California’s has an economy worth about $1.8 trillion annually give or take. On the other hand, Ontario’s GDP is roughly $580 billion dollars. In 2009-2010 fiscal year, California, which is the fiscal pariah of the US, ran a deficit of $26.3 billion. It nows has a total state debt of about $72 billion. Pretty bad, eh? Ontario ran a budget deficit in the same year of $21.3 billion to add to a total provincial debt of about $220 billion. Keep mind Cali has about 3 times the population of Ontario. Cali’s debt to GDP ratio is about 4%. Ontario’s is 37%. Cali has about $1,950 of debt per person. Ontario? Around $17,000/person. So I guess we can keep smug in the realization our fiscal situation in Canada is so much better than that of the United States.
Just keeping things in perspective, that’s all.