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THE POLITICS OF A $16.9B HOLE
Governments love to leak budget news early. It’s usually a trial balloon to gauge public reaction or a good-news nugget to get a positive headline.
And that’s what we got this week from Finance Minister PETER BETHLENFALVY, who stole his own thunder by pre-announcing a centrepiece of Thursday’s Fall Economic Statement: an $8-billion mega tax deduction.
So naturally, the top storyline of actual mini-budget day was the deficit: Ontario’s books are dripping in red ink.
And the reason why may actually suit DOUG FORD’s political narrative.
But first, the numbers: A $16.9-billion budget hole this year, up from $13.8 billion that was projected in the spring. The Ford government is also punting the path to balance — the fourth time they’ve done so since 2024.
Instead of getting back into the black in fiscal 2028-29, as previously forecast, Bethlenfalvy’s crystal ball now says that won’t happen until 2029-30 (possibly coinciding with the…
