A million jobs - just in time for graduation
Every government talks about creating
jobs. A high unemployment rate has a substantial
negative economic impact that
affects the broader community beyond
those who are unemployed. Every opposition
party criticizes the job creation strategies
of the sitting government to an extent
that there can be a loss of perspective.
Compared to the 26 per cent unemployment rate in Spain and many other countries, Canada is faring well and Ontario is no exception. Despite that, London's 7.8 per cent unemployment rate is a favourite subject among opposition MPPs. Several levels of government come into play when trying to stimulate job creation, but the effects of legislative intervention can be disastrous.
The Liberals have been widely blamed for the loss of manufacturing jobs in Ontario. Their controversial Feed-In Tariff (FIT) program, which paid astronomical prices for green energy, drove the operating cost of some manufacturers beyond what they could afford. The government of the day knows that employment is one of the primary concerns of the average voter. Even those who enjoy substantial long-term employment view the unemployment rate as an economic indicator that reflects directly on the government. The Ontario Liberal Party will be forced to outline a comprehensive job growth strategy for the province in the near future, in light of what the opposition has been touting for their campaign platform.
Ontario PC Party leader Tim Hudak has promised to create one million jobs over eight years in the province if he's elected to replace current Liberal Premier, Kathleen Wynne. “The one million jobs plan is based on concrete calculations done by the Conservative leadership team involving complex algorithms designed to anticipate fluctuations in the current employment paradigm” is what you might expect to read here, but the reality is that the word “million” just has that nice, memorable ring to it. The fact that far less than a million people in Ontario are out of work makes the plan even more impressive, as it means they'll actually have to create job losses to then follow through on their plan to create a million jobs.
At a federal level, the Bank of Canada (BOC) controls the key interest rate that can be used to stimulate borrowing and investment. Given the current “soft” market, the BOC has kept the rate of interest at one per cent since 2010, a factor that is heavily contributing to the current devaluation of the Canadian dollar. The provincial government can attract manufacturing jobs through energy and water cost reductions, and by lowering corporate tax rates and offering grants. Beyond these tools there are limited means for any level of government to stimulate job growth.
As the developing world rapidly increases its consumption of raw and processed goods, remaining economically competitive on a global scale has been difficult. Despite what opposition members claim, the manufacturing exodus from Ontario could have been unavoidable in light of Canadian environmental and accountability legislation. When you take into consideration that both national and provincial unemployment rates outrank those of over a hundred countries around the world, too much change could be a dangerous thing.
Editorial opinions or comments expressed in this online edition of Interrobang newspaper reflect the views of the writer and are not those of the Interrobang or the Fanshawe Student Union. The Interrobang is published weekly by the Fanshawe Student Union at 1001 Fanshawe College Blvd., P.O. Box 7005, London, Ontario, N5Y 5R6 and distributed through the Fanshawe College community. Letters to the editor are welcome. All letters are subject to editing and should be emailed. All letters must be accompanied by contact information. Letters can also be submitted online by clicking here.
Compared to the 26 per cent unemployment rate in Spain and many other countries, Canada is faring well and Ontario is no exception. Despite that, London's 7.8 per cent unemployment rate is a favourite subject among opposition MPPs. Several levels of government come into play when trying to stimulate job creation, but the effects of legislative intervention can be disastrous.
The Liberals have been widely blamed for the loss of manufacturing jobs in Ontario. Their controversial Feed-In Tariff (FIT) program, which paid astronomical prices for green energy, drove the operating cost of some manufacturers beyond what they could afford. The government of the day knows that employment is one of the primary concerns of the average voter. Even those who enjoy substantial long-term employment view the unemployment rate as an economic indicator that reflects directly on the government. The Ontario Liberal Party will be forced to outline a comprehensive job growth strategy for the province in the near future, in light of what the opposition has been touting for their campaign platform.
Ontario PC Party leader Tim Hudak has promised to create one million jobs over eight years in the province if he's elected to replace current Liberal Premier, Kathleen Wynne. “The one million jobs plan is based on concrete calculations done by the Conservative leadership team involving complex algorithms designed to anticipate fluctuations in the current employment paradigm” is what you might expect to read here, but the reality is that the word “million” just has that nice, memorable ring to it. The fact that far less than a million people in Ontario are out of work makes the plan even more impressive, as it means they'll actually have to create job losses to then follow through on their plan to create a million jobs.
At a federal level, the Bank of Canada (BOC) controls the key interest rate that can be used to stimulate borrowing and investment. Given the current “soft” market, the BOC has kept the rate of interest at one per cent since 2010, a factor that is heavily contributing to the current devaluation of the Canadian dollar. The provincial government can attract manufacturing jobs through energy and water cost reductions, and by lowering corporate tax rates and offering grants. Beyond these tools there are limited means for any level of government to stimulate job growth.
As the developing world rapidly increases its consumption of raw and processed goods, remaining economically competitive on a global scale has been difficult. Despite what opposition members claim, the manufacturing exodus from Ontario could have been unavoidable in light of Canadian environmental and accountability legislation. When you take into consideration that both national and provincial unemployment rates outrank those of over a hundred countries around the world, too much change could be a dangerous thing.
Editorial opinions or comments expressed in this online edition of Interrobang newspaper reflect the views of the writer and are not those of the Interrobang or the Fanshawe Student Union. The Interrobang is published weekly by the Fanshawe Student Union at 1001 Fanshawe College Blvd., P.O. Box 7005, London, Ontario, N5Y 5R6 and distributed through the Fanshawe College community. Letters to the editor are welcome. All letters are subject to editing and should be emailed. All letters must be accompanied by contact information. Letters can also be submitted online by clicking here.
