It seems that one cannot read the newspaper or watch the evening news broadcast these days without coming across some new information calling into question the health of Ontario?s economy. Escalating oil and gasoline prices, our strong Canadian dollar, and housing market turmoil in the United States are all having a negative impact upon our own economic well-being.
Ontario has lost over 160,000 manufacturing jobs since 2005. Although manufacturing is still the dominant industrial sector in Ontario, such losses are not sustainable. Ontario?s rate of growth lags behind other provinces, and in fact, Scotiabank?s revised growth forecasts for 2008 rank us dead last. We also have the highest competitive business tax structure in all of Canada according to the C.D. Howe Institute, not to mention the highest rate of taxation on new business investment among developed nations according to the Roger Martin of the Rotman School of Business.
According to a recent Harris/Decima poll, over 40% of Ontarians don?t have the day off while another 21% said their employers don?t recognize the holiday. Furthermore, economists have estimated that the ill-conceived ?Family Day? will cost our economy between $500 million and $2 billion. There is also the additional cost of thousands of hours in lost productivity.
Many Ontarians are wondering where their next pay cheque will come from and are looking to the government for leadership, instead, the McGuinty Liberals? offer a day off. Premier McGuinty?s inactivity reminds me of the legend of Emperor Nero who played his violin as Rome burned. Ontario?s economy is burning. I hope the Premier stops playing his violin before it?s too late.