Every day this week, Global news will explore some of the issues that matter to voters in calgary as we approach the 2019 Federal election in a new segment called Word on the street.
The Global News Morning Calgary team took to the streets last week to find out what voters in calgary think about the economy in the context of the 2019 Federal election – and what they want to see, money wise, from the next Prime Minister.
The economy is a key issue in the Federal election campaign, and parties have laid out their spending platforms.
But what do voters want to see?
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A recent Ipsos poll conducted exclusively for Global News found that 77 percent of respondents believe it is important that the next government balance the books rather than run a deficit.
Roughly 31 percent said balancing the budget is a top priority, even if it means cutting spending or raising taxes. Thirty-six percent said tax cuts are more urgent, even if it means maintaining deficits or cuts.
In Alberta, the economy remains sluggish. It’s been five years since world oil prices crashed and sent Alberta’s economy into a tailspin, leaving thousands of people suddenly out of work.
Since then, the economic recovery has been slow.
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Mel Reyes cited some of the decisions made by liberal leader Justin Trudeau during his last term as Prime Minister as reasons for Alberta’s downturn.
“He kind of shot his number one economic driver in step with his policies,” Reyes said, referring to the oil and gas industry. “There’s a reason why all these office towers are half-empty, you know?”
Hillary Johnstone, who visited calgary from Toronto, says economic decisions must be made with the whole country in mind.
When it comes to the Federal government spending money, Susan Waddell believes it should use restraint.
“Instead of spending all that money, we’re going to have to suck it up and try to get the deficit down,” Waddell said.
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Others, like Rebecca Edworthy, say they can see their tax dollars at work.
“I think our system is really great,” Edworthy said. “I don’t mind paying the taxes we pay because we get so much out of it.”
Economist Trevor tomb of the School of public policy at the University of calgary said spending plans from the major parties are not as different as they might seem.
“What surprised me in terms of spending is how similar the parties are, so clearly there are differences in how much everyone wants to spend, but all parties suggest we spend more over the next few years,” Tombe said.
“The conservatives will grow spending the slowest at about 1.8 percent a year, and the NDP will grow the fastest at a little shy of 5 percent.”
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Canada’s deficit may be relative to some voters, but Tombe said not as bad as it seems.
“When we think about the Federal budget deficit, it’s important to put it in a broader context-compare it to the size of the economy. So the deficit that even the liberals suggest we run over the next few years – which, of the major parties, is the largest-is pretty modest by historical standards, ” Tombe explained.
“All three parties, despite the increase in spending, will see debt-to-GDP decline, although it will decline most under the conservatives. So I think we shouldn’t worry, in the sense that it does lead us into a risky situation, but there are trade-offs, of course.
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Tombe says no matter who wins the upcoming Federal election, Canadians won’t see much change in growth and employment.
“Canada’s economy, we produce about $ 2.3 trillion in revenue every year, and every day we produce about $ 12 billion to $ 13 billion worth of goods and services. So tax rate adjustments here and there, new spending programs here and there are not things that will move the needle to any great extent, one way or the other.”
Tombe suggests that Canada, however, has a significant impact on international trade.
“So if the China-U.S. trade war really heats up and gets out of hand, that’s a real risk to Canada’s economy.”
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