Since 2009, the Conservative Government under Stephen Harper has spent over 100 million in taxpayer dollars trying to convince the Canadian public that it is the best manager of the economy. Yet, is the Conservative Economic Action Plan actually good for the economy?
The evidence so far overwhelmingly shows that the Conservatives are not competent stewards of the economy. In fact, quite the opposite: Canada is rapidly slipping behind.
67,000 fewer jobs by 2017
In its April 2013 Economic Outlook, the independent Office of the Parliamentary Budget Officer (PBO) cautioned that the Conservative Economic Action Plan will lead to a reduction of 67,000 jobs across Canada by 2017.
31% increase in food bank use
The 2012 Hunger Count report by Food Bank Canada, which represents food banks across the country, revealed that food bank use grew by 31% between 2008 and 2012. Just in March 2012, 882,188 people received food from a food bank.
$150 billion increase in federal debt
The Conservatives inherited a surplus from the Liberals when they first came to power in 2006, but rather than focussing on ensuring the long term health of the economy, they cut corporate taxes and the HST, thereby reducing revenue that could have served as an effective cushion against future recessions. As a result of this poor planning, the economic downturn of 2008 quickly led to the surplus turning into a massive deficit.
Since 2008, Canada’s debt has increased by over $150 billion and hit a peak of $600 billion in the fall of 2012, all under the watch of the Harper Conservatives.
Surpluses and Deficits
Record household debt
In March 2013, Statistics Canada reported that household debt in Canada reached a new record at 165% of disposable income. At the end of 2012, Canadian mortgage debt increased to $1.1 trillion and consumer debt hit $477 billion.
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