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The Great Recession of 2008 had a considerable impact on Ontario, particularly its manufacturing sector [citation needed]. Ontario's budget surplus in 2007–2008 had by 2009–2010 given way to a $19 billion deficit. [30] Ontario government's direct subsidies to corporations average $2.7 billion per year over the five years to 2011. [31]
These efforts were fruitful. According to Gallup polling data from March 1989, the deficit was ranked second in the list of the people's major concerns, with 18% saying it was the issue that required the greatest attention (behind the environment at 28%). In January 1989, that number was 10%, and 4% during the 1988 election cycle.
The Canadian province of Ontario, the world's biggest sub-sovereign debtor, kept its focus on spending restraint in a budget update on Wednesday that included a small business tax break and cut ...
In addition, the federal government posted ten consecutive deficits since it took office, with projections showing a $39.8 billion deficit for 2024–25. Federal debt nearly doubled from 2014–15 to 2024–25, approaching $2.1 trillion, with forecasts suggesting an additional $400.1 billion increase by March 2029 due to projected deficits in ...
The Drummond Report is a nickname given to a deficit-reduction report written by economist Don Drummond.Released on February 15, 2012, around great hype, the report is intended to advise the government of Ontario on how to reduce the province's debt levels - the highest for any province in Canada.
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A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The 1990 budget sets out a control plan for expenditures and was predicted to yield $2.8 billion in savings in fiscal year 1990-1991 and $3.3 billion in fiscal year 1991-1992.