Thank you, Mr. Chair.
Welcome and good morning, everyone.
I think it's probably best, since we're beginning our pre-budget consultations, to discuss where we're at in our economy right now. Having read some of the data and read over Senior Deputy Governor Wilkins' speech from September 6, I'm just going to quote from the speech: “The Canadian economy is now on a solid footing....” I'll stop there.
Second, I quote:
...overall Canadian economic performance has been solid and broad-based. Growth has been running close to potential, the rate at which the economy can grow on a sustained basis without sparking too much inflation.
We're seeing growth now in the two batons that the Bank of Canada expected: exports and business investment are taking hold and driving GDP, so we're doing not too badly. I fully understand the need to always push forward and ensure that, we are doing everything we can be doing with reference to any sort of response to what the U.S. did at the beginning of the year.
Yesterday BMO put out this chart entitled “U.S. Fiscal Finances: Feel the Chill”, which recorded a deficit in the U.S. of 5% of their GDP. Our deficit is much lower than that. I believe it's less than 1%. I believe it's about 0.7%, maybe even a bit lower than that, when you think in terms of a $2.2 trillion economy. I know we need to be prudent, be measured, maintain our strong fiscal finances, and ensure that we are making real progress for middle-class Canadians. I think if you look at our record.... I've heard a lot of suggestions today in terms of what we should be doing. I think we do need to do things on the regulatory front, such as capital cost acceleration, but at the same time, I don't think we need to let our knees become weak.
Those are my comments. My question is first of all for the AEM.
You did mention my riding of Vaughan—Woodbridge, so naturally I have to start with you. In capital cost allowance, what would be the bump? Everybody's talking about it. I've had conversations with the chamber, with Perrin and all the folks, and everybody's talking about that one measure. How powerful would it be for what I would call the non-service side of the economy—they're still a service, but the non-service side of the economy—like your members?