Editor’s note: Ahead of the Sept. 20 federal election, OrilliaMatters contacted the five candidates in Simcoe North, asking each to answer, in 200 words or less, five key questions. We start today with a question about the economy. Check in tomorrow when the candidates will weigh in on the controversial topic of vaccine passports. For more information about the local election race, visit our CanadaVotes 2021 page. *************************
Question 1: We are facing a massive deficit coupled with a need for a continued economic recovery effort in the wake of the pandemic. On top of that, there is a critical need for more employees in the service sectors. What will you and your party do to address the deficit, stimulate the economy and help address the shortage of workers?
Answer from Liberal candidate Cynthia Wesley-Esquimaux: We will endeavour to create a comprehensive review of how monies are being expended, while ensuring services are not cut to those who need them the most, ensure fair taxation is addressed, ensure large corporations cannot use loopholes to lower their tax responsibilities, and ensure small business is supported.
There is an absolute need for training and retraining programs to be supported as the economy shifts and job availability changes. Technology and automation must be considered in the future for full economic recovery – if the pandemic has taught us anything it’s that we must be prepared for unexpected impacts and that includes the kind of work people will be expected to take up over the coming decade.
The Liberal party is committed to ensuring a living wage for those people working in service sector employment, this is a good step forward.
Answer from Conservative candidate Adam Chambers: Our primary objectives are growing the economy by helping our constituents get back to work and supporting businesses that are struggling to find workers and having to navigate this global pandemic.
Government spending must be restrained so that taxes remain low for small businesses and families. We should also be promoting careers in the trades to our young people to ensure they acquire skills in demand in today’s economy.
Answer from NDP candidate Janet-Lynne Durnford:
The New Democratic Party is committed to creating new opportunities in every part of the country by investing in retraining for a low-carbon future. We will stimulate the economy by creating a million good jobs in new housing construction, retrofitting of existing buildings, child care, and the manufacturing of essential products, such as personal protective equipment, here in Canada. We will make it easier for Canadians to join unions.
I will advocate for federally-protected paid sick leave and fair pay for all workers in Simcoe North.
Answer from Green Party candidate Krystal Brooks: In my opinion, this is an improperly framed question coming from a conservative viewpoint showing a bias in the media. There is no labour shortage, only a wage shortage.
If you want a just economic recovery the only solution that will work is a Universal Basic Income. A path that will ensure that those that have no money can not only pay their bills but also put money back into small business.
We are seeing the end result of predatory capitalism and conservative politics wherein the only ones with any expendable money are the 1%. And now they are wondering how they can make more money. The answer is to tax the 1% highway even at 2008 levels and provide a Universal Basic Income that allows everyone to have a floor that nobody falls below.
Answer from People’s Party of Canada candidate Stephen Makk: Deficits, public debt, and quantitative easing (money-printing) are just taxes on future generations. The PPC would end COVID-related federal spending programs, and not allow any increase in overall spending in its first mandate.
We would eliminate the deficit within four years through fiscal prudence and spending cuts, including corporate welfare (~$10B), foreign aid (~$5B), cutting CBC and other media subsidies (~$2B), and curtailing flow-through funding to provinces/ municipalities.
We would simplify the tax system.
After the budget is balanced, we would stimulate growth by reducing income taxes and capital gains taxes as quickly as fiscal room allows. A PPC government would set the Bank of Canada’s inflation rate target at 0%. Inflation is already rising and if left unchecked will end up being yet another “tax on everything”, and a debasement of our currency. Inflation hurts the poor and those on fixed incomes the most.
A thriving economy needs LESS government intervention, and a thriving economy creates jobs in all sectors where there is demand.
Finally, the PPC would start a new ministry, that of Interprovincial Trade. We would eliminate all barriers to trade within Canada. Analysts say that this would be like a 6-7% increase in GDP right there.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
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.
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.
