Ottawa, October 19, 2010-Today, the Canadian Chamber of Commerce released a report calling for the government to take immediate action to address Canada’s immediate and longer-term economic and budgetary challenges.

In its report, entitled Fiscal Policy for a Stronger Tomorrow, the Canadian Chamber outlines its three-pronged strategy to tackle Canada’s short-term and longer-term budgetary challenges, and bolster the Canadian economy’s long-term growth potential.

“While the government’s efforts are rightly focused on tackling the short-term challenges, it must not lose sight of the longer-term picture,” says Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “Securing Canada’s economic recovery, moving forward with a strong and credible plan to return to budget balance and undertaking structural reforms to strengthen its economic base will ensure Canada’s economy prospers over the long term,” says Beatty.

The report also looks at how Canada’s rapidly aging population has far-reaching implications for our public finances: the demand for publicly funded programs, like health care and elderly benefits, will rise significantly, and a smaller number of workers will shoulder a larger share of the tax burden. As a result, it is imperative that we boost Canada’s potential output growth so that we have greater fiscal flexibility to meet the needs of an aging population and tackle areas that are crucial to our long-term competitiveness, including preparing for the jobs of tomorrow and reducing high marginal personal income tax rates.

“We must act now with a clear sense of purpose to secure Canada’s recovery and jobs. What is at stake is nothing less than the future prosperity of every Canadian,” says Beatty.

Consult Fiscal Policy for a Stronger Tomorrow.

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Contact:
Tina Kremmidas, Chief Economist
Office: 416.868.6415 ext. 222
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