A Strong Middle Class = A Strong Economy
Good news in today’s Fall Economic Statement: Canada’s economy is strong, and growing fast. In fact, we now have the fastest-growing economy in the G7. And as our economy grows, so does our job market. Right now, jobs are being created at the fastest pace in over a decade. In two years, the economy has created 450,000 new jobs, and the unemployment rate is at its lowest level since 2008. Youth unemployment is also at a historic low – in fact, it’s the lowest on record.
Canada’s growing economy also means a better bottom line for the Government. Our debt-to-GDP ratio is on a downward track and our fiscal position remains strong. This means we can do even more to invest in ourselves and our future. We know that when we invest in Canadians, they grow the economy. That’s why when Canadians began receiving the Canada Child Benefit on July 20, 2016, right away we saw a spike in consumer confidence and a rise in household spending. This is a key component of our economic growth to this day, and proof that when we invest in the middle class and those working hard to join it, everyone benefits.
So today, we’re reinvesting in the people who are making our economy stronger. First, we’ll make cost of living increases to the Canada Child Benefit two years earlier than expected. That means more support for the costs of raising kids, to help more families get ahead. Second, we’re putting more money in the pockets of low-income workers, including families without kids, and single Canadians, by enhancing the Working Income Tax Benefit. And last week, we announced a tax cut for small businesses, to help Canadian businesses invest, grow and create more jobs.
Our plan to build a stronger middle class, create jobs and grow the economy is working. We’re going to keep investing in the future of our country and delivering for Canadians. #RealChangeIsWorking
For More Information:
- Fall Economic Statement
- Backgrounder: Strengthening the Canada Child Benefit
- Backgrounder: Enhancing the Working Income Tax Benefit
- Backgrounder: Progress for the Middle Class
- Backgrounder: A Strong Economy That Is Working for the Middle Class
- Notice of Ways and Means Motion to Amend the Income Tax Act and Explanatory Notes
- Government Moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class
- Targeted Tax Fairness Measures Will Protect Middle Class Small Business Owners
Computer Operator
6 年good news for whole world?
Assistant Manager - Forensics (CDD/EDD/TPDD)
6 年This is a sign of perfect leader, who not only thinks of upper class and lower middle class, but also thinks about the middle class. A happy middle class population contributes to a balanced economy, as its the middle class that works for upper class and provides employment to the lower middle class.
Senior Industry Value Advisor - Africa
6 年Absolutely.