Bravo to Livio Di Matteo on his article comparing Ontario to Argentina (Economics Matters — CJ, June 15). Why can’t we have people like him running the finances of this province?
With all the increased taxes and other forms of revenue this government is unable to make a timely effort to balance the books.
When gross debt is 40 per cent of GDP, debt of $12 billion a year and increasing, it is time for us all to evaluate what the provincial priorities should be.
Heaven help us when interest rates climb back to their normal 5-6 per cent. The only way to get back to fiscal health is to implement the Drummond report and stop acting like the gravy train can last forever. When household debt is 164 per cent of income, any tax increase will only make the problem increase.
Michael J.K. Robinson
Thunder Bay
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LU professor Livio Di Matteo’s article should be required reading by all, especially the majority who support our two socialist parties, Liberal and NDP. It is a very grim financial scene unfolding. It is obvious that most voters have completely ignored the stark example of several European countries that hit a financial wall and are now faced with implementing draconian measures to try and right their economies. Under Dalton McGuinty and now Kathleen Wynne the Liberals are socialist, far left of center.
Our yearly ongoing interest payment on our debt will be $11 billion, rising to over $14 billion in several years as the reality of compound interest asserts itself. Accumulated debt is approaching $300 billion and then beyond. I shudder to think what it will be after four more years of the socialist Liberals, as they have established a new low of fiscal waste and incompetence. At this rate we will reap an economic whirlwind in the not too distant future.
Norm Knott
Thunder Bay
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Surely, Prof. Di Matteo has overlooked something of importance in his contribution to Sunday’s editorial page (Ontario the New Argentina; But Don’t Cry for Province, It Has Mainly Itself to Blame). Argentina is a nation; Ontario is a province of Canada and subject to the considerable influence of Canada’s federal governmental policies and leadership.
Mona Kennedy
Thunder Bay