FOR IMMEDIATE RELEASE
Statement from MP Jenny Kwan: Liberal Economic Update a "Mirage" that Subsidizes Corporate Profits while Canadians Suffer
OTTAWA – The Spring Economic Update was a real missed opportunity to confront the affordability crisis head-on. Canadians are worried about their future and are facing an everyday emergency to keep costs down. Instead of taking bold action that would actually make a difference in people’s lives, Carney is relying on the private sector to save us.
The Spring Economic Update ensures the private sector is the biggest beneficiary in this affordability crisis. The creation of the Sovereign Wealth Fund will see public funds shovelled into privately-owned projects that will make a few wealthy investors and CEOs richer, including big oil and gas companies.
Instead of filling the pockets of big oil and gas companies, the NDP wants to see a windfall tax on oil and gas companies that are projected to make over $90 billion in projects this year because of Trump’s illegal war in Iran and use that money to grow the Sovereign Wealth fund to support Canadians.
Kwan highlighted the stark difference between the proposed Canadian fund and successful international models like Norway’s.
Norway built a $2 trillion (USD) wealth fund by using the profits from its publicly owned oil company for the benefit of its citizens. In contrast, Prime Minister Carney’s approach is to take public tax dollars to subsidize private projects. This is just plain wrong.
On Housing, while Carney promised Canadians that he would build more housing faster to address the housing crisis. Instead of investing in the development of public community housing, over $93 billion of the $140 billion housing measures is gifted to real estate developers through special treatment and low-interest loans with minimal affordability requirements to help Canadians.
This update makes one thing clear: Prime Minister Carney is standing behind big corporations and big oil, not the everyday Canadians who are being crushed by the rising cost of living.
