Numerous surveys taken over the years have shown that Canadians view the Charter of Rights and Freedoms as this country’s most important national symbol — ahead of hockey, the Mounties and our national anthem.
Economy
The case for an economic charter of rights and responsibilities
The economic charter would attempt to balance out the forces that drive the economy and ensure fairness for all Canadians
What’s more, a national survey conducted by the Environics Institute last year found that an overwhelming majority of Canadians believe the charter has been positive for the country. The charter guarantees Canadians a wide range of rights, including freedom of religion, freedom of expression, freedom of association and freedom of mobility, as well as the right to life, liberty and security of the person.
Although it guarantees a number of important rights, the charter alone is not sufficient — it needs to be fortified with an economic charter of rights, one that includes the right of workers to accumulate wealth through profit participation.
Canada could become one of the first countries in the world to establish an “economic charter of rights and responsibilities,” with rights that guarantee Canadians the ability to participate in the economy and responsibilities that require the government to manage public finances in a fiscally sound manner.
The biggest void in our society right now is a national focus on the strength of our economy. An economic charter would be a big step forward in terms of putting in place a permanent framework to ensure that our economy functions properly and that Canadians get a fair share of the profits they help produce, while also keeping taxation as low as possible.
The economic charter would be embedded in the Canadian Constitution and would therefore be legally binding, giving it real teeth instead of simply being a collection of statements or a wish list.
As a result, the charter should include the right of all Canadians who work at companies with more than 300 employees to receive 20 per cent of the company’s annual profits.
Where there are rights, there are usually also responsibilities. But the responsibilities contained in the charter would fall mainly on the shoulders of government rather than on citizens. Government responsibilities could include a number of items, such as the responsibility to balance the budget on an annual basis and the responsibility to eliminate any debt it has incurred.
To keep bureaucratic growth in check, we should adopt a standard benchmark used to measure how countries are performing economically. One type of benchmark or measuring stick would be to look at government spending as a percentage of gross domestic product.
Another would be the share of public-sector employment as a percentage of the country’s total employment. But perhaps the best — and simplest — measuring stick would be the number of public-sector employees per thousand inhabitants.
A study done by a French government policy institute shows that when this benchmark is used, Canada is one of the highest among OECD countries, with a rate of about 100 public sector employees per 1,000 people, while the United States sits at around the 70 mark and Japan is the lowest at 40. I would propose that Canada adopt a benchmark of 50 public-sector employees per thousand people.
The economic charter would attempt to balance out the forces that drive the economy and ensure fairness for all Canadians. It would lead to economic democracies, and economic democracies are the basis for democracy itself.
National Post
fstronachpost@gmail.com
Frank Stronach is the founder of Magna International Inc., one of Canada’s largest global companies, and an inductee in the Automotive Hall of Fame.
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VICTORIA – British Columbia is forecasting a record budget deficit and a rising debt of almost $129 billion less than two weeks before the start of a provincial election campaign where economic stability and future progress are expected to be major issues.
Finance Minister Katrine Conroy, who has announced her retirement and will not seek re-election in the Oct. 19 vote, said Tuesday her final budget update as minister predicts a deficit of $8.9 billion, up $1.1 billion from a forecast she made earlier this year.
Conroy said she acknowledges “challenges” facing B.C., including three consecutive deficit budgets, but expected improved economic growth where the province will start to “turn a corner.”
The $8.9 billion deficit forecast for 2024-2025 is followed by annual deficit projections of $6.7 billion and $6.1 billion in 2026-2027, Conroy said at a news conference outlining the government’s first quarterly financial update.
Conroy said lower corporate income tax and natural resource revenues and the increased cost of fighting wildfires have had some of the largest impacts on the budget.
“I want to acknowledge the economic uncertainties,” she said. “While global inflation is showing signs of easing and we’ve seen cuts to the Bank of Canada interest rates, we know that the challenges are not over.”
Conroy said wildfire response costs are expected to total $886 million this year, more than $650 million higher than originally forecast.
Corporate income tax revenue is forecast to be $638 million lower as a result of federal government updates and natural resource revenues are down $299 million due to lower prices for natural gas, lumber and electricity, she said.
Debt-servicing costs are also forecast to be $344 million higher due to the larger debt balance, the current interest rate and accelerated borrowing to ensure services and capital projects are maintained through the province’s election period, said Conroy.
B.C.’s economic growth is expected to strengthen over the next three years, but the timing of a return to a balanced budget will fall to another minister, said Conroy, who was addressing what likely would be her last news conference as Minister of Finance.
The election is expected to be called on Sept. 21, with the vote set for Oct. 19.
“While we are a strong province, people are facing challenges,” she said. “We have never shied away from taking those challenges head on, because we want to keep British Columbians secure and help them build good lives now and for the long term. With the investments we’re making and the actions we’re taking to support people and build a stronger economy, we’ve started to turn a corner.”
Premier David Eby said before the fiscal forecast was released Tuesday that the New Democrat government remains committed to providing services and supports for people in British Columbia and cuts are not on his agenda.
Eby said people have been hurt by high interest costs and the province is facing budget pressures connected to low resource prices, high wildfire costs and struggling global economies.
The premier said that now is not the time to reduce supports and services for people.
Last month’s year-end report for the 2023-2024 budget saw the province post a budget deficit of $5.035 billion, down from the previous forecast of $5.9 billion.
Eby said he expects government financial priorities to become a major issue during the upcoming election, with the NDP pledging to continue to fund services and the B.C. Conservatives looking to make cuts.
This report by The Canadian Press was first published Sept. 10, 2024.
Note to readers: This is a corrected story. A previous version said the debt would be going up to more than $129 billion. In fact, it will be almost $129 billion.
The Canadian Press. All rights reserved.
NANAIMO, B.C. – Former Bank of Canada governor Mark Carney says he’ll be advising the Liberal party to flip some the challenges posed by an increasingly divided and dangerous world into an economic opportunity for Canada.
But he won’t say what his specific advice will be on economic issues that are politically divisive in Canada, like the carbon tax.
He presented his vision for the Liberals’ economic policy at the party’s caucus retreat in Nanaimo, B.C. today, after he agreed to help the party prepare for the next election as chair of a Liberal task force on economic growth.
Carney has been touted as a possible leadership contender to replace Justin Trudeau, who has said he has tried to coax Carney into politics for years.
Carney says if the prime minister asks him to do something he will do it to the best of his ability, but won’t elaborate on whether the new adviser role could lead to him adding his name to a ballot in the next election.
Finance Minister Chrystia Freeland says she has been taking advice from Carney for years, and that his new position won’t infringe on her role.
This report by The Canadian Press was first published Sept. 10, 2024.
The Canadian Press. All rights reserved.
HALIFAX – The Nova Scotia government has introduced a bill that would kick-start the province’s offshore wind industry without federal approval.
Natural Resources Minister Tory Rushton says amendments within a new omnibus bill introduced today will help ensure Nova Scotia meets its goal of launching a first call for offshore wind bids next year.
The province wants to offer project licences by 2030 to develop a total of five gigawatts of power from offshore wind.
Rushton says normally the province would wait for the federal government to adopt legislation establishing a wind industry off Canada’s East Coast, but that process has been “progressing slowly.”
Federal legislation that would enable the development of offshore wind farms in Nova Scotia and Newfoundland and Labrador has passed through the first and second reading in the Senate, and is currently under consideration in committee.
Rushton says the Nova Scotia bill mirrors the federal legislation and would prevent the province’s offshore wind industry from being held up in Ottawa.
This report by The Canadian Press was first published Sept. 10, 2024.
The Canadian Press. All rights reserved.
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