Wednesday, October 29, 2003

FISCAL CONSERVATIVES?

The independent audit of the Ontario government's finances was released today. As reported in The Star, it reveals that the budget deficit left by the outgoing Conservative government is bigger than anyone expected at $5.6 billion. This from a government that claimed throughout the year and the recent campaign that the budget would be balanced. Further the Tories always touted themselves as the party of fiscal responsibility. This may have been true under the first term of Premier Harris, but under his second term and during the administration of Premier Eves this seems to have certainly not been true.

Most people saw this coming of course. Everyone knew that the budget would not be balanced despite Janet Eckers claims to the contrary. Even John Williamson, of the Canadian Taxpayers Federation, said he could not fault McGuinty for not being able to eliminate the deficit this fiscal year.

However, McGuinty and his government are going to have to deal with this problem. They face the task of having to balance the budget, without raising taxes, while attempting to fulfill their election promises, many of which require increased spending. McGuinty will be able to balme budget problem on the Conservatives, and rightly so, for a short time. But not for long.

Posted by Matthew @ 6:11 p.m.