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Results: 1 - 15 of 21
View Anju Dhillon Profile
Lib. (QC)
Thank you so much.
My next question is for Ms. Lalande. You spoke very eloquently about the need for immigrants and the importance of immigrants. I'd like to cite a few statistics. There are currently four Canadian workers for every retired Canadian, but by 2035, there will be only two workers for every retiree. Without immigrants to help support the needs of an aging population, younger Canadians will end up paying more per person to provide the same benefits.
Could you speak to this a bit, please?
View Anju Dhillon Profile
Lib. (QC)
Thank you for that.
I'd like to continue with your organization, Ms. Lalande or Mr. Medow. I have less than a minute to ask you this question. There are some people out there who say, “There's too much immigration; they're taking jobs away.” According to statistics, 26% of people in Canada are immigrants.
Could you please talk to us a bit about this?
View Dean Allison Profile
CPC (ON)
The minister said that he'll stay.
Minister, thanks for being here.
Obviously you know about the study we are doing on temporary foreign workers, and agriculture has been raised over and over again in that context—food processing. Food security I think should be key for our country in many ways. COVID just showed us how vulnerable we are when it comes to our food security and our food supply chains.
I met with a group of farmers this week, and I hear over and over again about access to temporary foreign workers, when it comes to the program. My question is not on that. If I had five minutes, that would be the second part.
When we look at 400,000 permanent residents coming in, one of the things I'd like to ask is whether we could get you to champion a national economic immigration program. I believe we need strategies for our critical sectors, and food is one of them. I'm talking to farmers who say, “Listen, we need three people. We're getting one. It's not happening quickly enough.” If we don't plant the food, we can't possibly harvest the food.
I guess my question to you is whether there is any way, when we talk about permanent residence of 400,000, that we could be looking at economic streams. I know we have pilot projects, but I am talking about working specifically with sectors. There are a number of sectors that have said they need strategies so they can make this happen. I would like to know your thoughts on that.
View Dean Allison Profile
CPC (ON)
My final thoughts are on the temporary foreign worker program—and this will come out in our committee report—which has been difficult, challenging and not always timely. I mentioned to the minister that any way we can simplify that to help our ag workers—as has been mentioned today by my colleagues from Quebec—would be greatly appreciated.
I'll leave it there.
View Julie Dzerowicz Profile
Lib. (ON)
Thank you so much, Mr. Chair.
Thank you, Ms. Dwivedi, for your great presentation.
You have already mentioned that the amendment would enable funds to be used for infrastructure and economic development purposes.
Are you able to speak a little bit more about how this amendment would help with economic growth and creating jobs?
View Julie Dzerowicz Profile
Lib. (ON)
Thank you so much, Mr. Chair.
I want to thank Mr. Watton for his patience and for answering all of our very detailed questions.
My question relates to the intention of this program and these amendments, as it relates to to economic growth and creating jobs. Can you speak to that, please?
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-11 16:39
Minister, I do not want to rain on your parade, but many of us had hoped this would be a historic growth budget.
I sent a letter to you, suggesting that we needed comprehensive regulatory and tax reform. We asked you to address the flight of foreign direct investment from Canada. We needed a new comprehensive innovation strategy, not just the same old, same old.
As you know, many economists have lamented the fact that this budget is more about short-term benefit than positioning our economy for long-term success.
I am glad you referred to outside validators, because I have a few of those.
For example, Mark Carney, someone you know well, a former Bank of Canada governor, said, “What we’re seeing in some other jurisdictions is that the focus is more squarely on the growth.” David Dodge, also a former Bank of Canada governor, highlighted “a lack of growth-focused initiatives in the budget.” Robert Asselin, a former top economic adviser to your government, described the new spending as “unfocused and unimaginative.”
Finally, today, a former Clerk of the Privy Council, the highly respected Kevin Lynch, made so many different points. I will just summarize a few of them. He said that the budget “misses an urgent opportunity to rebuild our longer-term growth post-pandemic.” He added that “It does not set a clear fiscal anchor.” Furthermore, “Despite the extraordinary emphasis on stimulus, there is little focus and few measures to rebuild Canada’s longer-term growth.” He went on to say, “Our potential growth will drop...due to weak productivity, tanking competitiveness, and labour force challenges.” He ended by saying, “This budget’s intergenerational transfer of debt and risk is unprecedented.”
Minister, your own fall economic statement and budget betray the reality that as you raise more money through tax revenues and otherwise, you're simply going to spend more and borrow more, but there is nothing to position our economy for long-term growth.
This is a huge let down. Why?
View Peter Fragiskatos Profile
Lib. (ON)
Thank you, Chair.
Governor, thank you for being here. You shared with the committee in your remarks that you and the bank are foreseeing very robust economic growth in the year to come.
What are some key sources of potential risk, things that could stand in the way of that, things you worry about?
I know it's hard to predict that, but sources of risk are important.
View Peter Fragiskatos Profile
Lib. (ON)
Thank you, Mr. Chair.
Thank you, Mr. Giroux and your officials, for being here.
I want to ask you the same question I asked Governor Macklem a few minutes ago, and that relates to impediments to growth posed by risk.
At the end of March, I saw that you and your office forecast that this year, 2021, 5.6% is what's predicted in terms of economic growth for the country. In 2022, that drops a bit to 3.7%, but it's still robust. Those predictions are roughly in line with where the Bank of Canada forecasts things, as we heard earlier today.
My question to you is this: What sources of potential risk do you see that we all need to be mindful of and that could stand in the way of that strong growth?
View Peter Fragiskatos Profile
Lib. (ON)
Thank you very much.
I don't usually ask the same question twice. It's simply because we had the governor here today and you, and I think it's important to get on the record where both of you think the risk is, how both of you judge it and the sources of potential risk. The fact that your answers line up almost entirely with each another—you gave virtually the same answer, Mr. Giroux, as Governor Macklem did—says a great deal about these factors. They are the key things to pay attention to for us as a committee, so I appreciate it.
With that, I'll turn it over to my colleague Mr. McLeod.
View Annie Koutrakis Profile
Lib. (QC)
View Annie Koutrakis Profile
2021-04-27 17:52
Thank you, Mr. Chair.
Thank you, Mr. Giroux, for being with us this afternoon. It's always a pleasure to see you.
We know that economic growth is the best way to deal with rising debt after a crisis.
Do you think the federal government's policy response throughout the pandemic, as well as the measures announced in the 2021 budget, will be effective in generating the economic growth needed to address the pandemic-related debt?
View Ted Falk Profile
CPC (MB)
View Ted Falk Profile
2021-03-18 11:33
Thank you, Mr. Chair.
Thank you, Mr. Giroux and Ms. Yan, for your testimony this morning at committee.
I think that penalizing the individuals who have become wealthy is very short-sighted. I think the government should be focused on creating initiatives and plans for individuals to become wealthy, for our country to prosper and for there to be economic growth and abundance here.
I'm wondering if you can comment on that. Have you seen anything at all from this government that would indicate they have plans for people to prosper and to become wealthy?
View Tamara Jansen Profile
CPC (BC)
I think these are for the finance officials here.
The Business Council of Canada said, “The pandemic ignited an explosion in public spending and debt. The federal debt-to-GDP ratio was 30 per cent before COVID-19 but now [is over] 50 per cent.” They're clear that what we need is an economic growth strategy, rather than a stimulus strategy.
Since we were told by the finance minister that the stimulus package was pre-loaded—that's why we spent so much more than the rest of our G7 partners—are we going to be growth-focused going forward?
View Wayne Easter Profile
Lib. (PE)
I will turn to officials, but if it's a policy decision of the government, officials can't answer that. They can answer questions on things that are in Bill C-14, but if it's a policy position of the government, we can't expect officials to answer to that, and I think that's one.
Go to your next question, Ms. Jansen.
View Francesco Sorbara Profile
Lib. (ON)
Thank you, Mr. Longfield.
Welcome, Deputy Minister, to the committee again, and thank you for availing yourself.
I wanted to get to the aspect of digitization. You came back today, and we wanted some clarification on the finance department's estimates on numbers with regard to digitization, in one aspect. In terms of looking at the overall economy, and even looking at the NextGenerationEU fund that's been set up with a heavy focus on digitization of not only the European economy but how that's paramount for all economies, how important is it that we take a whole-of-government approach working with industry, private sector, charitable and non-charitable sectors in terms of how we view digitization?
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