Canada is grappling with an investment crisis, as highlighted by the Business Council of Canada. The council’s president, Goldy Hyder, expressed concerns about sustainable growth, urging the government to manage its debt strategically.
Canada’s Investment Crisis
The Business Council of Canada has labeled the current situation as an “investment crisis.” In a letter to Prime Minister Mark Carney, Hyder emphasized the need for a proactive approach to managing national debt. He stated that if the government plans to finance investments through increased borrowing, there must be a clear plan to reduce the deficit.
Hyder suggested that the federal government aim to halve this year’s deficit within the next three years. This recommendation comes ahead of the upcoming budget announcement scheduled for November 4, during which the government will consider nearly 1,000 submissions, including the council’s.
Systemic Racism Perception in Canada
A recent survey indicates that almost half of Canadians believe systemic racism exists in their provinces. According to a Leger poll conducted from August 29 to 31, 49% of the 1,627 participants reported witnessing evidence of systemic racism, which refers to racism embedded within governmental and societal systems.
Jack Jedwab, CEO of the Association for Canadian Studies, noted that the reported figures surpassed his expectations, indicating a growing acknowledgment of these issues among Canadians.
Rising Credit Card Fraud
Equifax Canada has released alarming data showing a significant rise in credit card fraud. The report reveals that the fraud rate jumped from 0.44% to 0.75% in the second quarter of 2023. This translates to about 75 out of every 10,000 credit cards being fraudulent, a noticeable increase from 44 the previous year.
Interestingly, this surge occurred despite a decline in application fraud rates, which hit their lowest levels since late 2022.
Upcoming Leadership Changes
In political news, Rob Ashton, president of the International Longshore and Warehouse Union, is set to declare his candidacy for the NDP leadership. He claims to be the first working-class labour candidate in this race, joining other contenders, including Alberta MP Heather McPherson and activist Yves Engler.
Toronto Climate Week Conference
A new climate initiative, Toronto Climate Week, has commenced, focusing on Canada’s clean technology and climate innovation sectors. This conference follows Climate Week NYC and aims to establish Canada as a leader in climate action, particularly as U.S. policies seem to move in the opposite direction.
Organizer Becky Park-Romanovsky has reported unprecedented engagement from climate-related companies, many of which are looking for a more supportive environment.
Finalists for the Balsillie Prize
Four books are nominated for the Balsillie Prize for Public Policy, which has increased its award to $70,000 this year, reflecting its fifth anniversary. The finalists include works addressing corporate consolidation and intimate partner violence, aiming to elevate policy discussions on critical social issues.
- Vince Beiser: Power Metal: The Race for the Resources That Will Shape the Future
- Vass Bednar and Denise Hearn: The Big Fix: How Companies Capture Markets and Harm Canadians
