• Advertisement

  • Standing Up to Global Economic Uncertainty

    We have been having a good summer so far. It has been wonderful seeing so many constituents at many events in and around our riding, including Canada Day celebrations, the Calgary Stampede, a number of parades, grand openings, and more. As your Member of Parliament, I always encourage everyone to come out and attend these local events as they are always rewarding.

    Many constituents raise concerns about poor economic reports coming from too many economies around the world: the situation in Greece and its effect on the European economy, the slow recovery of the U.S. economy, and a dramatic economic slowdown in China’s growth including stock market problems, among other difficulties. China is the largest growing source of new customers for Canada’s exports; the U.S. is our largest customer. While Canada already has substantial trade with numerous locations in Europe, there are hundreds of millions of potential customers there and we are anxious to expand our trade with them.

    Yet, the difficulties these markets are facing cause a reduction or curtailment in Canada’s ability to sell to these customers. Too often we hear that they cannot currently afford our goods and services and reduce their orders or hesitate before placing new ones.

    The undeniable fact remains that the global economy remains fragile and is impacting Canada’s performance with forces beyond Canada’s borders and control. Now more than ever Canada must continue with our low tax plan. We have a balanced federal budget without built-in or on-going ‘structural’ deficits. We have taxes that are at the lowest level in 50 years – for individuals and businesses. These fiscally responsible policies are serving our nation well in these times of global economic uncertainty.

    Our country is one of very few economic jurisdictions that do not suffer from internationally-sourced credit downgrades. Many foreign politicians, economists and others recognize that “Canada has it right” in terms of working to bolster our economy against negative off-shore effects.

    Our Conservative government has worked hard to help create over 1.2 million net new jobs for Canadians that are overwhelmingly full-time, private sector jobs in high-wage industries. We have worked with every sector in Canada’s economy toward preventing ‘investment freezes’ and to realize every bit of economic growth that can be had.

    It is true, that the International Monetary Fund has slightly reduced Canada’s economic growth rate to 1.5 per cent in 2015 versus their prediction in April of a 2.2-per-cent gain for Canada. Compared to the plight being faced by too many nations that we trade with, and the IMF’s predictions for them, the IMF’s latest prediction is not so disappointing. Canada will continue to have economic growth in 2015; Canada’s economy is well placed with the short and mid-term problems from the global economy that continue to impact us; and, we are well-prepared to work for the economic prosperity we will be able to achieve, once our major trading partners can progress from their various current challenges.

    If you have any questions or concerns regarding this or previous columns you may write me at 4945-50th Street, Camrose, Alberta, T4V 1P9, call 780-608-4600, toll-free 1-800-665-4358, fax 780-608-4603 or e-mail Kevin.Sorenson.c1@parl.gc.ca. Please visit my new Facebook page SorensonKevinA to receive updates on what is happening in Ottawa and across the riding or follow me on Twitter @KevinASorenson.