The medical and scientific fight against this virus is crucial. And so are the livelihoods of every single Canadian, worker, and family. So the second foundation of the Government’s approach is supporting Canadians through this crisis. The economic impact of COVID-19 on Canadians has already been worse than the 2008 financial crisis. These consequences will not be short-lived. This is not the time for austerity. Canada entered this crisis in the best fiscal position of its peers. And the Government is using that fiscal firepower, on things like the Canada Emergency Response Benefit and the Canada Emergency Wage Subsidy, so that Canadians, businesses, and our entire economy have the support needed to weather the storm. Canadians should not have to choose between health and their job, just like Canadians should not have to take on debt that their government can better shoulder. CREATING JOBS People losing their jobs is perhaps the clearest consequence of the global economic shock that Canadians – like those in other countries – have faced. The CERB helped people stay healthy at home while being able to keep food on the table. The CEWS helped people keep their jobs, or be rehired if they had been laid off. But there is still more to be done. Unemployment is in the double digits, and underemployment is high. Women, racialized Canadians, and young people have borne the brunt of job losses. Canadians need good jobs they can rely on. To help make that happen, the Government will launch a campaign to create over one million jobs, restoring employment to previous levels. This will be done by using a range of tools, including direct investments in the social sector and infrastructure, immediate training to quickly skill up workers, and incentives for employers to hire and retain workers. One way the Government will create these jobs is by extending the Canada Emergency Wage Subsidy right through to next summer. The Government will work with businesses and labour to ensure the program meets the needs of the health and economic situation as it evolves. Another example of how the Government will create jobs is by significantly scaling up the Youth Employment and Skills Strategy, to provide more paid work experiences next year for young Canadians. Now, more than ever, Canadians must work together – including by eliminating remaining barriers between provinces to full, free internal trade – to get the economy back up and running and Canadians back to work. SUPPORTING WORKERS AND THEIR FAMILIES With the job losses that Canadians have faced, it became clear early on that many people would need help until they could find work once again. But existing income support systems were not designed to handle this unprecedented situation. That’s why the Government moved quickly to create the Canada Emergency Response Benefit as a temporary program to help millions of Canadians get through a very difficult time. With the economic restart now well underway, CERB recipients should instead be supported by the Employment Insurance system. For people who would not traditionally qualify for EI, the Government will create the transitional Canada Recovery Benefit. Over the coming months, the EI system will become the sole delivery mechanism for employment benefits, including for Canadians who did not qualify for EI before the pandemic. This pandemic has shown that Canada needs an EI system for the 21st century, including for the self-employed and those in the gig economy. WOMEN IN THE ECONOMY Women – and in particular low-income women – have been hit hardest by COVID-19. This crisis has been described as a She-cession. Many women have bravely served on the frontlines of this crisis, in our communities or by shouldering the burden of unpaid care work at home. We must not let the legacy of the pandemic be one of rolling back the clock on women’s participation in the workforce, nor one of backtracking on the social and political gains women and allies have fought so hard to secure. The Government will create an Action Plan for Women in the Economy to help more women get back into the workforce and to ensure a feminist, intersectional response to this pandemic and recovery. This Plan will be guided by a task force of experts whose diverse voices will power a whole of government approach. It has been nearly 50 years since the Royal Commission on the Status of Women outlined the necessity of child care services for women’s social and economic equality. We have long understood that Canada cannot succeed if half of the population is held back. Canadians need more accessible, affordable, inclusive, and high quality childcare. Recognizing the urgency of this challenge, the Government will make a significant, long-term, sustained investment to create a Canada-wide early learning and childcare system. The Government will build on previous investments, learn from the model that already exists in Quebec, and work with all provinces and territories to ensure that high-quality care is accessible to all. There is broad consensus from all parts of society, including business and labour leaders, that the time is now. The Government also remains committed to subsidizing before- and after-school program costs. With the way that this pandemic has affected parents and families, flexible care options for primary school children are more important than ever. The Government will also accelerate the Women’s Entrepreneurship Strategy, which has already helped women across Canada grow their businesses. SUPPORTING BUSINESSES As the Government invests in people, it will continue to support job-creating businesses. Small businesses are the lifeblood of communities and the backbone of the economy. The Government introduced a range of supports for Canadian businesses, from help with payroll through the Canada Emergency Wage Subsidy to assistance with expenses through interest-free loans. COVID-19 has caused businesses across the country, both large and small, to rethink their approaches. Entrepreneurs and owners are looking at more digital options, more creative solutions, and more climate-friendly investments. The Government will help businesses adapt for the future and thrive. This fall, in addition to extending the wage subsidy, the Government will take further steps to bridge vulnerable businesses to the other side of the pandemic by: • Expanding the Canada Emergency Business Account to help businesseswith fixed costs; • Improving the Business Credit Availability Program; • And introducing further support for industries that have been the hardest hit, including travel and tourism, hospitality, and cultural industries like the performing arts. FISCAL SUSTAINABILITY This COVID-19 emergency has had huge costs. But Canada would have had a deeper recession and a bigger long-term deficit if the Government had done less. With interest rates so low, central banks can only do so much to help. There is a global consensus that governments must do more. Government can do so while also locking in the low cost of borrowing for decades to come. This Government will preserve Canada’s fiscal advantage and continue to be guided by values of sustainability and prudence. There are two distinct needs. The first is to help Canadians in the short term, to do whatever it takes, using whatever fiscal firepower is needed to support people and businesses during the pandemic. The best way to keep the economy strong is to keep Canadians healthy. The second need is to build back better, with a sustainable approach for future generations. As the Government builds a plan for stimulus and recovery, this must be done responsibly. In the longer term, the Government will focus on targeted investments to strengthen the middle class, build resiliency, and generate growth. The Government will also identify additional ways to tax extreme wealth inequality, including by concluding work to limit the stock option deduction for wealthy individuals at large, established corporations, and addressing corporate tax avoidance by digital giants. Web giants are taking Canadians’ money while imposing their own priorities. Things must change, and will change. The Government will act to ensure their revenue is shared more fairly with our creators and media, and will also require them to contribute to the creation, production, and distribution of our stories, on screen, in lyrics, in music, and in writing. This fall, the Government will release an update to Canada’s COVID-19 Economic Response Plan. This will outline the Government’s economic and fiscal position, provide fiscal projections, and set out new measures to implement this Throne Speech. This update will make clear that the strength of the middle class, and the wellbeing of all Canadians, remain Canada’s key measures of success.