{"id":8302,"date":"2021-03-24T22:00:27","date_gmt":"2021-03-24T22:00:27","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/03\/24\/ontario-budget-sees-years-of-red-ink-to-come-as-ford-government-targets-expansion-over-austerity\/"},"modified":"2021-03-24T22:00:27","modified_gmt":"2021-03-24T22:00:27","slug":"ontario-budget-sees-years-of-red-ink-to-come-as-ford-government-targets-expansion-over-austerity","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/03\/24\/ontario-budget-sees-years-of-red-ink-to-come-as-ford-government-targets-expansion-over-austerity\/","title":{"rendered":"Ontario budget sees years of red ink to come, as Ford government targets expansion over austerity"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Ontario will not balance its budget again until 2029-30, when its &#8216;recovery plan&#8217; projects a $900-million surplus <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Geoff Zochodne<\/span> <\/div>\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Mar 24, 2021<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">6\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16px\" viewbox=\"0 0 24 24\" width=\"16px\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> 42 Comments  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio featured-image-category__economy\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324doug-ford.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" type=\"image\/webp\"\/><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Ontario Premier Doug Ford.<\/span> <span class=\"credit\">Photo by Nathan Denette\/The Canadian Press files<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The Ontario government may not run a balanced budget for nearly another decade, at least according to Premier Doug Ford\u2019s latest financial blueprint, as the economic and fiscal effects of the COVID-19 pandemic on Canada\u2019s most populous province are set to linger for years.<\/p>\n<p>Ontario\u2019s 2021 budget, tabled Wednesday at Queen\u2019s Park by Finance Minister Peter Bethlenfalvy, forecasts the provincial government will run a $33.1-billion deficit for its coming fiscal year, following a $38.5-billion shortfall for its 2020-21, which ends March 31.<\/p>\n<p>The province then projects a deficit of $27.7 billion in 2022-23 and $20.2 billion in 2023-24. A return to a \u201cpre-COVID-19 deficit\u201d won\u2019t happen until 2027-28 under the province\u2019s planning projections, which also show Ontario will not balance its budget again until 2029-30, when its \u201crecovery plan\u201d projects a $900-million surplus.<\/p>\n<p>\u201cSignificant uncertainty still remains about future economic growth, which may impact these projections further,\u201d the budget states.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-1\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Bethlenfalvy and Ontario\u2019s Progressive Conservative government say they are counting on economic growth to help keep the province\u2019s finances sustainable, rather than trying to do so by hiking taxes or slashing public services.<\/p>\n<p>The budget includes scenarios for both faster and slower growth, but its baseline planning projections show Ontario\u2019s real gross domestic product contracted by an estimated 5.7 per cent in 2020. The same forecast predicts the economy will grow by four per cent in 2021, 4.3 per cent in 2022, 2.5 per cent in 2023 and two per cent in 2024.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"Ontario Finance Minister Peter Bethlenfalvy.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0324ontario.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Ontario Finance Minister Peter Bethlenfalvy.<\/span> <span class=\"credit\">Photo by Christopher Katsarov\/The Canadian Press files<\/span> <\/figcaption><\/figure>\n<p>Yet the considerable deficits that the province will run for the foreseeable future are further signs of the severe toll that COVID-19 has taken on government finances. The arrival of the pandemic has prompted the public-sector to ratchet up spending to support people and businesses at a time when tax revenues are also under pressure, creating significant shortfalls that governments are bridging with debt.<\/p>\n<p>Future governments may find their finances facing greater scrutiny and criticism as borrowing costs increase. For the moment, though, Ontario is focused on fighting the pandemic, not the deficit.<\/p>\n<p>\u201cAs the pandemic has continued to unfold, people have been very clear that they expect us to focus on two vital priorities,\u201d Bethlenfalvy, a former co-president at credit-rating agency at DBRS Ltd., which is now DBRS Morningstar, told reporters. \u201cFirst and foremost, they expect us to protect people\u2019s health. And second, they expect us to protect our economy. That is exactly what this budget does.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Commitments in the 2021 budget, the province says, will help add another $6.1 billion to its plan to fight COVID-19, pushing the projected total for the response to $51 billion over four years. Among other spending items, there is more than $1 billion earmarked to support the province\u2019s vaccination campaign and more than $3.7 billion that\u2019s to be spent over two years on a \u201ccomprehensive\u201d COVID-19 testing strategy.<\/p>\n<p>Ontario parents will get a third round of the province\u2019s COVID-19 child-benefit payments, which will be doubled this time around to $400 per child and to $500 per child with special needs. A temporary 20 per cent enhancement to a child-care tax credit this year is proposed as well, boosting the average level of support for a family to $1,500 from about $1,250. Another $2.8 billion is being set aside to improve internet connectivity in the province.<\/p>\n<p>Also in the budget is a new jobs-training tax credit for 2021, which would provide up to $2,000 per person for 50 per cent of eligible costs. A second round of small-business support grants are to be automatically sent out as well, providing firms with an additional $10,000 to $20,000 in support.<\/p>\n<section aria-labelledby=\"moreTopicLabel6417629953552431168273649174731665\" class=\"more-topic\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Elyse Allan, a director of Brookfield Asset Management Inc. and the former chief executive of General Electric Canada Company Inc., was on Friday named as the first chair of Invest Ontario's inaugural board of directors.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0319elyse-allen.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0319elyse-allen.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0319elyse-allen.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0319elyse-allen.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Fight to attract business investment expected to be fierce, chair of new Ontario agency says <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The Parliamentary Budget Officer recently reported that the federal government provided an estimated $122 billion in labour-market support for its 2020-2021 fiscal year, with roughly $42.8 billion more to come in the year ahead.\u00a0\u00a0&#10;\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/stimulus0318.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/stimulus0318.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/stimulus0318.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/stimulus0318.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> When the stimulus stops: Economic danger points to watch for when the \u2018punchbowl\u2019 is pulled away <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" all=\"\" alt=\"Finance Minister Peter Bethlenfalvy: \" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/Peter-Bethlenfalvy-1.png?h=96&amp;strip=all&amp;quality=80\" height=\"96\" in=\"\" is=\"\" know=\"\" level=\"\" loading=\"lazy\" long=\"\" not=\"\" of=\"\" spending=\"\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/Peter-Bethlenfalvy-1.png?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/Peter-Bethlenfalvy-1.png?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/Peter-Bethlenfalvy-1.png?h=288&amp;strip=all&amp;quality=80 3x\" sustainable=\"\" term.=\"\" the=\"\" this=\"\" us=\"\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Ontario spending ticks up by $2.6 billion amid ongoing pressure from pandemic <\/span><\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">To try to attract new business investment, the Ontario government is committing $400 million over four years to create a fund that will support its new agency, Invest Ontario, and try to spur spending in the advanced manufacturing, technology and life sciences sectors.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Still, the province\u2019s net debt is predicted to hit $439.8 billion this year, with its net debt-to-GDP ratio forecast to rise to 47.1 per cent in 2020-21, up from 39.6 per cent for the prior year. Net debt-to-GDP will then climb to 48.8 per cent for 2021-22, although Ford\u2019s government says it is aiming to slow the rate of the ratio\u2019s increase and to try to keep it from exceeding 50.5 per cent over the medium term.<\/p>\n<p>Borrowing costs will climb higher, with interest on debt as a percentage of revenue to reach 9.8 per cent for 2027-28. Interest on debt expense is still Ontario\u2019s fourth-largest one following health care, education and social services, the budget noted, and is set to rise from $12.5 billion in 2020-21 to $14.6 billion by 2023-24.<\/p>\n<p>\u201cWe\u2019ve got a war against an invisible enemy,\u201d Bethlenfalvy said when asked by the media about the red ink. \u201cThis is what responsible governments do.\u201d<\/p>\n<p>Ontario\u2019s total spending will fall by approximately $4.2 billion this year, to $186.1 billion, and hover around that level for the following two years, according to the budget. That prompted comments from the opposition that the Ford government is not spending enough.<\/p>\n<p>\u201cThis budget doesn\u2019t even mention the third wave, let alone help people through it,\u201d Ontario NDP leader Andrea Horwath told reporters.<\/p>\n<p>However, the government doubling the small-business support grants was \u201chugely welcome,\u201d said Rocco Rossi, president and CEO of the Ontario Chamber of Commerce, as firms aren\u2019t looking to take on more debt to survive.<\/p>\n<p>Rossi also gave the Ford government credit for providing as much financial guidance as they have.<\/p>\n<p>\u201cUnless you know the exact date that the pandemic ends, you can\u2019t give absolute certainty on the numbers,\u201d he added. \u201cBut there are real programs to help us confront the pandemic for some time and build some key foundation stones for a strong recovery.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: gzochodne@nationalpost.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" vertical=\"\" position=\"\" pixels=\"\" link=\"\" href=\"https:\/\/twitter.com\/geoffzochodne\" rel=\"noopener nofollow\">GeoffZochodne<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"TheLogic975383236040035750933092450592881\" class=\"feed-section feed-section--partner-story list-widget--partner-story the-logic\" data-async=\"\">\n<div class=\"widget-title widget-title--partner-story flex-align-center row row--no-padding--left row--no-padding--right\">\n<p> In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot2\">\n<section aria-labelledby=\"TopStoriesNewsletter4296425044395002361722711864863950\" class=\"newsletter-widget\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-widget__body\">\n<h2 id=\"TopStoriesNewsletter4296425044395002361722711864863950\">Top Stories Newsletter<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div aria-hidden=\"false\" class=\"newsletter-widget__bottom js-form-main\">  <small> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Ontario budget sees years of red ink to come, as Ford government targets expansion over austerity<\/a><br \/>\n<br \/>2021-03-24 22:00:27<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Ontario will not balance its budget again until 2029-30, when its &#8216;recovery plan&#8217; projects a $900-million surplus Author of the article: Geoff Zochodne Publishing date:&#8230;<\/p>\n","protected":false},"author":2,"featured_media":8303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-8302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/8302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=8302"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/8302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/8303"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=8302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=8302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=8302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}