TORONTO — Millennials will have to foot the bill for Ontario’s rising debt over the next three decades if the government doesn’t hike taxes or cut spending by $6.5 billion annually to address major demographic changes, the province’s fiscal watchdog warned Thursday. The FAO report, which took a year to research, said balancing the province’s budget annually won’t be enough to offset the financial impacts of the aging demographic. “In all of Ontario’s history, for that matter even Canadian history, very little has ever occurred in terms of reduction in actual debt,” he said. “Ontario’s debt is managed by its ability to support growth in our economy. “The debt is going to crowd out the services that families need like health and education,” he said.

Source: National Post October 19, 2017 20:03 UTC