The Goderich Signal-Star, 1977-10-27, Page 22NH-firni
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• PAGE 22A—GODERiCH SIGNAL -STAR, THURSDAY, OCTOBER 27, 1977
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ys gov't ignoring urgent pr
by R.E. McKinley, •
M.P.
Huron -Middlesex
The Federal Government is
continuing to ignore urgent
economic problems because
it is more concerned about
the narrower issues of
language and the unity
debate. Everyone realizes
that minority rights haveto
be protected in Canada but
the country also needs —an
economic strategy and view'
national goals that pull
Canadians together in spite of
differences in language and
culture.
We need new economic
policies to restore a sense of
purpose in Canada. It is not a
sensible policy to focus on
language issues when a
country needs these new
national goals to survive, for
after all many of a country's
social problems are tied
closely to its economic per-
formance and in one word
Canada's trend is ---DOWN.
A quick look at some of the
economic indicators show us
that from 1967 to 1976
Canadian Federal spa
increased more than 3.
times. In 1976 it was close to
36 billion dollars against
revenues of only 32 billion. It
is estimated that this year's
deficit will top eight billion
dollars. It is ironic. that while
the Government requires by
force of law that the tax-
payers which it rules must
keep their incomes and ex-
penditures in check or loose
any large increases in profits,
this same Government is
increasing .its own income
and spending by over 20
' percent.
The so-called Canadian
Federal Government
restraint program sounds
best—in the press releases. In
fact, it has little, substance.
The program was started in
June T9757 Since that time,
main estimates of Federal
spending from 1976 to 1978
have risen by 27 percent with
Federal operating costs
rising by 37 percent.
As Caucus Committee
Chairman of Public Works, I
know that Capital Cost
overruns have caused a great
increase in Federal Gover-
nment expenditures.
.,Consider Montreal's
Mirabel Airport. In 1970, the
cost was estimated at a mere
100 million. There has been no
final accounting as yet, but
experts are agreed that the
c.otal cost may exceed 500
million, with some saying as
high as 1.billion.
Consider Ottawa's newest
glass office building, built for
the people of Finance, the
Bank of Canada Building.
First budgeted at 36 million
dollars in 1971, recent figures
put the cost over 57 million
dollars. This building isn't
even finished and it is
estimated to go higher.
S.1T/SFV YOUR NEEDS'
---Arwar17
Consider the CN Tower in
Toronto. As late as 1975 public
estimates of construction
costs was 24 million dollars.
The most recent estimate is
between 58 and 60 million
dollars.
No business could survive
such mistakes, yet there are
dozens more at the Federal
level for which the public
must bear the cost.
The Federal Government
will continue to survive
however by either printing
more money or borrowing it
on the world market with the
end result being: ,
+ It will increase the
money . supply which is in-
flationary.
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+ The Government will
compete against the private
borrower for world money,
pushing up interest rates, a
result which is not only in-
flationary but also slows
down the investment of new
capital in business which
would otherwise be ex-
panding or re-equipping.
+ It will be spending far in
excess of its own guidelines,
an action which is clearly
inflationary.
Let's look at some other
indicators of our economy. By
the end of 1975 Canada's
rapidly growing indebtedness
to the rest of the world
reached a net 43 billion
dollars. With Governments
and business borrowing
heavily abroad this year the
total indebtedness will
continue to increase.
During the past three years
Canada has failed to produce
a surplus on goods traded to
pay for the deficit on ser-
vices, trade, and tourism.
Our current account trade
deficit has risen to about 4
billion dollars for 1977, This
current deficit means that
Canada is consuming more.
goods and services than it
produces at home; and so is
living well beyond its means
and is borrowing at a high
price from foreigners to do it.
This current account deficit
has, contributed to the
marked devaluation of the
Canadian dollar. Reports
from London, England show
the Canadian dollar trading
at about 90 cents U.S., the
lowest level it has reached
during the seven years it has
been floating. Canadians who
have such close contact with
theU.S. have learned that the
value of a nation's currency is
a pretty good measure of how
well the nation is 'doing
generally.
The other negative aspects
of this large devaluation is
that there will be more in-
flation and our debt
obligations mainly in foreign
currency will now become
more expensive. If the net
12.5 billion borrowed abroad
in 1975 and 1976 was con-
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verted to U.S. dollars,
recently devaluation would
require a payment of 14
billion dollars I just to retire
the principal. Our interest
rates will also be higher.
Another dark economic
trend is 8.3 percent unem-
ployment rate. Most of us are
aware of the immediate
economic consequences of
unemployment - a tremen-
dous load on unemployment
insurance and welfare ser-
vices, an unreturnable loss in
our potential growth
prospects, and disruptions in
the development of our work
force and our industry. There
are also social costs which do
not appear at first, but which
are equally heavy and of a
MIN
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longer duration, especially
among the young.
The record demonstrates
that the minister of finance,
needs help. His advisors,
hung over from previous
ministers, are not adequate.
We suggest the minister
should ask the top financial
brains of the country for
assistance.
A council of economic
advisors should be set up to.
help form short and medium
term policy. Its members
should be drawn from our
senior industrialists,
bankers, labour leaders,
small . businessmen and
consumer advocates.
These groups have given
free advice' in the past, the
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Cash &
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finance miniltepc
harness Uth . St
working tOget
their suggest]
Weer
may get at"o1
economic morass
Such a grow
remove the'
eeonomire poticy:r�
current realm ofhq;
force it to adjust tp, •„
realities of today
The ministerso7�
out of touch,
must be supple
Ill
those who unders
411
market place
practical solution
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Other couptries
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should we not? S;'sir
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16 Branches to Serve You: E# SOUND
AMHERSTBURG 736OW
2151 611
. EXETER 2351422 RIDGETOWN PT
GODERICH 524-8321 SOUTHAMPTON
GRAND BEND 238.2374 THEDFORO
HARROW 738.2221 WEST LORNET
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396.3403 WINDSOR EAS T llkt
KINGSVILLE 7332341 WINDSOR WES
KITCHENFsR 744 6371 MATTHE 800 Zty,tg9t
KITCHENER out -of •lawn CaII Free o1 Cha'9e
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