Harper and McGuinty Deficits

[Oleg Bach]

So now that we owe all this money - I would like to have a face and name attatched to this marvelous phenomena...who are the little pricks who want this money paid back at an interest ...and where did they get this hord of cash to begin with...I want to know - If we owe billions there must be some gleeful man or woman sitting at a desk some where rubbing their hands and creaming their 500 dollar jeans..?? Who are they? Does anyone know? DOES ANYONE CARE?

[Argus]

As I recall, Harper called the crashing market a buying opportunity.

He wasn't wrong.

[madmax]

There is a major difference in that the federal deficit is largely due to the "incentive spending" and when that spending stops the deficit will be enormously reduced.

It's called pork. Throwing money on short term projects that will have little effect on the economy positive or negative. What it has done is fast tracked many pet projects sitting on city council desks. At the end of they day.... The Conservatives in government have not shown fiscal competence from 2006. They will be faced with similar revenue shortfalls in the upcoming years, regardless of the HST tax grab and they will see future deficits regardless of an end to the Pork projects of the present.

The economic engine is in terrible shape.

Ontario's deficit is all program spending. There's no easy way to reduce it.

These guys are hopeless, disconnected and delusional. Ontarios government spends to much time in a glass house. Unfortuneately the public doesn't seem to care what they do, nor how badly, let alone pay for it.

[Smallc]

Ontario's deficit is all program spending. There's no easy way to reduce it.

No it isn't. They've had to match federal stimulus spending and have also added their own. They have also had the worst tax revenue decline of any of the provinces. Their deficit will get smaller after the recession, as will Ottawa's. I do expect both to have to cut though, probably more so in Ontario given that they'll be dealing with a smaller economy and larger population than before at a worse ration than other jurisdictions.

[madmax]

No it isn't. They've had to match federal stimulus spending and have also added their own. They have also had the worst tax revenue decline of any of the provinces. Their deficit will get smaller after the recession, as will Ottawa's.

Your not from here so you have no idea just how screwed up the Province is. The deficit in Ontario will be structural. 48% decline in corporate tax revenues and amongst the lowest in North America. The Cuts to corporate taxes isn't a major factor in the decision to determine where to produce goods. Ontario has totally screwed over its entire manufacturing sector. Its a damn mess. What is gone is gone and will never come back.... ever.

Tone deaf, and more in tune with listening to banks, and right wing media propoganda... that is preaching slogans to a choir, the real problem was ignored.

Their worst tax revenue decline.. well DUH!!!

John Deere got a huge tax break and have left... thousands of profitable operations which pay taxes have left. Not to avoid taxes, but to follow the trend of what the globalists want.

The Ontario government, much like the Federal government are a bunch of patsies.

The way out of this, is to TAX the person making low wages with the HST.

It won't be enough.

The Ontario Liberals are a bunch of idiots who we can't get rid of soon enough for the good of the Province. However, it will be too late if ever when this happens. They are likely to be voted in again.

But we are dealing with a bunch of morons, elitists, and pigs at the trough.

Edited October 25, 2009 by madmax

[madmax]

Too little too late editorial from the Toronto Sun

Get ready for TAX TSUNAMI

Ontario Premier Dalton McGuinty and Prime Minister Stephen Harper are working hand-in-glove to gut the province's already hard hit, job-bleeding economy.

How? By simultaneously pursuing two policies that will have devastating consequences for Ontarians, continually raising both the price of goods and services and the taxes we pay on them.

Taken together, they will prolong and deepen the recession.

The first policy is McGuinty's decision to move to a 13% Harmonized Sales Tax (HST) on July 1, 2010, prompted by Harper giving him $4.3 billion of taxpayers' money to do it.

Harmonization means consumers will have to pay the 8% Ontario sales tax for the first time on a whole new range of goods and services to which only the 5% federal GST now applies.

Big Business and Big Government make out like bandits. Everyone else gets screwed.

And since almost all of these goods and services will be captured by the new HST -- meaning taxpayers will, for the first time, be paying 13% in taxes on them instead of 5% -- Ontarians will be caught in a never-ending vise of escalating prices and taxes.

For which, ironically, we will have both McGuinty, and Harper, to ... uh ... thank.

[email protected]

[Jerry J. Fortin]

Ah tax grabs! The governments can never seem to quench their thirst at this tax paying citizens banquet.

[Smallc]

I never said that there's not a structural deficit. There are structural deficits in both Ottawa and Queen's Park. That said, neither of them are entirely structural.

[madmax]

I never said that there's not a structural deficit. There are structural deficits in both Ottawa and Queen's Park. That said, neither of them are entirely structural.

Just for fun....... The good ole days... of Dwight Duncan, Superhero. This was actually paid for by the Provincial Government and was on his website for a few years.

[Molly]

Argus, you won't find me defending Mcguinty any time soon.

His only serious merit is that he doesn't have enough imagination to leap into anything that's utterly and immediately disastrous. The same cannot be said for his competition.

IMO, Ontario is rudderless.

[Jerry J. Fortin]

I tend to agree with the journalist, this is just the beginning. The debt and deficits will impact both provincial and federal spending, which will results in cuts that affect those least able to absorb the reductions. In the private sector prices will go up again impact those least able to deal with the issues. In the long run this will create a new class structure in the nation. This will indeed make the rich even more rich and the poor even more so. With each tax increase comes a loophole for those that can afford it to claim a tax deduction.

I hate income taxes!