Growing Economic Pressure in Canada: Federal Budget and Employment Crisis Dominate Community Seminar
Alliance of Chinese Conservatives (AOCC) hosted a virtual seminar on the federal budget, bringing pressing economic issues and their impact on community development to the forefront. The event featured special guest Sandra Cobena (高碧娜), a Conservative Member of Parliament and a member of the Standing Committee on Finance, who engaged with community representatives on topics ranging from economic growth to business and talent retention.
Participants voiced deep concerns over a range of critical issues facing the nation, including the delayed federal budget, a soaring fiscal deficit and national debt, the immense survival challenges for small and medium-sized enterprises (SMEs), a growing "brain drain" of talent, and rising unemployment.
Recent data highlights the severity of the situation: in August, Canada lost 66,000 jobs, pushing the unemployment rate to 7.1%. The outlook for young Canadians is particularly grim, with youth unemployment reaching a staggering 15%.
MP Cobena Addresses Fiscal Mismanagement and Economic Challenges
MP Cobena began by criticizing the Liberal government for breaking with tradition and failing to table the federal budget in the spring. She warned that the government's four-year platform could lead to a $224 billion deficit.
A stark indicator of the fiscal strain, she noted, is that Canada's interest payments on its national debt ($53.8 billion) have now surpassed federal healthcare transfers to the provinces ($52.1 billion), severely constraining funding for essential public services.
On the business and trade front, Cobena pointed to the escalating Canada-U.S. trade war, which has disproportionately harmed SMEs and damaged Canada's international reputation. She stressed the urgent need for a more competitive tax system, efficient government decision-making, and a significant reduction in bureaucratic red tape to retain investment and jobs.
Furthermore, she called for a reduction in the nation's reliance on temporary foreign workers and advocated for an immigration policy that is more closely aligned with the needs of the Canadian job market.
A Call for Action and Accountability
MP Cobena affirmed that the Conservative Party will continue to champion fiscal responsibility in response to what she described as the Liberal government's unfulfilled promises. The party's focus will be on:
Controlling government spending
Reducing the tax burden on businesses
Streamlining regulatory processes
Unlocking the potential of Canada's natural resources
Holding the government accountable
With Parliament set to resume on September 15, the Conservative Party is preparing to rigorously address the delayed budget, which the Liberals are expected to table in October, while ensuring the voices of the community are heard.
ABOUT SANDRA COBENA
Sandra Cobena is the Conservative Member of Parliament for the Ontario riding of Newmarket-Aurora and currently serves as a member of the Standing Committee on Finance. Originally from Ecuador, she immigrated to Canada in 2006. She is a graduate of the University of Western Ontario and previously held a position as a senior manager at TD Bank.
