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Deficit a necessary evil: CME

Published on October 22, 2009

QUEEN’S PARK – Running an economic deficit today will ensure that the green shoots budding in the Ontario economy today won’t wilt into yellow leaves tomorrow.


“The deficit is not surprising under the circumstances,” said Ian Howcroft, vice president of CME Ontario, in response to today’s economic statement. “The government’s commitment to investing in Ontario through jobs, skills and infrastructure will help get Ontario back on track. The key to any economic recovery is a strong and vibrant manufacturing sector.”


Initiatives like CME’s SMART Program, operated in conjunction with the Ontario government, has led to job creation, productivity improvements and kept manufacturing doors open for business.


“Manufacturing is the largest wealth creation sector of the economy, contributing approximately one-third of government tax revenue,” added Howcroft. “Planning for tomorrow begins today. We need to ensure that the greens shoots have a chance to grow into a full economic recovery.”


CME continues to support initiatives like the HST, corporate tax reduction and capital tax elimination as they will make Ontario more attractive to manufacturers, and ultimately increase revenue to government.


Canadian Manufacturers & Exporters (CME) is Canada’s leading trade and industry association and the voice of manufacturing and global business in Canada.


The association directly represents more than 10,000 leading companies nationwide. More than 85% of CME’s members are small and medium-sized enterprises. As Canada’s leading business network, CME, through various initiatives including the establishment of the Canadian Manufacturing Coalition, touches more than 100,000 companies from coast to coast, engaged in manufacturing, global business and service-related industries.


CME’s membership network accounts for an estimated 82% of total manufacturing production and 90% of Canada’s exports.


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For more information, contact:

Ian Howcroft                                          Paul Clipsham

Vice President                                       Director of Policy

CME Ontario                                          CME Ontario

416-419-6119                                         416-388-6711

Found in: deficit budget SMART

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