Did you see this article on a Canadian Federal Government briefing on our future prospects. ? Pretty gloomy stuff. Its one of these pre budget consultations the Federal Governments do these days. If we were as big on actually doing something to provide economic growth as we are to consult we just might get somewhere. Here is a snippet of the news on this:
‘Finance Canada is giving business leaders a decidedly gloomy picture of the Canadian economy as part of the department’s pre-budget consultations this fall.
A Dec. 5 slide show, obtained by CBC News, projects weak annual growth of just 1.8 per cent on average until 2029, and cites full-time job losses of 1.9 per cent across Canada so far this calendar year.
The slide show also notes that productivity is slowing, energy-sector investment is in sharp decline, and household indebtedness is at record levels.’
Of course, the Federal Government wants to get peoples’ expectations reduced now that they have blown $30 billion in increased deficit this present year. Morneau , the Finance Minister , had no problem going along with that now did he? But he knows like us all that you just cannot keep spending more than you are taking in before something has to give.
Pile on that , that almost every day a new pronouncement on environment stuff, or a new regulation and ,of course , you create another environment of negativity towards new investment . And you can’t go around thinking you can fool people , some oil tankers here, no oil tankers there , on the same coast. A pipeline line in the south but nare one in the north. And then announce this Infrastructure Bank as if the people will be fooled that suddenly Private Investment funds that rely solely on positive returns , profits that is, are going to open their wallets and pour all this money across Canada for a meagre return ? Somewhere , somehow the taxpayer will pay four this , tolls on roads or bridges , other fees etc. There is no magic bullet. And to top it off our largest Province is mired in debt and policies that have failed over and over again and our second largest Province that relies on annual multi billion dollar payouts from the Federal Government. Not pretty!
Now if we were serious which we are obviously not we would:
1. Start balancing the budget not several years down the road but begin now and realize it in three years.
2. Announce a new National Energy Policy with the Provinces which gets Northern Gateway Going , Energy East going—–
3. A freeze on all business taxes at the federal Level and then brought in line with our competitors . If Trump is serious on his tax deduction we will need to stay in the game.
4. A freeze on all new regulations of whatever kind and a process where every new proposed regulation would have to prove that it is needed and if so identify an existing one that is not needed and have it eliminated before the new needed one is implemented.
5. Before an new health care agreement with the Provinces is agreed that there be an agreement that specific successful health care models already in use in other places be a part any agreement to be tried in various Provinces and evaluated for permanent adoption later if proven successful.
That’s a start. A lot more needs to be done in education at all levels . One over riding one is almost cultural —entrepreneurship, profit must become beautiful concepts, not as they are in many schoolss around the country now , seen as negative ideas that if to be pursued at all , be done so with great skepticism and cynicism .