Erin Weir, The Progressive Economics Forum: Today, the Ontario NDP presented its comprehensive platform costing, including all policies announced during the election campaign.
A popular theme among commentators has been that platform costings are unrealistic given the deteriorating economic outlook. As Andrea Horwath noted, her platform includes significant contingency funds.
It is also cautiously built on the fiscal framework set out in the 2011 provincial budget. By contrast, the Liberal and Conservative platforms assume extra revenue arising from economic growth in excess of Budget 2011 projections.
Another common refrain among commentators is that the Ontario NDP is emphasizing tax cuts.
In fact, New Democrats would increase provincial spending more than they would reduce taxes. They would invest more in public services than the Liberals and Conservatives.
The NDP would strengthen fiscal capacity by reversing corporate tax cuts and by making permanent the current restrictions on HST input tax credits. (The latter’s fiscal significance going forward is well illustrated on page 5 of the NDP’s fiscal framework document.)
Far from jumping on the tax-cutting bandwagon, Ontario New Democrats have staked out a fundamentally different policy direction than Liberals and Conservatives.
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