Time to get serious about Canada's economy

 Time to get serious about Canada's economy
    by Maj (ret'd) CORNELIU E. CHISU, CD, PMSC,
FEC, CET, P. Eng.
Former Member of Parliament
Pickering-Scarborough East
Enough is enough! The time has come for the leadership of this country to pull together and seriously look at restarting the Canadian economy.
The blunder of vaccinations, mismanagement of lockdowns, hypocrisy of mask/no mask, travel bans/no bans and fake science have collectively induced a new disease in the political establishment; that of the allergic verbiage syndrome.
Allergic Verbiage Syndrome is characterized by a lot of talk that seems to erupt (like hives) uncontrollably, attempting to justify bad decisions, spinning issues to death, and in the end, believing in one's own lies. This seems to have become the order of the day in Canada, particularly in Ottawa, provinces not excluded.
The time has come to seriously knuckle down and face facts. Otherwise the dark clouds of an economic meltdown gathering on the horizon will sweep the Canadian economy into oblivion.  Printing more money will not be able to stop the tsunami of social unrest that will accompany an economic disaster.

So get to work, as some wise people are thinking that politicians should do, to avoid this state of potential doom. Canada needs a quick start, as other nations in the developed world are already pursuing. Open the stores, open the small businesses, open the parks, open the borders and think smart if you still can, if you have any little grey cells left.
Canada's tourist industry, a major contributor to our GDP, is in shambles.  Fifteen months of restrictions, quarantines and travel bans have seen air travel plummet to only 10 percent of 2019 levels. The land border with the US is still closed for so called non essential travel, though essential travel is loosely defined and encompasses many exceptions.
We need to take immediate steps to open the border to discretionary travel and eliminate the hotel quarantine for foreign visitors, or our tourism sector may have an even more brutal summer this year than last. Even though Canadians will be able to travel internationally more easily this summer, none of the foreign visitors our tourism sector relies on will be able to visit Canada's thousands of exciting destinations, attractions and events.
This is a matter of urgency: many of Canada's trading partners, including the U.S., U.K. and Europe are also our tourism competitors and way ahead of Canada in their reopening plans.  If we do not open our borders in a safe but timely manner, vaccinated international tourists won't wait; they will happily travel to countries that are ready to welcome them.
It was rather ludicrous to see our Finance Minister be the only person wearing a mask at the recent G7 finance ministers meeting. Is this the signature of the state of the Covid -19 pandemic management in Canada we want to communicate to the world?
It's high time our MPs showed some professionalism and stopped behaving like illiterate dilettantes insisting on tyrannical solutions. Parliament is not a place to learn on the job, it is a place to lead in the interest of the nation.

A proper restart plan, which would include measurable milestones and timelines for how and when Canada would lift travel restrictions is needed urgently. Many parts of the world, including the U.S., are opening up more quickly than Canada, and we cannot afford to be left behind.
To comprehend the urgency of the need to act on the economy, the political leadership of Canada need only consider that Canada's inflation rate increased to 3.6 per cent in May, the fastest pace in a decade, according to Statistics Canada.
The agency said in a news release last week that the cost of just about everything is going up at a much faster pace than usual, from shelter and vehicles, to food, energy and consumer goods.
The cost of shelter increased by 4.2 per cent in the year up to May, the fastest rise in the cost of putting a roof over one's head since 2008. And the cost of filling a home with furniture and appliances also went up, by 4.4. per cent. That's the fastest pace of increase for so-called durable goods since 1989.
Furniture prices in particular rose by 9.8 per cent in the past year, their biggest jump since 1982. Last month the government slapped tariffs of up to 300 per cent on some types of upholstered furniture from China and Vietnam.
Gasoline prices have risen by 43 per cent in the past year, a figure that looks especially high because it's being compared to May of last year, when demand and prices for gasoline cratered. But even on a monthly basis, the cost of gasoline went up by 3.2 per cent in May, compared to the cost in April.
Gas isn't the only cost of driving that's getting more expensive either, as the price of new cars increased by five per cent in the past year. That's the biggest jump in vehicle prices since 2016, and the major reason for it is an ongoing shortage of semiconductors, a global trend that has jacked up the price of anything that uses microchips.
If this trend continues, the mortgage rate on homes will soon increase, creating a major problem for many Canadians who have been caught up in the flurry of home purchases in recent months.
Business leaders have called on Ottawa for a clear path to reopen the economy and international borders.
Perrin Beatty, head of the Canadian Chamber of Commerce, said:
"Canada is a G7 outlier for not having a fleshed-out reopening plan"
What we are waiting for?