March 2010 Parliamentary Report

Budget 2010:  LEADING THE WAY ON JOBS & GROWTH

As Canadians continue to celebrate our record-breaking Olympic performance Canada's economic performance offers another reason for us to feel proud.

 

This year's budget is a Jobs and Growth budget. It builds on Canada's Economic Action Plan to solidify our recovery. In Year 2 of the plan, we are investing $19-billion to further stimulate our economy and complete the rapid rollout of projects to create jobs now.

 

We are laying a strong foundation for long-term job creation and economic growth by investing in innovation, training and education.  

 

Kitchener will benefit from new resources being delivered for innovation and commercialization, including:

 

·         $32 million per year for the federal research granting councils to

                      advance research and improve commercialization;

 

·         $8 million per year for the indirect costs of federally sponsored

                      research at post-secondary institutions;

 

·         $15 million per year to double the budget of the College and Community

          Innovation program, which fosters collaborations between businesses
          and researchers;

 

·         The creation of the new Canada post-doctoral fellowship program, to

                      attract the best young researchers to Canada.

 

We are also improving Kitchener's competitive advantage by lowering taxes, eliminating all remaining tariffs on manufacturing inputs and cutting red tape for small businesses.  Other programs will be delivered by the new Federal Economic Development Agency, located here in Kitchener, to help small and medium-sized businesses to enhance their competitiveness.

 

HELPING THOSE HARDEST HIT

$4 billion will be provided for unemployment assistance to ensure continuation this year of up to 5 extra weeks of benefits, greater access for long-tenured workers, additional retraining opportunities and extended work-sharing availability.

 

$2.1 billion will be added to social housing, boosting our two year commitment to $4.1 billion.  Disadvantaged youth, aboriginals and young people generally will get added assistance through programs like Skillslink and Pathways to Education.

 

REDUCING THE DEFICIT

 

All industrialized countries incurred a deficit to implement economic stimulus. Once the recovery is solidly entrenched, our government will reduce this deficit.

 

Our plan has three key points. First, we will wind down stimulus spending on schedule. Second, we will restrain growth in government spending. Third, we will review all government spending on overhead and administration.  We will not balance the budget at the expense of pensioners. We will not balance the budget by cutting transfer pay-ments for health care and education or by raising taxes on hard-working Canadians.

 

Our plan will cut the deficit by two-thirds in three years.  Shortly after that, the budget will be brought back fully to balance.

 

Canadian athletes showed the world their tenacity and competitive spirit at the Olympics. They are Canada's inspiration as millions of Canadians step up to the world's economic podium as we build today, a Canada in which our children and grandchildren will continue to grow and prosper.