Jul 03, 2014
The comparison between Ontario and California’s respective debt status as expressed in Edward Kennedy’s letter (Election Blues, Jun 26/14), is an invidious one. This negative interpretation of Ontario’s debt, is based upon a study by the Vancouver-based Fraser Institute, a body which purports to be highly academic and objective but which gets much of its funding from economic extremists such as the American Koch brothers.
Ontario’s current credit rating is vastly superior to that of California because, unlike California, Ontario has maintained the revenue side of its balance sheet, while the Golden State has placed itself in a self-inflicted straitjacket which has reduced its bonds to junk status.
Those familiar with California in recent years are acutely aware of the social and economic fallout from the failed policies advocated by the Fraser Institute and supported by Tea Party sympathizers north and south of the border.
Only in Canada, eh? Or even Ontario? Let us hope not.
Adrian J. O’Connell
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