Originally posted on National Post | News:
OTTAWA — A damning report by a top economist on Ontario’s dire financial situation — complete with 362 recommendations on where to cut expenditures — should be a fiscal wake-up call for provincial and federal governments heading into budget season, warn spending watchdogs and experts.
Indeed, Don Drummond’s report might prove to be a blueprint for other governments across the country that are facing their own large deficits and soaring health-care costs. It could serve as a recipe for governments to trim services and hike taxes as they start tabling their annual fiscal blueprints.
The former TD Bank chief economist warned last week in his 543-page report to the Ontario government that it needs to “swiftly and boldly” implement all of the hundreds of recommendations if it wants to eliminate a deficit projected to reach $30.2 billion by 2017.