ONTARIO DUBBED PUBLIC FINANCE DUNCE

   MONTREAL—The bad news just keeps piling up for Ontario, with a provincial election just around the corner. Not only has a key ratings agency just downgraded the province’s financial outlook from “stable” to “negative,” but the Ontario government’s borrowing costs are, for the very first time, higher than those of the Quebec government.
   Even if Quebec has long been known for its poor management of public finances, Ontario, because of its deteriorating management, is now competing for the top prize in terms of financial recklessness, shows an Montreal Economic Institute publication launched today.
   “When you look at debt, spending, and taxes, Ontario looks more and more like Quebec. This is due in part to Quebec’s improved performance recently, but also to the deterioration of Ontario’s public finances over the past decade and a half,” says Jasmin Guénette, vice-president of the MEI and co-author of the publication.