Georgina · East Gwillimbury · King  .
 
Bradford West Gwillimbury · Innisfil  .

For over a year, the global economy, led by a serious downturn in the USA, has been going through challenging times. This past fall, following an increase of financial insecurity in the world markets, the impact of the global slowdown finally began to be felt here in Canada.

We can be proud of how Canada's economy has consistently outperformed most other countries. But that does not mean we are immune from the global problems.

Many are asking: what economic challenges will 2009 bring, and how will they affect you and your family?

The Government of Canada is committed to bringing Canadians through the economic downturn with as little damage as possible. We are engaged and taking action.

On January 27, Jim Flaherty, Minister of Finance, will present the budget for this year. The focus will be on economic stimulus. The package may include funding infrastructure projects, implementing tax cuts, and modifying our employment insurance system to meet the current needs of Canadians.

The federal government is also working together with the provinces to discuss possible programs to retrain unemployed Canadians.

The financial crisis in which we find ourselves is affecting the whole world; however, we must remember that, as the Globe and Mail said the other day, "this country remains an island of relative tranquility in a raging global economic sea".

Despite the recent job losses Canadians have seen, we can consider ourselves lucky- while the USA lost jobs in the millions last years, Canada actually added jobs.

We have had some job losses, but we have a sound fiscal situation ($37 billion paid down on debt since we became government), giving us the flexibility to stimulate job growth. We are aiming to put Canada in a position where our economy can emerge from the current challenges stronger than ever.

In fact, the Royal Bank of Canada is predicting the economy to start growing again in the second quarter of this year, and is expecting the unemployment rate to peak at 7.4 per cent.

Even with our relative stability, we do not underestimate the action needed. As the Prime Minister promised Friday, the Government will take "big and comprehensive" action. On Budget Day we will present a plan that will position our economy to get through the tough times, and to have a strong recovery when the upturn in the world market comes.

The people of York-Simcoe are hard-working, self-reliant and resourceful. Their lives are stories of overcoming challenges and building brighter futures. They are up to meeting the challenges we face, and continuing to do their part in building a better community and country.

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