CBC Forum: What's the cure for Canada's ailing economy?
Canada's economy is off to a rough start this year. A low dollar, record-low oil prices and global turmoil have all taken their toll. What's the cure for Canada's ailing economy?
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Trudeau wants to tax individuals and citizens into oblivion. It is a shame Canada voted for Trudeau. The Conservatives are cognizant that businesses thrive when they are not hindered by regulations or excessive taxes. -
My suggestion would to tell big business from coast to cost to coast to start using the hundreds of billions of dollars they have banked or tax the heck out of them and use that tax for new jobs. These 1% the ride is over!
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Or how about in Alberta, NB, NS or NFLD where there is a lot of land available, help people set up year round "farms" to produce our own fruit and veggies. It would put thousands back to work. With our high dollar they would pay for themselves in 2-3 years!
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You cannot solve our weak economy by taxing corporations. Investment capital can move to any country... why would it come here right now? We have a low productivity work force, with high demands (4 weeks vacation, 7 hour work days, lots of sick leave, high pay, etc), expensive electricity, lots of government red tape. The list goes on. Again, why would investment capital come here?
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Our Economy will grow if the Government better supports small business and not Big Business and Big Unions. Why would the Liberals repeal a Bill C-525 that gives employees the right to a secret ballot like we have when electing our Government Officials . Small Business is the Backbone to any Country. Time for our Government to realize this instead of wasting time repeal Bills just because the Conservatives brought them in. Time for positive action
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IMF today announced Canada subsidized big oil by $46B in 2011 (latest numbers) and they are complaining they made the lowest profits since 2003. Time to stop this and spend that money on a diversified green economy. $46B buys a lot of subways and mass transit.
thetyee.ca -
Multiple sources tell me alternate energy industries keep growing in spite of low oil prices. Drilling rigs onto geothermal holes -- just a thought dramatized in story AlberTa's Gift. www.smashwords.com -
How about cut the lack of creation in every level of government. Lower taxes so people can afford to actually stimulate the economy. Government is far too large, taxes are ridiculous. You want to spur the economy with debt instead of creation. It's ass backwards. -
Forgive all debt and remove usury from fractional based loans. Then re-negotiate all of our free trade deals so that our labour markets aren't competing with third world corporate slaves. Then get the BoC to provide interest free loans for infrastructure. = profit.
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We need to look at the way we live...excessive hedonistic consumption is not making us any happier and overall getting us further into debt. The present system will continue to build disparity, division and contempt.
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Country could use a well considered and agreed to national energy plan that focuses on pushing OPEC crude and radical supply and price instability off the continent. Greater coordination with US required. Greater use and development of Canadian industries and capacity required over the next 100 years.
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Raise the GST back to 7% and kill NAFTA
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Deficit spending, negative interest rates and a reinvigorated public service are the last things we should be doing. The best plan is as follows:
(i) eliminating most income tax exemptions and deductions;
(ii) eliminating all forms of supply management and corporate subsidy to non-profitable companies;
(iii) an overall broadening of the tax base (per (i)&(ii)) while lowering rates;
(iv) freezing government salaries and cutting government expenditures;
(v) cutting taxes on job creators (possibly by producing minor short-term deficits);
(vi) liquidating public debt (transferring it to private citizens on a per capita basis);
(vii) raising the retirement age to 70;
(viii) gradually transferring public pensions into private accounts
(ix) eventual elimination of the Canadian Pension Plan (per (vii)&(viii)) while mandating private pensions
(x) creation of a sovereign wealth fund (like the Heritage Fund in Alberta) for future budget surpluses -
The country needs to focus on long term economic sustainability. Short term pain for long term gain, rather then these crazy deficit + low interest rate policies that encourage unsustainable borrowing and growth. Infrastructure spending for the sake of boosting the economy is a complete waste of taxpayers money. The poor and lower to middle income families are struggling with high inflation and taxes with very little options to even try and save any money for their future as banks pay below inflation on interest thanks to our ecopnomic policy of low rates that are trying to encourage people to spend rather then save. Savings build a better tomorrow while debt is a claim on your future prosperity. I'd rather have 5% more unemployment instead of everything costing 30% more. We also need the government to stop trying to subsidize the companies, stop handing money to poorly managed companies that suck out all the profit our of their operations, there are companies that should simply go bankrupt and allow new companies to come in, buy up their assets and run them properly.
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1. Change the tax system so that it actually benefits people who need it
No tax under 37 k
Instead of 32% make it 20% for 45k-60k
30% for 60k - 100k
40% over 100k
2. START the civil construction projects already
3. Stop useless spending: no government sponsored refugees en-masse, disband the Senate, no PR “donations to developing countries”
4. Subsidize switch to solar/ geothermal energy for farms and private homes
It’s a start -
I would like to see an economy that was diversified. This means we do not rely on resources when the resources market goes belly up.
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"While the price of oil is plummeting, taking with it a significant number of jobs, the renewable energy job market is booming" www.theguardian.com -
As a overall, Canada need to start invest on long term and medium term projects to create skilled jobs (especially in the same ratio and trend of immigration) so as to redirect the oil dependent economy to balanced economy. We have huge nearby market to reach out, high quality products can be manufactured with the skilled workers added last 10 years to 15 years.
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The other Bill that the Liberals are repealing in C-377 which would have forced the Unions to be accountable. I guess the 35 M that was spent on the Charbonneau Commission was wasted. If Trudeau was looking for money, then force the Unions to report the Tax free dollars collected from the members that is used for things other than their members. I am not anti-Union, just wondering why this Government is so Pro union. What is the rush to help the Unions, how about helping All Canadians
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- stop carbon tax,
- stop pension tax,
- less power to the unions (just read today's article about city has to spend 2 years to fire a worker is doesn't need - more of our tax money spent on nothing),
- stop expensive solar and wind projects, develop hydro energy instead,
- stop giving our money to other countries and refugees instead of investing them locally, -
Let it collapse, then star over with better regulations! No bailouts! No bailouts! No bailouts!
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-Legalize all forms of marijuana in an open market
-Solar Farms for Ab and Sask
-Government takes over the tar sands
-Government builds its own refineries
-If you make over $150,000 you will pay the current tax rate up until $150,000, after that taxes are 50%
-No Bailouts -
The economy needs to blow up for people to take things seriously. Rise from the ashes, as the saying goes.
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Fascinating range of thoughts, ideas and solutions presented here, some thoughtful and very much out of the box.
It is clear how impossible it must be or a Government to satisfy people with their economic policies, for very long, when I read the many contradictions presented here in terms of expectations.. Glad to see Canadias are offering their thoughts on this difficult topic -
You know, if the government didn't have to hand out 60-80 billion a year to private fractional reserve banks to service an un-payable debt, they would have more than enough money for infrastructure and other things. They could also lower taxes. Great idea, right?
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In my opinion, you need to address the fundamental problems with our economic and monetary system first, because until then, all you can do is provide bandaid-type solutions to the smaller problems that emerge. The fundamental problems are 1) our monetary system is a debt-based system – money is loaned into existence, requiring the creation of more money to service the debt on the loan, and the cycle continues. 2) the power of the banks, in terms of fractional reserve banking (which here in Canada is 0%) and the power to create money out of thin air.
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As taxpayers we need to know where the money 'is' being spent and that also includes the 'millions' in interest that is earned on those taxes while sitting in the banks
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It is hard for the average Canadian to tighten their belt when the Government is spending like a drunken sailor. Government should run like small business, like every cent counts because it does. I would love to go into any government office and see what is really being done and how many bodies do we have doing it. The Government breeds waste. This has to stop
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This is a global collapse not just a Canadian problem. Right now there no cargo ships at sea! This has never happened before!
Hi, Newsie. Thanks for contributing. The cargo ship meme is a myth. See below.
We are going into the Greatest Depression!
Pay off debt people!
Newsieat 2:06 PM
No, Cargo Ships Have Not Stopped Traveling in the Atlantic Ocean
snopesA misunderstanding of an AIS map led many people to believe that cargo ships had stopped traveling in the Atlantic. -
Have the Bank of Canada raise interest rates back to 0.75 to 1.00% so foreign investors stop speculating on Canadian real estate, Canadian mortgage lenders stop offering 1.6% mortgages, Canadians stop gorging on debt, and the rest of Canadians can afford groceries.
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Maybe PM Trudeau should have spoke to some of us, instead of the hand picked group. No disrespect intended. I believe there are some good ideas and would costs us NOTHING.
I hope someone is listening -
Canada's economic is doomed by Union ,especially public sector union.
Canadians are taxed too heavily, that near 50% of income is tax.
Public sector employees have unbelievable pension, benefit, paid leave, entitled to early retirement, all on the expense of tax payer.
And, once it's tax, usually it's not spent wisely. Huge overhead for public project is norm.
We need a smaller government, put more money in working class's pocket, and that will spur consuming, therefore competition, innovation..
A bigger government will only cause corruption, laziness, increased expense on welfare. -
just wondering why a pipeline to Churchill Manitoba is not even considered? The route would be shorter through a less densely populated area. With global warming the ice is less thicker in Hudson,s bay and ice breaking ships would have no problem clearing a path for tankers to international markets or the refinery in Nova Scotia.
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Canada does not have a diversified enough economy given the years of reliance on oil, gas and unsustainably inflated housing prices.
As a result, interest rates are purposely being kept at low zero which devalues our Cdn dollar since more fiat currency needs to be printed to keep the Ponzi scheme going. What needs to occur is a massive re-building of the Canadian economy. -
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Sustainability is important during economic depression. Being able to supply our own markets at least with the essentials. Ensuring interprovincial agreements for trade, increase manufacturing capacity not only for global trade but for internal consumption, and address basic services such as health and social assistance. We are so busy about competition that we are fogetting our own basic needs
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There are billions of dollars being hoarded in RRSPs how about allowing a one time $12,000 withdrawal tax free to get some money flowing. The loss in tax revenues will be more than made up for by the increased economic activity it creates.I realize that some may simply move their money from RRSPs to TFSAs but many retired people would cash in and spend. casiisome RRSP money if there were no tax to pay.
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quit whining and get to work. I have always always said, take any minimum wage insurable earning position, when you start paying taxes the government has more money, then the government has less pressure to raise taxes, which encourages more spending by consumers then wages increase. The government spends a fortune on child care so there are no excuses, GET a job -
It is actually pretty simple: "politics" & "fiefdoms".
It is the indefensible interests of Provincial jurisdiction that defeat almost any attempt whatsoever to do something that is in the Nation's collective interest.
What we instead see are absolutely absurd levels of Provincial protectionism. Whether it be how the hay is stacked on a pick-up truck, going from BC to Alberta or vice versa. The whole thing is absolutely insane, and beggars belief. So much for 'free -
this is how i would fix healthcare. Each person gets X$ per year for health which factors in age, pre-existing conditions, etc. If you use it all, you pay out of pocket (but every year the amount adjusts to make sure only excessive use pays). If you don't use it, you can roll it over to when you need it.
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38% of Canadians need to reflect on what they have done to Canada......Every time we elect a liberal government our economy tanks.....and still we haven't learned from our mistakes. Justin will take us down the same path his father did and it's not a pretty picture....
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the problem always lies with government. The bigger it is, the more of the economy it controls. You want Canada to really do well, you need to cut down government size to the essentials, lower taxes to individuals so that instead of construction getting the infrastructure $ and hoarding it, all people can spend.
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For one thing lots of houses in Toronto and Vancouver are over inflated! Another is education on finances for grade school and then high school. Knowing Shakespeare doesn't help you pay your debts or be financially secure!
Oh and stop the TFW and Syrian refugees will be taking jobs from Canadian's VERY soon! -
I think this is a failure of the private sector to diversify. In particular, our reliance on resource commodities.
I also think that this is a short term thing. Our industry is very strong and will simply divest out of resources and into whatever is looming (medicine, creative and renewables IMHO).
From a government perspective, now is the time for us to be using our social securities: schools, welfare, health, infrastructure. When the economy rebounds (as it will), then we pay off our debts, contract government spending and save up for the next business cycle.
