How we go from surplus to deficits in 4 months – a chronology
Note: Federal election was held on Oct 14, 2008
September 17, 2008
2008-065
Minister of Finance Issues Statement on Global Market Developments
The Honourable Jim Flaherty, Minister of Finance, today issued the following statement:
“Financial markets around the world are undergoing considerable stress. As an open trading economy, Canada is not immune to these recent challenges and is being affected by significant volatility in global capital markets.
“Canada continues to weather the global financial market turbulence better than many other countries. I would emphasize that Canada’s banking and insurance industries are well capitalized and our financial system is sound. The International Monetary Fund has determined that Canada’s financial system is resilient and that the stability of our system is well supported by sound macroeconomic policies and strong prudential regulation and supervision.”
September 19, 2008
2008-067
Minister of Finance Supports Temporary Ban on Short Selling of Canadian Financial Stocks
The Honourable Jim Flaherty, Minister of Finance, today issued the following statement:
“I welcome the decision of the Ontario Securities Commission and the Canadian Securities Administrators to institute a temporary ban on short selling of the stocks of certain Canadian financial institutions.
“This measure, which parallels actions taken by the U.K. Financial Services Authority and the U.S. Securities and Exchange Commission, is being taken to protect the integrity of securities markets in Canada. It is necessary at this time of global financial turbulence to ensure that securities markets here in Canada do not become subject to abusive trading practices.
“I would also emphasize that Canada’s banking and insurance industries are well capitalized and our financial system is sound.”
September 26, 2008
News Release from Conservative Party
Leadership Certainty for Canada’s Economy
Earlier today, the Department of Finance, in its monthly Fiscal Monitor, reported that the Conservative Government had registered a surplus of $1.7 billion for July 2008. At a time when the world economy has been facing its greatest turmoil in decades, the Government has now accumulated a combined surplus of $2.9 billion for the first four months of this current fiscal year.
“Thanks to our prudent budgeting and the resilience of Canada’s economy we are ahead of schedule – ahead of our Budget 2008 forecast to post a modest surplus at the end of this year,” the Prime Minister said. “Ahead of plan in keeping our spending focused, our budget balanced and our taxes down to protect the living standards of Canadian families at a time of global economic uncertainty.”
September 27, 2008
News Release from Conservative Party
Conservatives offer stability and a clear direction
Harper says Conservatives helping to grow the GTA’s economy
Prime Minister Stephen Harper today highlighted the choice facing voters between now and Election Day. Speaking to supporters in the Greater Toronto Area (GTA) riding of Ajax-Pickering, the Prime Minister contrasted the Conservative’s proven, prudent plan with the risky promises being made by the opposition parties.
“Canadians will choose a government to look out for their interests, their earnings and their opportunities at a time of global economic uncertainty,” said Prime Minister Harper. “It’s a choice between modest, focused investments and enormous, reckless spending promises. A choice between keeping taxes down and hiking them back up. A choice between staying in surplus and going back into deficit.”
September 29, 2008
News Release from Conservative Party
Certainty for older workers
Conservatives helping Canadians get back on their feet
Prime Minister Stephen Harper today announced that a re-elected Conservative Government will increase support for Canadians living in one-industry communities to upgrade their skills and get back into the workforce.
Building on the Conservative Government’s Targeted Initiatives for Older Workers program, the Prime Minister committed to increase funding to $50 million per year through 2012 to help laid-off workers gain experience through job transition in difficult economic times.
When times are tough, Canadians want to know that their government is on their side,” the Prime Minister said. “We understand the challenges workers are facing in certain regions of the country and we are taking steps to deliver tangible, realistic support.”
September 30, 2008
Statement by Prime Minister Stephen Harper re debate on the economy
“I have instructed my party to do everything possible to accommodate a format change to ensure these debates focus on the number one issue on the minds of Canadians – the economy – and that the economic discussion take precedence over less urgent issues.”
October 01, 2008
News Release from Conservative Party
Harper scores on economy
Offers clear plan and strong leadership to protect Canada’s economy from the effects of the US financial crisis
Conservatives have focused on what matters to Canadians: their jobs, their mortgages, their retirement savings, their quality of life.
“Canadians are concerned about the economy. While our fundamentals are different from those in the US because of the choices we’ve made, Canadians are still understandably concerned. The key question in this election is who will protect Canada from the U.S. financial crisis with a realistic plan to manage the economy,” said Co-Chair David Emerson.
“Prime Minister Harper offers a plan to protect the Canadian economy from the U.S. financial crisis – keeping the budget balanced, keeping taxes low, protecting Canadian jobs, and curbing inflation.” concluded Campaign Co-Chair Bernard Lord. “Canadians will choose between our plan to protect the economy and jobs and the opposition with no plan – taking our economy in the wrong direction.”
October 02, 2008
News Release from Conservative Party
Harper reassures Canadians with plan for economy
Canadians will choose between a real plan to protect the economy, and no plan — opposition policies that will take our economy in the wrong direction
Prime Minister Stephen Harper used the English language leaders’ debate to reassure Canadians concerned by the US financial crisis. The Conservative leader demonstrated his leadership on the economy and underscored his government’s plan to protect Canadians.
“We are in surplus, not adding to our debt. We are creating jobs; we aren’t bailing out large companies. We took action early.” said Harper
Harper defended his principles of keeping the budget balanced, lowering taxes, protecting Canadian jobs,
“The key question in this election is: Who will protect Canada from the U.S. financial crisis with a realistic plan to manage the economy? We have been implementing a real plan to protect the Canadian economy.” said Co-Chair Bernard Lord.
October 6, 2008
2008-072
Statement by the Minister of Finance on the Unfolding Global Market Turmoil
The Honourable Jim Flaherty, Minister of Finance, today issued the following statement:
“Tumultuous shocks to the global credit system, beginning in the United States and now spreading to Europe, have required dramatic responses by governments in the U.S. and in a number of European countries.
“Canada’s financial system has handled the persistent global market turmoil very well.
“Nonetheless, Canada’s financial system is not immune to the ongoing turmoil in global credit markets. The deterioration of global credit markets is beginning to squeeze the ability of even the strongest of financial institutions to raise longer-term funds, which could limit the provision of longer-term credit in Canada to businesses and households.
“The Government of Canada stands ready to take whatever actions may be necessary to protect the stability of the Canadian financial sector. Canadians have worked hard to build a dynamic, prosperous economy. The Government will never allow those efforts to be put at risk by problems that originate somewhere else.”
October 13, 2008
News Release from Conservative Party
A clear choice: protect the Canadian economy or experiment with it
Prime Minister Stephen Harper said,”On October 14, Canadians face a clear choice: strong leadership that will protect the Canadian economy or risky leadership that will experiment with it:
“The choice has never been so clear: economic protection versus economic experimentation.”
October 15, 2008
News release from Office of the Prime Minister
PM gives update on economic action plan
Prime Minister Stephen Harper today reiterated that protecting the Canadian economy is his top priority, and detailed further action being taken by the Government in response to the global financial crisis.
“Canadians’ worries are understandable,” the Prime Minister said. “But I want to assure Canadians that together we will weather the storm, and we will position our economy to emerge stronger than ever.”
30 October 2008
News release from Office of the Prime Minister
New Cabinet charged with protecting Canada’s future in a time of global economic instability
“While the fundamentals of Canada’s economy remain stronger, more stable and more durable than those of many other nations, it is clear that we are not immune to what happens outside our borders,” said the Prime Minister.
“This will be an experienced, economically focused Ministry that is prepared to immediately get to work in the interests of Canadians,” said the Prime Minister.
19 November 2008
Speech from the Throne: Protecting Canada’s Future
Ensure sound budgeting so that Canada does not return to ongoing, unsustainable structural deficits while putting all federal expenditures under the microscope of responsible spending.
20 November 2008
News release from Office of the Prime Minister
Strong leadership to protect Canada’s future
“All Members of Parliament should resolve to put aside clearly partisan considerations and try, wherever possible, to work co-operatively for the benefit of Canada,” said the Prime Minister. “This will help us deal with the enormous challenges that confront Canada as part of the global economy – challenges which have only grown since our election concluded just five weeks ago.”
“Canada’s economy, like Canada’s people, is durable and resilient,” concluded the Prime Minister. “If we pledge ourselves to work together in the service of Canada, I have no doubt that we will emerge from these troubled times, stronger, better and more united than ever before.”
23 November 2008
News release from Office of the Prime Minister
Prime Minister welcomes commitments by APEC leaders on global economic crisis
“In these difficult economic times, it is absolutely critical that we follow through on the G20 action plan to restore growth to the global economy and to reform the international financial system,” said Prime Minister Harper.
27 November, 2008
Government of Canada Maintains Strong and Responsible Economic Leadership
The Honourable Jim Flaherty, Minister of Finance, today announced in his 2008 Economic and Fiscal Statement that the Government will take actions to restrain spending, protect Canada’s hard-won fiscal advantage and reinforce the stability of our financial system amid this period of global economic uncertainty.
“Without a doubt, here in Canada and around the world, these are difficult times that will require difficult choices,” said Minister Flaherty. “We cannot ask Canadians to tighten their belts during tougher times without looking in the mirror. We have a responsibility to show restraint and respect for tax dollars.”
The Government will continue to manage spending responsibly. To that end, this Statement takes action to:
* Eliminate the taxpayer subsidy for politicians and their parties.
* Reduce the cost and ensure the effectiveness of government operations.
* Ensure sustainable federal public sector wage rates and modernize the pay equity regime. This will also apply to MPs, Senators, Cabinet Ministers and senior public servants.
* Put Equalization on a sustainable growth path.
Minister Flaherty said the Government continues to plan on balanced budgets. However, given the fluidity of the economic situation and the rapid decline in commodity prices, a deficit cannot be ruled out.
3 December 2008
News release from Office of the Prime Minister
Prime Minister Invites Provincial Premiers and Territorial Leaders to a First Ministers’ Meeting on the Economy
Building on the productive discussions of that meeting, Prime Minister Harper issued an invitation today to Canada’s Provincial Premiers and Territorial Leaders for a follow-up First Ministers’ Meeting, to be held on January 16, 2009.
A critical objective of this meeting will be to identify issues related to accelerating infrastructure investments, strengthening financial market regulation, improving competitiveness and ensuring labour market preparedness and flexibility where immediate government actions will make positive economic impacts.
December 11, 2008
2008-103
Government Launches National Consultation on Budget Actions to Protect Canada’s Economy
The Honourable Jim Flaherty, Minister of Finance, today launched the Government’s national consultation leading into its fourth budget, to be tabled on January 27, 2009. The national consultation will give all Canadians a voice in how to protect Canada’s economy. As in previous years, the Government will conduct online consultations, which begin today.
“It’s quite clear that Canada will continue to feel the effects of the global economic downturn,” said Minister Flaherty. “Our Government is developing our next budget to respond to this downturn. It will build on the progress we’ve made to keep our economy among the strongest in the industrialized world, and bring forward the measures we need to stimulate economic activity here in Canada, while avoiding a return to long-term structural deficits.”
January 27, 2009
2009-011
Budget 2009: Canada’s Economic Action Plan
The Honourable Jim Flaherty, Minister of Finance, today tabled a comprehensive budget plan to stimulate economic growth, restore confidence and support Canadians and their families during a synchronized global recession.
“Budget 2009 is Canada’s economic action plan,” said Minister Flaherty. “It builds on our position of strength. It provides temporary and effective economic stimulus to help Canadian families and businesses deal with short-term challenges. Our investments will build Canada’s long-term capacity, so that when the global recession eases, we emerge even stronger.”
Canada’s Economic Action Plan will provide almost $30 billion in support to the Canadian economy this year. In total, this is equivalent to 1.9 per cent of our total economy.
Tags: deficit, federal budget, Jim Flaherty, Stephen HarperRelated posts
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