Terence Corcoran: Keynesian meltdown

Financial Post | Opinion

How Ontario’s ‘stimulus’ spending led to disaster

The fiscal mess in Ontario is now common knowledge across the country, thanks in part to a sensational report from the Conference Board of Canada demonstrating that unless the government slashes spending and/or raises taxes, health care and education will have to be decimated. The report was no surprise to people who tracked Premier Dalton McGuinty’s march into Keynesian fiscal stimulus spending. The surprise was the appearance of the Conference Board as the harbinger of doom.

Is this the same Conference Board that only two years ago, in March, 2010, awarded Ontario “a gold star for stimulus” spending, according to ReNew Canada magazine? The province’s massive deficit spending, announced in 2009, would be creating hundreds of thousands of jobs and adding to the provincial growth rate. According to the Conference Board’s 2010 report — commissioned by the Ontario government to document the…

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