Provincial Finances Are Much Worse Than Reported

Oh, joy:

The official balance sheets of provinces across the country mask billions of dollars in debt related to a series of megaproject follies being pursued by provincial governments and government-owned power utilities. While their debt doesn’t officially appear on provincial balance sheets, taxpayers will be left footing the bill when the electricity rates needed to pay them off become so economically crippling and politically unpalatable that they will require a bailout.

A chorus of auditors general and ratings agencies have questioned this trend of masking liabilities, but have seen their warnings ignored by political leaders determined to bury the risk of pet megaprojects.

  • Gary

    Most people over 40 will remember the Ontario Workers Comp, now the WSIB , and how it was exploited with fake injuries or real ones done on purpose to get the Benefits.

    The reason there are so many safety rules and stupid Signs geared to a 10 year old is because the WSIB has a $9,000,000,000.00 unfunded Liability . Employers keep having the WSIB Premium increased after every in jury at the work place where a Claim is filed . The Courts and Lawyers are now busy because some people are tricked to go on STD and hide the injury as an Insurance claim…but when it goes to LTD is prove it was a WSIB claim but now the Insurance Company tried to get you a job with hope that they infer your refusal where there terminate the Benefits.
    Injury Lawyers are running Ads and even have Radio shows because of the scam being so common that the REAL cases for Disability claims go through hell.

    • Jaedo Drax

      I remember injuring my back in the old Workers Comp building because we had to make a delivery to the top floor, but the elevator only went to the second from the top floor.

      • dance…dancetotheradio

        Thanks for our daily dose of irony.

      • dance…dancetotheradio

        Have you ever seen the Public Safety Building in Winnipeg?
        It was built in that brutalist Marxist style of architecture.
        Poorly designed, the window stones began falling off about fifteen years ago.
        It is now the Unsafety Building.

        • WalterBannon

          comrade, you don’t find this grey concrete block evocative of the hope and beauty inspired by the peoples state of the art and well maintained housing blocks found in Moscow?

          • dance…dancetotheradio

            Even when I was a kid, a long, long time ago, I remember seeing that building for exactly what it was.

          • WalterBannon

            in its sub basement you might still find royal canadian gestapo agents water boarding “right wing extremists” who posted politically incorrect comments on twitter or facebook…

  • DMB

    Thank goodness we have Patrick Brown waiting to take power from the Kathleen Wynne Liberals after the next election. Oh wait looks like Patrick Brown is going to screw things up really badly for him and Ontario. That is what he gets for trying to be a Liberal instead of a Conservative.