Canadians owe $1.67 in debt, on average, for every dollar of disposable income.
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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.
One issue that has been largely absent from the campaign is the province's high levels of government debt. This omission is curious given that the Quebec government's debt is the largest in the country when presented as a share of the economy and is now consuming a significant share of tax dollars in the form of interest payments. If Quebec voters are concerned about their government's level of indebtedness, they should insist that the political parties set out clear plans to get it under control. The problem can no longer be ignored.