Harper Makes First Major Economic Speech
Prime Minister Seeks To Assure Canadians Economy Is In Good Shape
Mar 10, 2009
Brampton, home to Chrysler and Ford plants, has been crippled by recent factory closures and job cuts. Harper's speech was in response to complaints made by his own Members of Parliament (MP's) that he is not doing enough to reassure Canadians.
One of Canada's Strengths: AStrong Banking System
The main purpose of his speech was assuring Canadians our economy is in better shape than other nations'. Harper pointed to Canada’s strong banking system, low debt, inflation, and skilled work force. In comments published in the Toronto Star, he applauded the system as one of Canada's advantages: “Notwithstanding all the troubles around us Canada has real advantages, real assets, and we should not hesitate to remind investors, partners, and leaders around the world of the comparative strengths of our country.”
Harper also said the Canadian economy would be among the first to recover. He views the situation as an opportunity, rather than a crisis, stating in remarks published in the Canadian Press: “ When the recovery comes, we’re (going to be) among the first to catch the wave.”
Toronto Dominion Bank (TD Bank) has a positive assessment of the situation, predicting the downturn will ease for Canada by the end of the year. Their chief economist is less certain about the quick recovery, saying their forecasts have the American, and Canadian economic recoveries occurring simultaneously. The TD Bank forecast is due out later in March
Harper commented on his government’s various tax measures including the home renovation tax credit. He said there had been 12 thousand calls to an information hotline, joking that anybody with a wife and a house would be looking to use it. He failed to mention of the suspension of Parliament, or the unemployment numbers, which according to Associated Press totaled 129 thousand in January.
Fight over $3 Billion in Stimulus Continues
Harper also used the speech to accuse his opposition of holding up passage of the budget including an additional $3 billion stimulus package. The opposition Liberals demanded the Harper Government should be accountable to Parliament for its usage of the money. Harper called those demands unrealistic in today’s world.
Liberal Leader Michael Ignatieff defended his party saying his party has done everything possible to ensure the budget is passed. In remarks made in Question Period and published by the Canadian Press he called Harper’s speech: “A comic spectacle, but it’s a spectacle of misrepresentation.” He added there would be no delay by his party noting the budget was passed last week, and its fate now lies with the Senate. It already includes measures for $32 billion in stimulus. Harper stressed that his government is doing all it can to make sure the money is distributed in a timely manner, commenting in the Toronto Star: “We are cutting enormous amounts of red tape, and we are doing it quickly.”
Harper is reported to have spent time writing the speech himself, something he rarely does.
