| Greater
Kitchener Waterloo Chamber of Commerce
Supports MPP Arnott’s Resolution to Pay Down Ontario’s
Debt
Waterloo-Wellington MPP Ted Arnott is building support
for his idea to tackle the Province’s debt with a concrete,
25-year plan to make Ontario debt free. He has received
a strong endorsement for his initiative from the Greater
Kitchener-Waterloo Chamber of Commerce.
Mr.
Arnott’s resolution states that the Government should
commit itself to a 25-year debt retirement plan, articulating
five-year interim targets, such that the Province of
Ontario is free from its net debt by the fiscal year
2029-30. His resolution is scheduled for debate in the
Legislature on Thursday December 11th, 2003.
“We
need to envision a future in which our children and
grandchildren have a higher standard of living and even
more opportunities than we do right now. This is a minor
sacrifice compared to the enormous benefit we will achieve
by taking concrete action on the debt today. We must
not pass an overwhelming financial burden on to the
next generation. To do so is simply unacceptable to
me,” Mr. Arnott stated.
The
President of the Chamber of Commerce, Todd Letts, has
extended strong support for the idea of a debt retirement
plan.
“I
commend you on your intention to introduce a Private
Member’s Resolution calling for the government to balance
their budget in this current year and enact a 25 year
plan to retire the debt beginning with this coming fiscal
year,” Mr. Letts said in his letter to Mr. Arnott. “As
a former member of the Standing Committee on Finance
and Economic Affairs, you are aware that our Chamber
has historically called upon the Ontario Government
to establish a debt reduction plan,” he wrote.
“The
debt is a huge problem. Interest costs alone exceed
$8 billion a year. We need to start paying down the
principal,” Mr. Arnott said.
“This
problem was created over time by governments of all
stripes, and I think all MPPs should become part of
the solution by enacting the measures spelled out in
my resolution and commit to making Ontario debt free,”
he concluded.
|
