Fall Economic Update Needs a Reality Check

November 26, 2015

QUEEN’S PARK Today’s Fall Economic Statement is further proof there is absolutely no reason Ontarians should trust this government’s numbers, Ontario PC Finance Critic Vic Fedeli said today.


It shows the government has used $1 billion in reserve funding and another $1.1 billion in Hydro One fire sale proceeds to make their deficit look lower than it actually is, Fedeli stated.


“This government continues to refuse to admit that its promise to balance the budget by 2017-18 is a sham, despite that being confirmed by the Financial Accountability Officer’s report earlier this month,” said Fedeli.


“It’s hard to believe a government that’s claiming revenue will be $2.2 billion higher this year than the Financial Accountability Officer said it would be, based on slower than predicted growth.”


There is also no indication in today’s fiscal update that the Liberals plan to deviate from their pattern of wasteful and scandalous spending, Fedeli continued.


“The fiscal fantasyland in the Spring Budget, as the Canadian Taxpayers Federation called it, is perpetuated in today’s update to the detriment of Ontario families and businesses,” said Fedeli.


“It’s more proof the Wynne Liberal government just isn’t in it for Ontarians anymore.”


“The Liberals are playing a shell game” said MPP Jim McDonell. “They aren’t setting the revenue from the Hydro One sale aside for infrastructure. The Liberal Government is siphoning it off to the general revenue fund in order to make their numbers look good, bailing themselves out of their own deficit while squandering a valuable public asset”