The recent election in Ontario has revealed something, loud and clear. It’s shown that many Canadians are content to pass debt-ridden, low growth and high unemployment economies down to their children. As one of those Canadians who’ll be inheriting the bill for the governments reckless spending, I would like to see an end to these destructive economic policies. More importantly, I’d like to see others in my generation working to defend our future.
The high debt environment currently being created will have many ill effects on, not only Ontario, but the rest of Canada as well. First of all, high debt, factored with the impending downgrade of Ontario’s credit rating, will cost a large sum of money to service the debt. This could mean higher taxes as well as less funding for services. Higher taxes will slow economic growth, doubling the pain for those of us trying to find work. It’s likely that we’ll also see increases in transfer payments from Western provinces to pay for the recklessness of Ontario and Quebec. This will be compounded if the Liberals (under Justin Trudeau) get into office, since he will want to help his fellow provincial party members and ideological compatriots in the East. I can see nothing good coming of high taxes, low growth, and underfunded services, nor can I see any good coming from Western provinces effectively servicing much of the Eastern debt.
My generation is often said to be one of the most entitled generations there has ever been. While there is some truth to this statement, it isn’t my generation that will likely enjoy lavish public pensions and numerous government subsidies. We didn’t vote for these policies — some millennials, such as myself, are not yet old enough to vote at this time. In politics, the previous generation has been just as narcissistic in its political demands as my generation has been in its disposition. In the end, we’ll be the ones to pay for the entitlements of today. This will come at a high cost, one that cannot be paid without damaging our economic outlook for the future. One of the duties of being a parent is to equip children for the future, not to buy themselves and their children things. I believe that it’s time for this lesson to be learned. The future of my generation, and our nation’s wellbeing should be safe guarded. Meaning the “nanny state” must shrink to a level of sustainability, and maybe we should all learn to be a bit more responsible with our money.