Mr. Speaker, a rosy picture of the economy is counter to what is happening out there. Reuters just posted an interesting story stating, “Canada record-high current account gap spurs worry”. It goes on to say:
Canada entered the club of countries with oversized current account deficits in the third quarter, posting the biggest shortfall on record as its worsening trade profile heralded a further slowdown in economic growth.
This is the eighth consecutive deficit and this one is $13 billion. Doug Porter, the deputy chief economist at the BMO Capital Market, said:
Canada suddenly finds its broadest trade deficit in the company of countries that have typically been cited as extravagant over-spenders/under-savers.
Part of the problem is that our trade deficit with the United States is growing. That is part and parcel because we have a government with a petro-dollar philosophy that has pushed the Canadian dollar significantly up and is destroying manufacturing across this country. I would like to ask the parliamentary secretary about that.
How long will the government continue to fuel an artificial dollar up when it is clearly affecting so many value-added jobs in Canada, which is different than the jobs that have been added?