Economic update fails to share the pain

Statement from GPO Finance Critic Kevin O’Donnell

The Green Party of Ontario is calling on Queen’s Park politicians to stop playing politics with the province’s $16 billion deficit.  In uncertain economic times, everyone should share the responsibility of deficit reduction.
Ontario’s debt is already at $18,000 per person, with this year’s deficit adding $1,200 per person.   The Green Party supports the government’s efforts to restrain spending while protecting health and education. However, until the budget is balanced it is irresponsible to proceed with tax cuts on blue chip corporate profits. In addition to restraining spending Ontario needs to shore up revenue and Ontario’s corporate tax rates are already competitive.
It is also time to stop borrowing money to subsidize energy use.  The Liberals are borrowing $1.1 billion to subsidize electricity prices.  The NDP – Conservative HST alliance would add another $350 million to our credit card.  Ontario can’t afford these shell games with our money.
Finance Minister Dwight Duncan generously asked for ideas for balancing the provinces budget.  As a party that is neither left nor right, the Green Party recommends the following solutions:

  • Delay corporate tax cuts
  • Stop borrowing to subsidize energy use
  • Freeze non-union, managerial public sector salaries
  • Cap executive salaries in the public sector
  • Move forward with recommendations from Don Drummond

The Green Party is calling on everyone to share the responsibility of deficit reduction. Good policy must trump political games.
Kevin O’Donnell
Finance Critic
Green Party of Ontario