Statement on Economic Policy

11 March 2020

Honourable senators, across Saskatchewan and Alberta, we are living through an economic and social crisis. Companies in the natural resource sector, which provide real jobs for families, and are often leaders in innovation and research, are now running up unsustainable debt, have lost investors, have left the country, or are simply closing their doors. People have no jobs and no reasonable alternatives. Cenovus, Teck, even Saguenay LNG, their fates all echo the same fear — political uncertainty in Canada.

Another key driver of Canada’s economy is also in trouble — agriculture: the still unresolved trade dispute with China that compromised 70% of our canola exports at a cost — or should I say a loss — of $1 billion; the passing of Bill C-69 with all its unintended consequences; the rail strike and then the blockades have led to a backlog of 10,000 carloads of grain exports, and now COVID-19’s impact on international supply chains. The situation in the Prairies is dire.

So it should be no surprise that we are seeing Western separation movements gain support. This is very troubling. We all know what separatism cost Quebecers: investment fled, businesses closed, and real estate, people’s savings and retirement funds, devalued or evaporated.

So this is becoming a lose-lose proposition. I know the thinking; Alberta and Saskatchewan didn’t vote for the government so, too bad, so sad for you. But we can’t keep a country together when attitudes are hardening. I can only plead that the government be realistic about the transition process. We can’t just kill whole sectors, key to the Canadian standard of living, without a realistic plan B in place.

The Superintendent of Financial Institutions, Jeremy Rudin, has warned that the government’s climate change policies can pose “significant new risks.” Energy, transport and utilities will be fundamentally disrupted and then a second round of risk follows, as declines in profits and employment in those disrupted industries ripple through the whole economy.

Rudin says we do not yet have the facts we need. So let’s do the prudent thing and prepare for a transition that will be sharply negative.

Please let us heed his advice and make change, but only when we are ready in all parts of the country to do so. Thank you.