The analysis of one of Canada's leading banks incorrectly concludes Ontario can't be compared to California, should be compared to other provinces, isn't necessarily at fault for being the second most indebted province, and argues the federal government should consider bailing Ontario out.
No wonder Ontario is in the state it's in.
A sign of the seriousness of Ontario's debt problem is evidenced by comparisons with California, which for more than a decade has been the butt of jokes of comedians, political commentators, the media, and politicians themselves for its inability to solve its perennial financial problems. This dubious distinction ought to be a wake-up call for Ontario's policymakers and citizens alike.
With the release of the much-awaited Drummond Commission report on Wednesday, so begins months (perhaps years?) of political and public hand-wringing over a myriad of proposed spending cuts. But as d...