From JayJGoldberg: Ford should follow Alberta's lead come budget time onpoli
Ford once ran for office as a fiscal hawk. When he was at Toronto City Hall, Ford stood up against waste and advocated for lower taxes. His party’s 2018 election platform called for fiscal prudence, lower income taxes and balanced budgets. With very limited exceptions, Ford hasn’t lived up to any of those commitments.
Since Ford became premier five years ago, Ontario’s net debt has risen by nearly $57 billion. While some of that can be blamed on the pandemic, Ford increased Ontario’s debt by nearly $20 billion before the height of the pandemic had even arrived.Ford has blown taxpayer dollars before, during and after the pandemic. He’s handed out corporate welfare like candy, such as his $300-million gift to the Ford Motor Company, a Fortune 500 company that doesn’t need taxpayer help.
It’s time for Ford to right his wrongs. With a $2.1-billion surplus last year, Ford has no excuse for presenting a deficit budget later this month. With the books balanced, now is also the time for Ford to follow Smith’s lead on balanced budget legislation and debt repayment.this year. That could otherwise have paid to build 10 new hospitals or a reduction in the provincial portion of the HST from 8% to 6%. Instead, it’s going to bondholders on Bay Street.
Ontario’s massive revenue surge should not be squandered. After all, new revenue comes straight out of taxpayers’ wallets. When Ford presents his budget later this month, he should use the extra funds to keep the books balanced, pay down the debt, and send some of the money back where it belongs — in the hands of taxpayers.— Jay Goldberg is the Ontario Director at the Canadian Taxpayers Federation
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