Ontario's debt currently sits at approximately 40% of our GDP, and interest payments on the debt have become the third largest provincial expense after Health and Education.
It is wrong for the government of the day to mortgage the next generation's future through endless borrowing, but endless borrowing is exactly what has led to our current $300,000,000,000.00 provincial debt.
I petition the Legislative Assembly of Ontario as follows: to unanimously endorse and quickly pass MPP Monte McNaughton’s Capping Ontario's Debt Act and immediately implement a provincial debt cap to ensure that Ontario's debt never exceeds 45% of our GDP.
It's time to reign in government spending. $300,000,000,000.00. I support MPP Monte McNaughton's plan for an Ontario debt cap.