Canada’s fiscal update a house of cards, says Canadian Chamber of Commerce

OTTAWA, ON – December 16, 2019 – Today, the Canadian Chamber of Commerce’s Chief Economist and Vice President of Policy and Advocacy, Trevin Stratton, issued the following statement regarding today’s economic and fiscal update.

“Regrettably, the government has increased its deficit forecasts, despite a weaker fiscal position than originally anticipated.

The Canadian Chamber is disappointed to see that government continues to refuse to set a plan to eliminate the deficit, as advocated in our Roadmap to Prosperity.

Instead, today’s update makes deficits an enduring fixture of our fiscal plan, which still incurs what we believe to be untenable levels of debt that future generations will have to pay for.

Our perpetual structural deficit will put Canada in a difficult position to use fiscal stimulus should it be required in the event of a widely expected global downturn. Should a foul economic wind blow at anytime in the next four years, this fiscal house of cards will inevitably fall.

Finally, and perhaps most critically, there was little discussion whatsoever about helping the most critical drivers of Canada’s economy; Canadian businesses. And yet, the Finance Minister today hinted that business needs to invest more to help the economy.

As outlined in the Canadian Chamber’s Roadmap to Prosperity, an oppressive and rapidly declining regulatory environment continues to be the main reason why Canadian and foreign companies choose to invest elsewhere. Addressing this structural issue is well within the federal government’s power to correct.

The Canadian Chamber and the 200,000 businesses its pan-Canadian network represents stands ready to work with the 43rd Parliament to help our shared economy grow. We need a willing partner to do so.”

About the Canadian Chamber of Commerce
With a broad network of corporate, association and local chamber members representing over 250,000 businesses of all sizes, in all sectors of the economy and in all regions, the Canadian Chamber of Commerce is the largest, most representative and most influential business association in Canada. Since 1925, our mission is to foster business competitiveness and a strong economic environment that benefits all Canadians by creating the conditions for Canadian business to thrive. We do this by developing well-informed reports and positions on policies and regulations that are critical to creating a competitive and prosperous Canada; by mobilizing our vast and diverse network to advocate for government decisions and programs that strengthen our country and our communities; and by offering essential business services for members by members. For more information visit Chamber.ca or follow @CdnChamberofCom on social media.

For more information, please contact:
Phil Taylor
Senior Director, Strategic Communications and Public Affairs
ptaylor@chamber.ca (preferred and fastest response time)
613.797-1860