has a much more diverse sector of companies and revenue capabilities, he said.
He predicted Sousa budget will have more bad news which could be why the government is dragging its heels setting a date for its release.
A report by the prestigious Nike Shoes 2016 Football Cr7 think tank contrasts the once perilously financially placed state where at least three municipalities have declared bankruptcy with this province. an interview Tuesday, Speer said California of late has been getting its financial house in order, while this province has not.
California has its budget under control at the same time as it bringing in less revenue as a share of the economy than Ontario.
think it logical when they release their budget it actually going to show a deteriorating situation at Nike Soccer Boots Hypervenom 2015
By capabilities, I think he means we roll over and play dead when the government hikes taxes as it did with the health tax and the HST.
Speer points out that despite the province smaller population, Ontario $267.5 billion outstanding government debt is higher than California $161 billion (amounts listed in Canadian dollars).
Ontario's financial house in disarray
California can do it with less revenue, then surely the problem in Ontario isn a revenue one Soccer Shoes 2017
Hmmm. Somehow I don take comfort in that.
He points out a contradiction in Finance Minister Charles Sousa fall economic update.
fact is that Ontario brings in more tax revenue as a share of the economy than California, Speer said.
all of the jokes and criticisms about its public finances, has quietly taken some steps to stabilize the state debt, so much so that there speculation that they will actually produce a surplus this year, Speer told me in a phone interview Tuesday.
update revised the economic growth projection downward, but it actually didn revise the impact on the budget.
Instead, it just spends and taxes.
doesn have the constitutional right or ability to borrow to the extent that all the provinces of Canada do, he told me.
least relative to last year budget. And it has consequences, Speer said.
On a per person basis, every Ontarian owes $20,166 compared to $4,282 for every California resident.
I wouldn tell that to the folks at Kellogg Caterpillar and Heinz who lost their jobs. Don fly that one up the mast in our beleaguered manufacturing sector.
fundamentals are strong. We are one of the top jurisdictions for job creation, he said.
signalled that things were going to worsen but didn tell us what the consequences would be, he said.
California has actually got the message and has cut spending in absolute terms for the first time in years, Ontario is moving in the opposite direction, he said.
Speer says the province can get the debt under control without massive cuts, by simply holding spending growth to the rate of inflation and rate of population growth. The problem is, this government has shown no will to do that.
it a spending one. if we worse than California, can we be far behind Greece?.
Not only are we have nots. We has beens worse off than California, according to the latest report by the Fraser Institute.
Sousa, meanwhile, dismissed the report saying it was an comparison.
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