Today the Canadian Economy is the envy of the G-7 group of industrialized nations – the world’s most powerful economies – thanks to more than a decade of Liberal government.
After 12 years of Liberal stewardship, the Canadian economy has experienced remarkable growth and prosperity, undergoing a dramatic turnaround from having the second worst debt-to-GDP ratio among the G7 to being an economic leader.
Paul Martin, first as Finance Minister and now as Prime Minister, has provided sound fiscal management for all Canadians. Since putting Canada back in the black, the Liberal government has posted a remarkable eight consecutive surpluses – the longest string in the country’s history.
Throughout this period, Canada has also experienced record job growth. In fact, Canada is currently enjoying its lowest unemployment rate in more than 30 years.
Using a strategy of balanced tax cuts, social spending and debt repayment, Prime Minister Martin has invested in our social foundations and moved us towards a green economy and sustainable communities while keeping our economy growing at a sustainable rate.
Since recording our first surplus in 1997, we have paid down $63 billion on the national debt. This debt reduction means more resources to build a better country instead of paying creditors. It has resulted in more than $3 billion in annual savings which has been reinvested in social programs that reflect the priorities of Canadians, such as health care, child care and education.
Under a new Liberal government, Canadians can remain confident that this responsible approach to budget planning will be maintained. In fact, in his November Economic and Fiscal Update, Finance Minister Ralph Goodale projected surpluses this year and in each of the next five years.
To ensure Canada’s economic growth continues, the Liberal government has introduced the Plan for Growth and Prosperity to help our economy adapt to challenges presented by changes in the global economy, such as the rapid growth of China and India, as well as changes in Canadian society such as the aging of the baby-boom generation.
Prime Minister Martin’s commitment to sound fiscal management and creating a 21st century economy will continue to provide a quality of life for Canadians that is second to none.