Sobering fiscal snapshot must now lead to bold, visionary action for Canada’s economic recovery
CALGARY, AB – “The federal fiscal snapshot tabled by Finance Minister Bill Morneau paints a sobering, but unsurprising picture of the impact the COVID-19 pandemic has had on our economy and national finances.
“While the deficit is expected to hit $343 billion, the federal debt to climb above $1.2 trillion, and federal spending to be $469 billion higher than originally planned, these actions were needed to stabilize our businesses and our households through a crisis without precedent or parallel.
“Moreover, while we can be cautiously optimistic that the worst of the economic shock seems to be behind us, the pace of recovery will be slow and uneven with potential for setbacks.
“While remaining focused on protecting the health of Canadians, we must now build the future we want through and beyond the pandemic.
“To that end, the Calgary Chamber will continue to advocate for policies and programs that will ensure resiliency, a winning strategy, as well as sustainable and inclusive job growth.
“Our recommendations include:
Establish a Royal Commission to conduct a comprehensive review of the Canadian tax system;
Increase the funding capacity and scope of the Canada Infrastructure Bank to spur additional public-private partnerships (P3s); and
Develop a national vision for natural resource development AND the global fight against climate change through the creation of a Natural Resource Innovation Supercluster and a Royal Commission on Natural Resource Development and Climate Change
“Finally, and importantly, we commend the federal government for including GBA+ into this snapshot and encourage all future recovery planning to be inclusive of diverse group and individual experiences. Our diversity is our strength, and now more than ever we need to leverage what makes us a stronger country.