Canadian economy doing fine: Flaherty

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By Paul Mayne
Friday, October 3, 2008
Despite the United States economy facing the first consumer-led slow down in almost 20 years - and with Canada being its largest trading partner - Canadian Finance Minister Jim Flaherty assures the public Canada's economy is doing fine.

“We are in a good position as we enter this time of international financial market turbulence,” says Flaherty, who spoke to students as part of the Faculty of Law’s Distinguished Speaker Series.
 
Canadian Finance Minister Jim Flaherty
 
“We ought to expect that there will be some change from time-to-time. This is a dynamic economy and there will be some businesses that close and there’ll be some new business that will open. Fortunately in Canada we’re on the plus side.”

The U.S. House of Representatives today passed an historic $700-billion proposal to bail out the nation's financial system, and Flaherty says Canada supports this move.

“Our view is that it’s necessary and we support that step by the United States,” he says, adding the U.S. has been running a substantial public debt for some time and it was apparent their fiscal policies were going to lead to some difficulties.

Flaherty adds Canada’s situation is quite in contrast when it comes to the spending record and deficits being built up by our neigbours to the south.

“We are solid fiscally, the most solid in the G7; others look on Canada as being a model of fiscal prudence. We are in much better shape.”

Being at a post-secondary institution, Flaherty says he needed to take the opportunity to ensure students their future has become a priority for the federal government.

Their latest plan Advantage Canada, a long-term, national economic plan, contains five key areas - tax, fiscal, infrastructure, entrepreneurial and knowledge.

“The knowledge advantage is fundamental to economic growth in Canada over the course of the next generations,” says Flaherty. “We need excellence in education and skills; the necessity is to educate.”

To do this he showcased a number of federal initiatives including:

*Providing $8.4 billion annually in transfers to the provinces to directly assist students, universities and colleges;

*Modernize the Canada Student Loans program, upping the annual support  $350 million next year and increasing it to $430 million in 2012;

*Broadening the program to increase the number of grants and decrease the number of loans; and more availability to these new grants;

*$100 million towards the Vanier Scholarships, targeted at students coming to Canada to study and for students here seeking to learn abroad.

“All of this is to help grow our universities,” says Flaherty, with a nod to Western President Paul Davenport.

“I recently met with your president and can assure you he has been instrumental in advancing the cause of The University of Western Ontario.”

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