The Current State of the Economy and How the Government Is Dealing with the Global Financial Crisis


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The Current State of the Economy and How the Government Is Dealing with the Global Financial Crisis


Pressures and challenges for the Canadian economy, the same as for the rest of the world. Working with our international partners to find ways to address those challenges collectively. Upcoming meetings. A preview of what the speaker will be telling the people he meets about Canada’s prospects and how well we’re overcoming our economic obstacles. Where we are as a nation. How we go here. Steps our government has taken to prepare Canada for rough times. What that means for Canadians. How We Got Here—Tax Reductions and Strategic Investments. Recognition of what was to come in the Fall of 2007. Measures announced. Canada’s tax relief permanent, unlike the U.S. Paying down the debt. Passing on interest savings to Canadians. Strategic investing in areas critical to Canada’s future success. Results of measures taken. How We Got Here—Financial Stability. Government focused on the horizon. An example. Efforts made in a forward-looking approach. Preventing mortgage bubbles. Encouraging longer-term credit in Canada with no additional risk to taxpayers. The Canada Mortgage Bond program. The Canadian Lenders Assurance Facility. Ensuring the Canadian banks are not put at a competitive disadvantage. Where We Are Today. Canada’s much better position than any other major country in terms of withstanding economic and fiscal storms. The IMF prediction about Canada’s economic growth. What Has Changed. Events in the U.S. Uncertain economic times. Difficulty of prediction. The new reality Canada’s faces today. A realistic plan. Strong Finances in an Uncertain Future. Canada preparing for challenging times now and in the period ahead. A list of things needed to be done to keep our economy strong. What We Will Do. Keeping spending in check. A renewed Expenditure Management System. Exercising restraint. Ensuring spending of taxpayer dollars is as efficient and effective as possible. Commitment to responsible fiscal management extended to public-sector compensation. Overseeing federal spending. Restoring fiscal balance. Protecting transfer growth. The Equalization program – non-sustainability. The need for governments to work together to further strengthen the Canadian economy. Putting an end to interprovincial trade barriers. Moving toward a single securities regulator. Upcoming meetings in advance of the G20 events. How We Will Move Forward. Economic and fiscal projections in budget preparation. Some specific objectives. What Matters Most.