Statement made on 18 November 2009 by Senator Jerahmiel Grafstein (retired)
Hon. Jerahmiel S. Grafstein:
Honourable senators, my question is for the Leader of the Government in the Senate. I want to return to the subject I have been raising in the Senate since our return in September, namely, the disconnect between the financial market recovery — the real economy's recovery — and the jobless recovery. There is growing evidence that the thesis is correct, that there is a disconnect between the two economies, and Toronto is in the lead of suffering from this disconnect. In the November 13 National Post, on page A15, there is an article, entitled, "Joblessness dragging down city: experts."
In the article, it indicates that joblessness in every category save for one, is dragging down the city. The only categories that are different are autos and housing, and housing is artificially inflated, according to experts, because of low mortgage interest rates. I am not quibbling with that; it is at least one good thing that may be happening.
Having said that, it appears to me and other economic experts that the stimulus package, which we all hoped would work, is not working. The Economic Action Plan is not cutting it when it comes to creating jobs. If there are jobs, they are temporary or part-time jobs and not full-time jobs. The evidence is now overwhelming that this is the case.
Can the Leader of the Government in the Senate indicate, assuming for the moment that she takes the thesis that the stimulus package is not working, what plan B is in case it does not work? We are running out of money.
Please click here to read the full text of the Senator's question