Cambridge MPP Rob Leone outlined a concrete plan to reduce the burden on future generations and ensure services we care about are not put at risk. Bill 26 – the Living Within Our Means Act will be debated at Second Reading tomorrow. It is a bill that would take steps to guarantee that the government balances its budget in a timely fashion, and ensures the province’s debt is capped at a certain level compared to the size of the economy.
“Government should lead by example when it comes to fiscal responsibility,” said Leone. “If it is unable to meet its own deadline, it is perfectly reasonable to hold cabinet ministers responsible by way of a salary reduction.”
In keeping with recommendations in the PC Caucus white paper Paths to Prosperity: A New Deal for the Public Sector, this Bill calls forthe budget to be balanced before April 1st, 2017. Should the government fail to meet the deadline, it will incur a 25% reduction of Cabinet pay in the first year and a 50% penalty thereafter.
The Bill also ensures that our debt cannot rise above 50 % of GDP.
“The interest on Ontario’s debt accounts for more than $10 billion each year,” continued Leone. “That staggering price tag is higher than the amount spent in any ministry outside of Health and Education.”
Leone is hopeful he will receive support from all members of the Legislature since all three political parties have put forward a plan to balance the budget in a similar timeline. This would tie accountability to those commitments.
“We can’t continue to kick the can down the road,” concluded Leone. “If the McGuinty-Wynne Government is serious about solving Ontario’s jobs and debt crisis, they should support the measures put forth in this Bill. A vote against this Bill is a vote against balancing the budget.”
Debate will take place Thursday, March 21st, with a vote occurring in the afternoon session.
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