Mr. Speaker, there are big problems with the Conservative government's economic plan. The government has given us the largest trade deficit in Canadian history and the largest budget deficit in Canadian history. It has stalled economic growth, stalled unemployment to way over 7%, with youth unemployment double that, and now the Communist Chinese are allowed to control our key resources.
The government is heading Canada back down the road to economic colonialism where we are the colony and the empire builders are speculation investors in multinational corporations, some of them controlled by Communist China.
The Conservatives are turning the clock back so that we are merely a source of raw materials to build value-added wealth and jobs in other countries. Some plan. We continue to be hewers of wood, drawers of water and miners of raw materials like potash, aluminum, diamonds, nickel, platinum, gold and hydrocarbons, but more and more the shots are called abroad. In the energy industry, over 40% of oil production is foreign owned and growing. Natural gas is at 46% and growing and foreign ownership of the top 20 energy companies is 50% and growing.
Some are saying that is great and others are asking why we are not optimizing and maximizing our economic and social benefits through creativity, value-added industries and real leadership that stands up for Canadian jobs, our long-term economic interests and Canadian autonomy over our natural resources.
Let us hear what some noted Canadians think. Jock Finlayson of the Business Council of British Columbia said:
Most economists would argue that at least a portion of non-renewable resource revenues should be saved. Here, Canada's record can only be described as lamentable.
“Since we cannot be a low-cost producer, we should move up the value chain”, said Kevin Lynch of BMO Financial Group.
The Canadian International Council said:
Canada is increasingly dependent on the export of raw and semi-processed materials, trading low-value-added commodities for high-value-added technology.... [We must] look beyond China so we do not repeat the error of putting all our eggs in one basket....
Alison Redford, the premier of Alberta, said:
We need to ensure that our actions are fiscally responsible and fair, not only to this generation but to those who follow and this means doing what's right for the long term, and not the next election cycle.
The Conservatives are fond of quoting, often in the House, Adam Smith, author of The Wealth of Nations. He defined the invisible hand of the marketplace. I wonder if many Conservatives have ever actually read his book. He had huge caveats for his invisible hand theory, saying that: one, it only applies if there are large numbers of small and medium-sized businesses in a sector, none of which can significantly control supply, demand or price; two, corporations are a handy but potentially evil invention that exist by government charter and that those charters should be revoked if they do not meet broad national economic and social goals; and, three, corporations should never have the same rights as citizens.
What comes first, the rights of large multinationals, including Communist Chinese ones, or the rights of Canadian companies, Canadian workers, Canadian taxpayers and Canadian families?