Good times are here again, as the Ontario liberals have just announced that the annual provincial deficit has SHRUNK to just over $13 billion:
Ontario’s deficit has shrunk to $13 billion after initial budget projections of $16.3 billion proved overly pessimistic.
The projected deficit was dropped to $15.3 billion in March and ultimately revised to $14.8 billion in April.
The latest revision took into account the “tax-the-rich” initiative demanded by the New Democrats — and agreed to by the Liberals in exchange for support in the legislature to pass the budget — which slaps a surcharge on high-income earners.
Finance Minister Dwight Duncan said his government is two years ahead of its plan to balance the books.
High fives all around in liberal country, we’re on our way to prosperity…no matter how much it costs.
Keep in mind that California, with a population 3x that of Ontario, is on the verge of bankruptcy after declaring a $20 billion shortfall this year (and for many years previous). Ontario has seen its credit rating cut twice since the liberals took power 9 years ago, but apparently a $13 billion shortfall is great news. When the liberals took power, Ontario was running a $5 billion deficit, but those numbers are for pikers when compared to the deficit the liberals have been running. For many years, the liberals were running over $20 billion annual shortfalls, and yet the good citizens of Ontario had the smarts to vote them back in, not once, not twice, but three times. Talk about getting the government you deserve.
How did the liberals *bring down* the deficit so much? Hmmmm, most likely after a session of sniffing glue and drinking bourbon, they projected a far higher deficit than what they knew would come in…let’s say $16.3 billion. When the deficit came in at $13 billion (the number they realistically thought it would be in the first place), they put on their party hats, cracked open more taxpayer-funded booze, and held a news conference touting the FACT that they are now fiscally responsible.
And how do the liberals intend on cutting the deficit to zero by 2017 as they promised? Haha, that’s 5 years from now, who the hell is going to remember that promise? The media won’t. The good citizens of Ontario won’t. The credit agencies will though. And by that time, the liberals will have a new boogeyman to blame our fiscal woes on, anyway.