Statistics Canada announced Friday that Quebec lost 26,000 jobs in February, resulting in another increase to the province's unemployment rate to 7.8% from 7.5%. It is worth noting that the rest of Canada is also struggling with job growth and economic recovery but the second highest number of job losses were in British Columbia at a tune of 10,000. When confronted about the numbers, Parti Quebecois Leader Pauline Marois noted the volatility of monthly job numbers when she said, "I think it's normal."
Quebec's economy remains sluggish. While the PQ promised to have the books balanced by the current fiscal year, the province's interim auditor general said that would be a task that is "to say the least, ambitious." Quebec's deficit for the 2013-14 fiscal year ending March 31 is expected to sit at $2.5 billion and the PQ's budget estimates a $1.7 billion deficit for this year - pushing the break-even date to 2015-16. This, after the province's interim Auditor General, Michel Samson, found the government to be off by $626 million on it's 2012-13 numbers - and that's not good news.
This is only bound to increase Quebec's debt which currently sits at a staggering $264 billion - or $30,202 per Quebecer. Quebec's revenue streams consist of some of the highest taxes in North America, along with $17,851 billion in Equalization Payments from the Federal government - representing 25% of Quebec's total revenues.
To make matters worst, a recent HEC report into the Quebec economy suggests the quality of living has been in decline since 1981 and Statistics Quebec's own data last December showed Quebecers have the second-to-worst after-tax income in Canada.
With Quebecers set to cast their ballots April 7, the Liberals and CAQ aim to make the Economy the major issue and a recent EKOS poll suggests it already is the major issue for 42% of Quebecers followed by Healthcare, the Charter of Values and Quebec Sovereignty.
To date, each of the parties has presented some of their economic platforms, here are the highlights:How the major issues tract with different voting groups:
Election Issue Total Anglophones (n=782) Francophones (n=1009) Allophones (n=223) Economy/Jobs 42% 37% 43% 39% Healthcare 10% 6% 11% 6% Charter of Values 5% 9% 4% 3% Quebec Sovereignty 4% 6% 4% 2%
Source: EKOS-CBC
Parti Quebecois
- Promise to create 172,000 jobs over the next 5 years
- Increase the cost of daycares to $9 by 2015
- Increase education and healthcare budgets by 3%
- Provide $125 million for 4 events celebrating Montreal's 375th birthday
- Allow a 4.3% Hydro rate increase
Liberal Party of Quebec
- Promise to create 250,000 jobs over the next 5 years
- Introduce a tax credit for home renovations
- Re-establish the Infrastructure Fund and Plan Nord
- Cap Hydro rate increases to the rate of inflation (2.2%)
- Introduce a maritime strategy to modernize maritime infrastructure and encourage European trade routes It is estimated to create 30,000 jobs between 2015 and 2030, require $3 billion in public investments and $4 billion in private investments, and potentially create $3.5 billion in revenues
Coalition Avenir du Quebec
- First budget will be balanced through immediate $1.3 billion in cuts and government reorganization - including an immediate freeze in public service hiring
- Households with income less than $45,000 will be exempt from Health tax by 2014-15 and exempt to all by the following year. The school tax will follow. The CAQ estimates this will provide $1,000 in savings per family
- Crack down on companies accused of corruption and collusion generating $300 million in revenues
- Cap Hydro rate increases to the rate of inflation (2.2%)
Quebec Solidaire
- Stop oil extraction on Anticosti Island and end funding for Port-Daniel Cement Plant
- Lower daycare costs
- Create 50,000 social housing units over 5 years
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