There's an article in the National Post with some BMO Capital Markets predictions for provincial 2012 GDP growth. Unsurprisingly, the Western provinces lead with Alberta at 2.7%, Saskatchewan at 2.9% (too bad about the Riders this year) and BC at 2.2%. Where's Ontario under the leadership of the mighty Dalton McGuinty? Oh no, it's only 1.8%. Didn't I see a prediction from the Ontario Finance Ministry that growth would be over 3% for this year, the first time since 2000? I better screen cap that before it goes down the memory hole as it is becoming pretty clear growth this year will be weak and in 2012 it will be weak too for Ontario.
What about those contracts for the teachers and doctors that are still cranking up year after year despite weak GDP growth? Probably not good for the 2011-2012 fiscal year deficit, comically now predicted at $16 billion. Probably not good for the 2012-2013 deficit either. Uh-oh.