MP Sonia Sidhu welcomes the Economic and Fiscal Update 2021 released yesterday by the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance. This provides Canadians with a transparent update on the nation’s finances and our plan to finish the fight against COVID-19, support Canadian workers and businesses, and ensure an economic recovery that leaves no one behind.
Last year’s economic response plan put in place unprecedented measures to meet the unprecedented challenge of the pandemic. MP Sidhu is proud to inform the residents of her riding that the plan is working as Canada has the second-fastest job recovery in the G7 and has exceeded its goal of creating a million jobs. Canada has recovered 106 percent of the jobs lost amidst the pandemic, compared to only 83 percent in the United States. Our country’s GDP is also expected to return to pre-pandemic levels by the first quarter of 2022.
A strong economic policy goes hand in hand with a strong public health policy. Canada has a world-leading vaccination campaign with 84 per cent of the eligible population having received their first dose. The concern of the Omicron variant is a reminder that work still remains to end the pandemic. The Update outlines federal investments to ensure free booster shots are available to all eligible Canadians; procure pediatric vaccines for all eligible children; 1.7 billion to increase access of free rapid tests to provinces, territories, and Indigenous communities; $2 billion to secure COVID-19 therapeutics; support a standard proof of vaccination credential in all provinces and territories; and more.
MP Sidhu announces proposed measures to protect Canada’s economic resilience in the face of possible resurgences of the virus and a lockdown, including the Canada Worker Lockdown Benefit and Local Lockdown Program, which would deliver needed support to local economies and their workers should restrictions be required. Furthermore, the government has laid out a plan to help prevent outbreaks at workplaces and schools, including improvements to indoor ventilation and air quality with $100 million through the Safe Return to Class Fund and $70 million to support these projects in community buildings. It is also moving forward with 10 days of paid sick leave for workers in federally regulated workplaces.
MP Sidhu confirms the federal government will foster an inclusive economic recovery and continue to support Canadian workers and businesses in sectors especially affected by the pandemic. A new $60-million fund will deliver support for workers in the live performance sector. Targeted support programs will continue to provide wage and rent subsidies to tourism and hospitality businesses, as well as organizations that are facing deep and enduring losses. MP Sidhu says the government is taking action to reduce immigration processing backlogs with $85 million to speed up the citizenship process, reunite families and welcome people to Canada who can help address our labour shortage.
Canada entered the COVID-19 recession with the best net debt-to-GDP ratio in the G7 and the government has increased the country’s relative advantage over the course of the pandemic. MP Sidhu says the government will continue to manage the nation’s finances and keep the federal debt-to-GDP ratio on a downward track.
MP Sidhu acknowledges the past 21 months have been difficult for all Canadians, but she reiterates that the Federal Government will continue to keep Canadians supported and safe especially with the emergence of the Omicron Variant.
