’s debt will amount to just under $1 billion per month this year.

“They are spending as much on interest as on social services to adults and children combined” MPP Jim McDonell commented. “This level of debt is toxic to the Province’s long-term prospects. Every dollar spent on interest is taken away from much-needed programs for hospitals, schools, municipalities, farmers and students just to name a few. We are already seeing the impact of higher interest costs with cuts in healthcare and to special education programs, such as supports for autistic children”.

As debt matures, re-financing costs will depend on the Province’s credit rating and fiscal outlook.

“The Liberals have allowed our credit rating to slip and most credit rating agencies do not believe the Government can balance its books” MPP Jim McDonell concluded. “Unless we take serious and immediate steps to stop the growth of the provincial debt and place ourselves on a solid fiscal footing, our interest costs will grow exponentially, eroding the already stretched public services that Ontarians rely on and deserve to receive.”

Author

  • Jason Setnyk

    Jason Setnyk is a high school teacher, journalist, published and award winning author and photographer.

Tags: Canadian Taxpayers FederationConservativesCornwall OntarioLiberalsMPP Jim McDonellProvinical Debt
Next Post

City of Cornwall Temporarily Suspends Tipping Fees For Tree Debris

Place YOUR ad here now
Facebook Twitter Instagram Youtube
The Seeker Newspaper Cornwall

The Seeker Newspaper is located at 327 Second Street E., Cornwall, ON K6H 1Y8 -- All rights reserved
The Seeker does not accept responsibility for errors, misprints or inaccuracies published within. The opinions and statements of our columnists are not to be presumed as the statements and opinions of The Seeker
ISSN 2562-1750 (Print)

ISSN 2562-1769 (Online)
No Result
View All Result
  • Home
  • News
  • Leisure & Lifestyle
  • Community & Columnists
  • Events
    • 5 questions with…
  • Disclaimers
  • Merch

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
X
X