A 905 Ontario Budget for families
hy, the first question normally goes, should Ontario go back into deficit when it has balanced its provincial budget (and run a $600 million surplus), after nine years of deficits. The answer is not too hard to fathom. After a recession caused entirely by sheer avarice by global financial institutions, and during which families, schools, hospitals and social services needed to often get by on just enough to get the job done, would Ontario then move into surplus, and hand those surpluses over to the very financial institutions whose short-sighted greed got the people of Ontario into nine years of deficits in the first place?
During the next few years, a series of small deficits will be used to help ordinary Ontarians, families, seniors, youth, schools, hospitals, the disadvantaged and the poor get back to where they might have been had the Province been able to run surpluses all these years, and invest in them during the recession. The banks can wait a few years. It’s your turn now.
At the end of a few years of catch-up investment, Ontario will again be back into structural surpluses. That’s why Ontario will run a few small budget deficits. Because important things have to be done, and they have to be done now.
How can Ontario afford these initiatives? Because:
- Ontario’s economy has outperformed those of all G7 nations each year since 2014;
- Ontario’s unemployment rate of 5.5 percent is the lowest it has been in nearly 20 years;
- In 2017, about 500 net new jobs, overwhelmingly full-time and high-value, were created each day in Ontario.
Download and read the full Ontario 2018-19 Budget document in PDF format. Click or touch here. Keep it on your tablet as a reference book.
This Ontario Budget helps families, seniors, children and the vulnerable with challenges they face right now. In the past quarter-century – worldwide – costs that baby boomers grew up feeling were affordable swiftly became very expensive: prescription drugs; education; health care; housing; child care; dental care; elder care; dental costs. With this Ontario Budget, the standard by which Ontarians can measure their government support for life’s essentials is no longer any place in the USA, or even any place in North America.
Ontarians can now stand with the most prosperous and progressive places on earth, because Ontario offers world-class support to people fortunate enough to live here.
Increased hospital funding
Expanding OHIP+ for seniors
Helping seniors live independently
The 2018-19 Ontario Budget proposes a new Seniors Healthy Home Program, starting in 2019-20, to benefit households led by a senior aged 75 or older. The benefit would be designed to assist with specific expenses up to $750 per year.Ontario proposes to invest an additional $23 million to add an estimated 5,500 personal support workers to ensure home care clients get the care they need, along with an investment of an additional $38 million in education and training for new and existing personal support workers.
Other initiatives will support Ontario’s caregivers; support Ontarians living with dementia; and reduce the wait time for long-term care.
Reducing prescription drug and dental costs
Major investment in mental health
Affordable, accessible child care
Developmental services and autism
Taxes, jobs and economic outlook
- No new taxes are proposed in the 2018-19 Ontario Budget.
- Ontario has out-performed more than the rest of Canada. Ontario has outperformed the USA, the UK, Germany, France and Japan since 2014. Since the recession, Ontario has seen the creation of some 811,000 net new jobs: 774,300 of them full-time; 580,600 in the private sector; and 542,600 of those jobs in above-average wage sectors. By 2021, Ontario is forecast to have created more than one million net new jobs since the bottom of the recession;
- Ontario’s benchmark interest-on-debt to revenue ratio peaked at 15.5 percent in 2000-01, and now stands at 8.5 percent. It has fluctuated between 8.4 percent and 9.1 percent since 2006. Ontario’s net-debt-to-GDP ratio, a measure of the Province’s ability to afford its borrowing, stands at 37.1 percent and falling in 2018. The same ratio (debt-to-household income) for the average Canadian home is 161 percent and rising. Ontario’s effective interest rate on total debt is today 3.5 percent.
More information to come on the 2018-19 Ontario Budget