Paikin has does a good job of scoping out the financial realities of Ontario's fiscal situation:
"From the beginning of the Great Recession (2008-09) to the current fiscal year (2014-15), revenues into Ontario’s treasury have increased by more than $21 billion.
That sounds good if you're trying to pay for programs people want.
However, program spending has increased by $24 billion.
And our annual interest payments on the debt have increased by almost $2.5 billion.
That sounds bad. That sounds unsustainable.
Astonishingly, the net debt under the Liberals during that six-year period has increased from $170 billion to $290 billion. As a percentage of our economy, it’s gone from 28 per cent to 40 per cent. That’s not Greece (155 per cent), but clearly it’s alarming."
The one thing I would say about comparing to Greece in this manner is that we still have a quite sizable federal debt (albeit as a percentage of GDP we're close to an inflection point where it starts to decrease) that should be included in some manner when comparisons to Greece are made.
Paikin also lays out the Ontario deficits since the 2009-2010 fiscal year.
"The Liberals primed the pump to the tune of an all-time high $19 billion deficit in 2009-10, and then started to whittle that deficit down:
- $14 billion in 2010-11
- $13 billion in 2011-12
- $9.2 billion in 2012-13
- to $11.3 billion in 2013-14
- to $12.5 billion in 2014-15 (in the second Wynne budget which didn’t pass)."