|By Marketwired .||
|December 6, 2012 06:32 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 12/06/12 -- Outgoing Ontario Premier Dalton McGuinty has one of the worst records among Canadian premiers for managing provincial finances, according to a new analysis of the fiscal records of 10 Canadian premiers, released today by the Fraser Institute, Canada's leading public policy think-tank.
But with Premier McGuinty poised to step down, whoever succeeds him has an opportunity to break from past fiscal policies and focus efforts on improving the management of Ontario's finances, says Charles Lammam, Fraser Institute economist and co-author of Measuring the Fiscal Performance of Canada's Premiers 2012.
"Research shows sound fiscal policy is a key determinant of a province's long-term economic success. Unfortunately, when Premier McGuinty leaves office, he will have left a legacy of poor fiscal management in comparison to the records of other Canadian premiers," Lammam said.
Measuring the Fiscal Performance of Canada's Premiers 2012 ranks McGuinty eighth overall with a score of 28.9 out of 100. Only Robert Ghiz of Prince Edward Island (23.5 out of 100) and Greg Selinger of Manitoba (19.2 out of 100) scored worse.
Kathy Dunderdale (Newfoundland and Labrador) ranked first overall with a score of 71.4. David Alward (New Brunswick) placed a close second, scoring 70.4, while Brad Wall of Saskatchewan ranked third (61.6) and British Columbia's Christy Clark was fourth (60.8).
The report measures the fiscal performance of 10 Canadian premiers relative to each other (eight current and two former) during their time in office up to the 2011/12 fiscal year. Each premier received an overall score (out of 100) and rank (out of 10) based on their performance on three components of fiscal policy: government spending, taxes, and debt and deficits.
A large body of academic research shows that excessive increases to government spending can hinder an economy's performance.
McGuinty ranked ninth overall on the government spending component with a score of 12.3 out of 100. New Brunswick's Alward was first on this measure with a score of 88.5.
While in office, McGuinty increased program spending by an average of 6.1 per cent annually-nearly twice the combined rate of inflation and population growth (3.1 per cent) and well over Ontario's annual economic growth rate (3.6 per cent).
"Premier McGuinty resorted to a combination of tax hikes and increased debt to finance large spending increases. This inability to prudently manage government spending was his major failing," Lammam said.
Tax rates and the structure of the tax system have a significant impact on incentives that influence whether businesses and individuals engage in productive economic activity.
McGuinty fared better on tax policy, ranking fifth overall with a score of 54.8, one of only five premiers to score above 50.0. Alward again topped the rankings with 87.6 out of 100.
"Premier McGuinty increased several taxes shortly after coming to power in 2003 but reversed course in 2009 when he announced several tax reforms," Lammam said.
"Unfortunately, earlier this year he indicated that Ontario will not follow through on plans to reduce its corporate tax rate to 10 per cent by 2013, a plan that would have improved the provincial investment climate."
Debt and Deficits
Debts and deficits are a critical aspect of fiscal performance because annual deficits increase the overall level of government debt, requiring more tax dollars to be spent on interest costs and less on public services and tax relief.
McGuinty scored 19.7 out of 100 on the debt and deficit measure, ranking him ninth overall. Newfoundland's Dunderdale and Saskatchewan's Wall tied for first, each scoring a perfect 100 for averaging a budget surplus during their tenure and reducing the share of government debt in the provincial economy.
McGuinty, on the other hand, averaged a deficit over his tenure and increased Ontario's debt to 36.0 per cent of the economy in 2011/12 from 28.2 per cent in 2003/04. A $14.4 billion deficit is planned for 2012/13 with deficits expected to continue until 2017/18.
"Ongoing deficits and increased government debt will be a drag on economic growth and add to the burden of repayment for Ontario's next generation," Lammam said.
"Since we began measuring the fiscal performance of Canadian premiers, Premier McGuinty has consistently been ranked among the bottom three. Now with Premier McGuinty stepping down, his successor has an opportunity to better manage provincial finances and set the foundation for a stronger Ontario economy."
The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of 86 think-tanks. Its mission is to measure, study, and communicate the impact of competitive markets and government intervention on the welfare of individuals. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org.
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 23, 2017 11:30 PM EDT Reads: 675
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Mar. 23, 2017 11:30 PM EDT Reads: 4,331
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 23, 2017 10:45 PM EDT Reads: 2,370
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 23, 2017 10:15 PM EDT Reads: 3,261
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Mar. 23, 2017 10:00 PM EDT Reads: 3,403
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Mar. 23, 2017 07:15 PM EDT Reads: 4,283
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 23, 2017 06:00 PM EDT Reads: 1,296
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 23, 2017 04:15 PM EDT Reads: 2,455
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
Mar. 23, 2017 03:45 PM EDT Reads: 1,765
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Mar. 23, 2017 03:30 PM EDT Reads: 1,714
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 23, 2017 03:30 PM EDT Reads: 1,599
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Mar. 23, 2017 03:00 PM EDT Reads: 6,209
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Mar. 23, 2017 02:30 PM EDT Reads: 4,089
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 23, 2017 02:30 PM EDT Reads: 1,461
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 23, 2017 02:30 PM EDT Reads: 2,380