Promoting Job Creation and Economic Growth
Ottawa Journal (November 19 – November 23, 2021)
The top priority of our Government is to promote job creation and economic growth. This is our priority because of the positive results our policy is providing for Canadians. This is our priority because in a challenging global economy, we need to continue taking prudent action and this is our priority because it’s the priority of Canadians.
Canadians can be proud of the performance of their country and their economy. The support of Economic Action Plan 2012 has created more than 820,000 net new jobs in Canada since July 2009. Canada has the lowest net government debt-to-GDP ratio in the G7. Furthermore, our financial system has been rated the soundest in the world, five years in a row.
These accomplishments are not the end of the road, but a sign that our efforts are helping deliver for Canadians and must be continued. This is why our Government is continuing to implement Economic Action Plan 2012. It includes several key measures because as long as there are Canadians looking for work or concerned about economic turbulence beyond our borders, our job is not done.
We are extending the Hiring Credit for Small Business, a successful measure that has benefitted more than 534,000 employers and their new employees last year. The credit makes it more affordable for the businesses at the heart of our economy to hire more people. This supports what we hope will remain one of the best job-creation records in the G7.
We are supporting innovation, investing in universities and research. Our focus continues to be on practical research, projects with real commercial potential. What’s more, there are indications that Canadian companies are taking advantage of Canada’s current economic success by investing in the machinery necessary to increase productivity and remain globally competitive. This is supported not only by the strong Canadian dollar, but by our Government’s policies aimed at bringing jobs to Canada, such as the elimination of tariffs on manufacturing equipment. To help make sure there are Canadians ready to fill the jobs our support helps create, we continue to invest in education. Our enhanced tax credits for post-secondary education apply whether a student studies at a university, a community college, or in the skilled trades. All this is essential if Canada is to continue to create and fill good new jobs and secure long-term prosperity.
In addition, our Government is working to bring the budget back to balance. While Canada is already in a sound financial position, thanks in part to our work to pay down debt before the global economic recession, now is the time to strengthen that position to promote long-term prosperity. We have taken several important steps toward that goal, including significant measures to make the operations of government more efficient – delivering real savings, without harming government services. We’ve also addressed the issue of MP and Senator pensions. In order to make the situation more fair, MPs will have to pay much more into their pension fund – reducing the burden on taxpayers. In addition, future MPs who retire will not begin to receive their pension until 65, instead of 55. In combination with similar reforms to civil service pensions, these changes will save taxpayers $2.6 billion over the next five years.
Our Government is keeping taxes low and remaining focused on jobs and growth. By doing everything we can to continue Canada’s success, we’re helping keep Canada on the right track for long-term prosperity.