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By Deleted User (anonymous) | Posted July 03, 2016 at 08:51:27 in reply to Comment 119489
There's a big difference between balancing the budget and paying off our debt. The province pays $11.4 billion a year on interest alone. If interest rates rise that figure will also increase. There are estimates that Ontario could default on its debt obligations as early as 2024. To say no one is seriously talking about the province eventually defaulting is nonsense. A simple google search brought up many articles about the possibility. The province holds the largest sub-sovereign debt in the world. Twice the debt of California with half the population. We're I serious trouble. If I ran my household budget the way Ontario runs its budget I'd've already declared bankruptcy. $313 billion in the hole. Let's get real.
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