Given that the Ford government is following the same spending trajectory as in the recent past, it should come as no surprise that the province is also experiencing similar fiscal outcomes. In fact, the Ford government is racking up debt in much the same manner as its predecessor.
Let’s look at the numbers. In 2013, Premier Wynne’s first year in power, Ontario’s net debt (a measure that subtracts financial assets from total liabilities) increased by 16.2 billion. Over the course of its five years in charge of Ontario’s finances, the Wynne government added an average of $12.8 billion per year in new debt.
During this time, the Progressive Conservative party in opposition was harshly critical of the Wynne government’s pace of debt accumulation. Vic Fedeli, then-finance critic and the Ford government’s first finance minister, promised to take “immediate action to mitigate this fiscal mess.”
And yet, if the government’s most recent forecast proves accurate, between 2018 and 2024 the Ford government will increase debt by $20.7 billion annually on average. These outcomes can’t be blamed substantially on the pandemic and recession, as the pattern predates the pandemic and is forecasted to continue for years to come.