Progressive Canadian Party favours Bank of Canada funding of infrastructure.
For Immediate Release August 31, 2015
Newmarket, Ontario - Infrastructure construction for the 21st Century is needed to build Canada's future. Progressive Canadians understand the key role Canada's government must play to provide initiative in the tasks of nation-building for Canada's future. Co-operation and consultation with industry and the provinces is necessary to Canadian national resolve, just as in the days of Sir John A. Macdonald's National Policy whether in national projects like the CPR and the 20th century's St. Lawrence Seaway or national initiatives for tomorrow. We need 21st Century infrastructure for a 21st Century Canada. Progressive Canadians are prepared to ask and to answer the key questions: what are the tasks and how do we fund them.
High tech innovation to provide modern opportunity and challenges are part of Canada's future prosperity. The infrastructure needs of 21st Century industry needs to be supplied with material infrastructure like fibre optic networks, public transit and secure means to provide a healthy environment and educated innovators from the shop floor to corporate offices. We need to rebuild and maintain the infrastructure built by previous generations, to build new ports, bridges and roads, schools, hospitals and other facilities. Building Canada's future infrastructure will create opportunity and provide direct employment for tomorrow while providing today's needs for materials, jobs, and inspired creativity. Real solutions in this second recession of the last ten years are Progressive Canadian answers to tomorrow's questions.
The value of this undertaking is being challenged by concerns over running deficits.
In power the Progressive Canadian Party will fund infrastructure renewal and innovation, in co-operation with the provinces, municipalities and industry, to identify immediate need and future innovation. Funding for national and co-operative projects will once again be provided through Bank of Canada investment banking facilities, as was the practice between the founding of the Bank of Canada in 1935 and 1974, rather than primarily through private bankers. Opportunity for renewal of this process is being sought through the courts.
Bank of Canada administrative costs will be added to construction costs. Repayment could be through long term reverse sinking funds. Wars were fought, the St. Lawrence Seaway and other projects were constructed in this manner without building the massive debt that has and is continuing to develop through borrowing funds at interest from private banks.
The expressed opinion of David Dodge, former governor of the Bank of Canada is that "At a time when there's a lot of slack in the economy, it's absolutely appropriate for the government to be spending more than they are taking in, to support the economy and because it's a very good time to get things done. When conditions are more buoyant, governments really ought to be running big surpluses, leaning against that inflationary wind."
Borrowing at these incredibly low interest rates for 30 years to finance this long-lived investment is actually a wonderful thing to be doing," he said.
"At the moment, right across the country we have relatively slow demand for the folks that are needed to build the infrastructure, so the costs to put the infrastructure in place a bit lower than they have been. It's a good time to do it."
"This is most certainly "a good time to do it," in the view of the Hon. Sinclair Stevens, Leader of the PC Party. In the Progressive Canadian Party view at the lowest possible cost, by our Bank of Canada funding our Canada's needed infrastructure"
Progressive Canadians continue the Progressive Conservative commitment to nation-building, national vision and national unity.
-30-The Honourable Sinclair Stevens,
Leader, Progressive Canadian Party
LITIGATION UPDATE: NEXT HEARING IS ON OCTOBER 14
David Dodge on why the fiscal monitor doesn't matter: CBC The House.