Finance Ministry Position Paper Ministers: Isaac Beech Jake Einwechter CPP Reform The Canadian Pension Plan (CPP) is very important to this nation and province. CPP helps make Canadian citizens into contributing members of society. During the July 2013 Council of the Federation (CoF), Provincial and Territorial ministers agreed on some options to enhance the CPP. Ministers agreed CPP enhancements should: - Be fiscally responsible, fully funded and focus on the worker’s of today - Oversee short-term effects on businesses, families, and the economy - Improve retirement incomes of middle-income earners for the future - Protect the lower-income workers Ministers recognize there’s a need to continue discussions for ways to help improve the retirement income system to meet today’s workers needs. Minister also agree that finding new ways to improve financial literacy is important. These discussions should take into account the state of the economy and any funding requirements of the existing CPP program. EU Treaty As a primarily natural resources and tourism dependent province, we are opposed to the EU treaty, as we feel it takes away from the power of local farmers and fishermen in our province. Dairy farmers will be hit especially hard, on top of the effects other farmers and fishermen will feel, which is detrimental to our provinces economic status and will cause problems within our communities. Therefore we believe the EU treaty is against our provinces best interests, and are opposed to it, but would be open to supporting the treaty if offered something generous in return. Natural Resources Development Focusing on natural resources development is something our province feels is essential to our well being. The fisheries and farming sectors of our economy are and will continue to be a massive contributing factor, and putting money and resources to improve and continue to establish PEI as a strong contributing factor to both Canada and even around the world. Lobster landings increased 5.6 percent last year, to a total of 28.8 million pounds, an all-time high, which is a great sign for the development of one of the largest portions of our fisheries industry. Good harvest conditions this year also contributed to a high quality crop. This means focussing on these industries will influence our economy in a very good way. An increasing workforce combined with these good natural resource industry signs are all reasons to increase the amount of time and money put towards an important part of our province. National Securities Regulator Since Canada does not have a regulatory authority at the federal level; we believe it’s important to propose: - Better and more consistent protection for investors - Strong regulatory and criminal enforcement to assist in fighting securities related crime - Fast policy responses to emerging market trend - More effective international representation and influence for Canada. We believe these propositions will help create a strong investment core for our province and the nation. This also helps the flow of money into the economy and creates better circulation of currency. Having better circulation within our provincial economy enables us to raise taxes lowering our provincial debt. Looking into securities regulation and constantly reviewing our policies to keep them up to date will be a good goal to strive towards for future purposes. Natural Energy Strategy As a province near water, and with considerable wind power, coming up with a proper natural energy strategy is something our province should work towards. Other forms of clean and self-made energy are good things to work towards. Putting minds to the task of coming up with ideas for this potential project is important, but investing significant money in the implementation of plans for natural energy is not fiscally appropriate at this point, unless the plans are beneficial immediately and in the long-term for our province. This is certainly something that needs to be discussed and brought into the province throughout the foreseeable future.
Posted on: Mon, 25 Nov 2013 16:23:06 +0000
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