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Barry's
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Devolin Column
March 2010
Budget 2010: Leading the Way on Jobs and Growth
Earlier this month, the Conservative Government tabled an ambitious new federal budget focused on job creation and growth to support Canada’s economic recovery. The document also included a long term plan to return to balanced budgets.
As we all know, in 2008 Canada was drawn into the deepest global recession since the 1930’s. Fortunately, we entered it in much better shape than the rest of the industrialized world. In particular, Canada’s banking sector has survived and prospered during a period when banks around the world were failing.
We have also weathered the storm better than most because, since taking office in 2006, your government has reduced taxes and aggressively paid down debt so that today, even after the effects of the recession, Canada boasts the lowest debt-to-GDP ratio in the G7. This sensible approach allowed us to take the extraordinary, short-term measures necessary in Canada’s Economic Action Plan to protect Canadian jobs and investments during the recession.
Most agree that our Economic Action Plan is working. More than 135,000 new jobs have been created since July, and 16,000 infrastructure projects have begun laying the foundation for long-term economic growth. We are seeing the signs of economic recovery. However, that recovery remains fragile. Too many Canadians are still looking for work.
That is why this year’s budget is a jobs and growth budget. It builds on Canada’s Economic Action Plan to solidify our recovery. In Year 2 of the plan, we are investing an additional $19 billion to stimulate our economy and complete the rapid rollout of stimulus projects to create jobs now.
For example, we are laying a strong foundation for long-term job creation and economic growth by investing in innovation, training and education. We are also sustaining Canada’s competitive advantage by lowering taxes, eliminating tariffs on manufacturing inputs and cutting red tape for small businesses.
Ontario’s 61 Community Futures organizations, including the four that cover our riding, will benefit from this budget’s $11 million per year commitment in ongoing resources.
For our farmers, cattle processing facilities in Ontario will benefit from $75 million in funding allocated to support investments that help to improve their operations.
In addition, our plan will cut the deficit in half in two years and by two-thirds in three years. Shortly after that, the budget will be brought back fully to balance.
For more information on Canada’s Economic Action Plan, visit www.budget.gc.ca
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