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By A Smith (anonymous) | Posted August 09, 2011 at 15:12:12 in reply to Comment 67721
>> So once we're able to compete with developing countries it will be good for us?
A lower Canadian dollar makes EVERYTHING we sell, cheaper for other nations to buy. That includes steel, electronics, food, tourism, movie production, car/parts, aircraft, automation/robotics, and even consulting.
>> they'll be minimum wage slave labour jobs or we will simply not compete.
How many Ontario manufacturing jobs are minimum wage? I would argue that it is actually the service sector, which tends to be traded domestically, which pays lower wages.
By borrowing for things like LRT and higher welfare, we will help devalue our dollar, thus making it easier for our export sector to sell stuff. The result will be more exports and more export jobs.
In 2000, Ontario exports were 72% of GDP, today they're only 60.4%. In 2000, imports were 61.4% of GDP, today they are 66.1%. In 2000, our dollar was $0.67US, today it is around $1.02US.
Think of a lower Canadian dollar as an import tariff/export subsidy, except that it is perfectly legal to enact. Because the effect takes place through the foreign exchange market, it just looks like poor fiscal management, rather than what it really is, a way to increase the amount of higher paying, export jobs.
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