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Wednesday, November 30, 2022
Letter: Our leaders need to launch economic recovery now

Dear editor:

This is an open letter to our government leaders. As we transition back to normalcy post COVID-19, as a result of the proposed accelerated vaccine rollout, it is not too early to begin and announce “Canada's economic recovery program” to jump-start the ailing economy. 

Priority number 1 within this program must be the tools to revive the small business community, which has been devastated by the revolving lockdowns. This, of course, must happen in concert with much broader goals addressing infrastructure upgrades, revised tax structures, accelerated capital equipment write downs, etc.

For decades, governments and economists have proclaimed the importance of a robust and vibrant economy to pay down mounting national debt.  Simultaneously they quote the undisputed fact that small business is the engine of any strong economy and the leading contributor to employment growth.

In 2019, Canada had 1.23 million employer businesses, of these 1.2 million or 97.9 per cent were small businesses. Government financial support to date has simply kept individuals and businesses on life support. These programs have not been stimulus funds but they have prevented what clearly would have been a deep and prolonged depression and afforded us the luxury of a more rapid recovery to full employment.

Therefore the time is now, not later, to fashion our aggressive economic recovery plan. Let's not drag our feet by procrastinating and thereby repeating the COVID-19 vaccination rollout train wreck and become the laughingstock of the world for a second time .

On April 30, 2020, in a letter to this newspaper I suggested: “A global post COVID-19 economic recovery plan would require one similar to the European Recovery Plan after the Second World War, commonly known as the Marshall Plan, on steroids.”

President Joe Biden has announced the second of such massive expenditures – $1.9 trillion – to jump-start the U.S. economy. Prime Minister Justin Trudeau is the consummate rear-view mirror driver, a follower never a leader. Perhaps he will follow Biden and announce his plan as a precursor to an early election. Without it, he is toast. Hopefully, it will include his 2019 and 2020 reneged promises to seniors re: CPP and OAS increases.

Politicians of all parties, get your collective heads together in concert with our brilliant and best business leaders and get this plan in place ASAP. Leave your egos at the door. Not promises – action. As the adage goes, ” Plan your work and work your plan.”

Samuel Young