Fiscal responsibility and surpluses are not the same thing. We confuse them at our peril.

None of this is to suggest that Ontario’s fiscal policies were optimal in the past, nor does it suggest what future fiscal policies should be.

Sure doesn’t look like debt interest payments are crowding out Ontario’s ability to pay for other priorities.
This is an oversimplification, naturally, but I think a pretty good one.
Source: Laurentian Bank Securities
Source: Statistics Canada

Case 1: 2004–08 Irresponsible Fiscal Policy and a Surplus

Case 2: 2010- Irresponsible Fiscal Policy and a Surplus

Conclusion

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