My letter to the National Post this morning:
Like almost all media in this country Mr. Coyne gets it wrong, too. He talks of balance for the Ontario budget very soon , ‘soon be in balance.’
But this is untrue . It is just one part of the budget that will be in balance next year , if you can believe the Government; that is the operating or current account. The other part of the budget , the capital account will be all borrowed .
This coming fiscal year the operating budget deficit is $4.3 billion plus the capital account borrowing of $26..4 billion for a total deficit of $30.7 billion deficit for the year .
The next fiscal year 2017/18 the operating account is estimated to be zero ( we’ll see) and the capital account is to be $23.3billion, for a deficit in that year of $23.3 billion.
No balance on the budget, a deficit. Definitions are very important and the people ought to know the real numbers.