I would like to thank you all very much for coming to share your views with the Standing Committee on Finance.
This summer, Statistics Canada announced that private companies have assets of around $500 billion. This is money that companies are holding at the moment. The Bank of Canada's financial system review indicates that these funds are not being invested. Investments are increasing very slightly, but the increase is not enough by far.
At the same time as all of that money is being accumulated, we have seen a loss of 300,000 manufacturing jobs in Canada in recent years. Our productivity is declining. Our research and development work is declining. Those high-paying jobs are being replaced by lower-paying jobs. This explains why, although 600,000 jobs have been created, we are seeing the situation in Canadian households deteriorate greatly. Their financial situations have become critical. Statistics Canada tells us that the average debt level in Canadian households is 147%. There are massive regional inequities. In some parts of British Columbia, 80% of people's salary goes to pay the rent or other costs of housing.
Could you tell me how tax cuts will allow Canada to benefit once more from the mass of unused capital, to regain our industrial base and to see an end to the drop in the real value of our incomes?
My question goes to all the witnesses.