"Don't Worry, Be Happy" Budget

Ontario's new budget is not quite as rosy as the Liberals would have you believe. Although it is not unusual for governments to communicate budget details with assumptions that expected revenues from tax increases in some areas will offset expenditures in other areas, it is a risk that is often underestimated. Revenue projections based on conjecture is part of the explanation for Ontario's current debt. When interest charges on the debt are the third item on the list of expenses and that debt is "the largest of any sub-national government", trying to hoodwink citizens with overstated optimism is inconsistent with the realities. The current provincial debt level does not merit a 'don't worry, be happy' spin.