Recording a single surplus does not fix the province’s long\u002Dstanding fiscal issues.
But there’s a catch. Ontario’s improved fiscal position is due almost entirely to a significant jump in revenue rather than any spending restraint by the Doug Ford government. Indeed, total revenues increased by more than 20 per cent compared toSign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
in the near-term, the improved fiscal situation will likely increase pressure on the government to increase spending. For example, high levels of inflation have prompted calls for public-sector wage hikes.Article content But recording one surplus does not fix the province’s long-standing fiscal issues. Ontario’s spending levels remain elevated compared to pre-COVID levels and the Ford government did little to control spending before or during the pandemic.
Instead, the Ford government should look for opportunities to rein in spending. Which brings us back to public-sector compensation.by the Fraser Institute found that Ontario’s public-sector workers enjoy a 10.3 per cent wage premium over their private-sector counterparts . The Ford government should move to more closely link the wages and benefits of government employees to similar positions in the private sector. That would be an important step towards preventing large deficits in the future.
Running one surplus is a good start for Ontario, but if the Ford government fails to restrain spending, it will likely turn back to deficits. Ensuring provincial finances are sustainable over the long term will require prudence, discipline and decisiveness at Queen’s Park.
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