The Ontario government just lopped another $2.1 billion off their 2012-13 deficit estimate, cutting it from $11.9 billion (as of January) to $9.8 billion . This means that since 2010 when they started their public sector austerity drive, they have now cut their deficit estimates by $18.1 billion. Deficit (in billions of dollars) 2009–10 2010–11 2011–12 2012–13 Total 2010 Budget 21.3 19.7 17.3 15.9 74.2 2013 April 19.3 14 13 9.8 56.1 Reduction in Deficit (billions) 2 5.7 4.3 6.1 18.1 Since the 2012 Budget, the government has repeatedly cuts its deficit forecast for 2012-13. It started this year estimating a $15.2 billion deficit (just slightly lower than it estimated in 2010, as noted above). It now puts the deficit at a whopping $5.4 billion less. That is one mighty big error over the course of just one year. To put it in perspective, the government only hoped to save $8
Notes from Leftwords -- Doug Allan