QUESTION PERIOD — Finance
State of the Economy
May 30, 2019
I could not let this week go by without asking the Government Representative in the Senate a question.
The Prime Minister that you represent keeps saying that we need to talk about the Canadian economy because it is doing well. However, here are the real numbers: economic growth in the United States is at 2.2 per cent while Canada’s is at less than 0.5 per cent. Investments in the residential sector have dropped by 14 per cent in Canada, the Husky and Devon oil companies are reducing their investments in Canada and redirecting them toward the U.S. because of the carbon tax, and China is no longer buying our canola and is hurting our pork producers.
Meanwhile, your Prime Minister is preparing to meet with the American Vice-President and says that he will be speaking to him about the right to abortion. Aside from being a photo op, what is the point of that meeting? Please explain to us, Government Representative, why Canadians should still have any faith in the credibility of Mr. Trudeau’s economic policy.
I thank the honourable senator for his question. Like him, I am glad to have the opportunity to respond to his question before the weekend.
Let me simply say that the Government of Canada is proud of the economic performance of Canadians and its economy. Over 1 million new jobs were created in the last three years. The unemployment rate is near the lowest level ever recorded. The average middle-class family of four is $2,000 better off every year compared to the situation in the previous three years. The federal debt-to-GDP ratio is on a downward track, and Canada is in the best fiscal position of any G7 country. Based on the latest Labour Force Survey for April, over 106,000 jobs were created, the majority of which are full time.
With respect to foreign investment, Canada is it the third-largest recipient of direct foreign investment in the last year.
