Short term gain for long term pain
Premier Wynne
Stephen LeClair
Ontario’s budget watchdog Stephen LeClair says the Liberal government will spend $45 billion over the 30 year term of its recently-crafted Fair Hydro Plan to lower rates, but in the end the plan will save people just $24 billion on their electricity bills. It is a harsh reminder of the kind of straightjacket government must wear when it spends itself into debt. The financial accountability officer says this means there will be a net cost of $21 billion to Ontarians over the approximately 30 years of the plan in order to lower rates in the short term. The $45 billion is mostly the cost of funding an eight-per-cent rebate that took effect on bills in January, but that assumes balanced budgets for the next 30 years. CBC
