UPDATE: Report Warns of Ontario's Debt Issue
There are warnings that Ontario isn't doing enough to address its debt.
In a report released by the Fraser Institute today (Thursday), the organization states the province's isn't changing the way it's doing things when it comes to spending but rather just slowing down the debt's rate of growth.
The 66-page report compares Ontario to troubled economies such as Greece and California, but notes while the province's total debt was $236.6 billion as of 2010-11, it's almost two-thirds that of California. The report notes the state has a larger economy that that of Ontario.
"You can't compared Ontario to California. While they're facing mass layoffs, we're freezing wages so we can save Ontario jobs," Aly Vitunski of Finance Minister Dwight Duncan told Newstalk 1010. "We're also undertaking fundamental pension reform to ensure sustainable pensions for Ontarians. California has been crippled under the weight of the cost of public sector pensions."
Premier-Designate Kathleen Wynne underlines the debt and deficit are of concern to everyone right now. She notes it's critical to tackle Ontario's deficit to get to a point to address the debt.
The news comes as the province is in transition, with Duncan underlining he will not be a part of cabinet again.
Wynne maintains they are staying on track to shrink the deficit by 2017-18.