All Ontarians will wish Premier Wynne good luck in eliminating the deficit in 2017. Today she noted that first quarter results for 2016 show the Ontario economy growing at an annualized rate of three per cent, the highest in Canada and all G7 countries. The member for Don Valley West said she is confident the province is on the road to eliminating the current $5.7-billion deficit next year as promised. That is just the amount Ontario has been adding to the gross debt however and the plan for reducing that $300 billion millstone is an open question. The annual carrying charge on the debt is said to be $11 billion, twice the annual deficit. But, with the economy growing, the premier says she’s very encouraged by the momentum of Ontario’s growth, especially with so many uncertainties in the global economy.
