Ford’s fiscal plan a wealth transfer from bottom to top

Mike Schreiner made the following statement after the Financial Accountability Officer warned that another $6 billion in cuts would be needed to balance the budget:

“People are upset with the Ford government’s cuts. They are going to be even more angry over the next three years when an additional $6 billion in unidentified cuts are rolled out.

Ontario needs to have an honest conversation about balancing the books in a fair, just and sustainable way.

Ontario has the lowest per-capita spending and the lowest per-capita revenue of any province in the country. And the Ford government plans to squeeze more out of the system, which according to the FAO will slow the economy.

If the Ford government refuses to address Ontario’s revenue problem, then it will be the province’s most vulnerable who suffer from an additional $6 billion in cuts.

It is neither fiscally responsible, nor is it fair for the Premier to decry the province’s dire financial situation while at the same time planning for $3.6 billion in tax cuts. This is on top of tax cuts for the wealthy already implemented in the Fall Economic Statement.  

Ford’s plan will lead to a major transfer of wealth from the bottom to the top.

Getting our books in order should start with fixing the (un)Fair Hydro Plan, a politically motivated scheme adopted from the Liberals that costs us $3 billion annually. Rather than receive blanket subsidies, high income earners should have their hydro rates means tested, which will save the province hundreds of millions.

And as the largest mining jurisdiction in Canada, Ontario must start to receive a higher return on our natural resource wealth.”