{"id":126484,"date":"2025-09-07T11:57:25","date_gmt":"2025-09-07T11:57:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/126484\/"},"modified":"2025-09-07T11:57:25","modified_gmt":"2025-09-07T11:57:25","slug":"canada-must-reinvent-economy-like-it-did-in-1945-finance-minister-says-national","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/126484\/","title":{"rendered":"Canada must \u2018reinvent\u2019 economy like it did in 1945, finance minister says – National"},"content":{"rendered":"

The time has come for Canada to reinvent its economy like it did in 1945, Finance Minister Francois-Phillipe Champagne<\/a> said on Thursday.<\/p>\n

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\u201cI often make an analogy between 2025 and 1945. In 1945, Canada reinvented itself, and I think this is one of those moments,\u201d Champagne said, referring to the post-war industrial and construction boom in Canada.<\/p>\n

\u201cIt\u2019s a moment when we have to reinvent the Canadian economy,\u201d Champagne said, speaking to reporters at the Liberal cabinet retreat<\/a> in the Greater Toronto Area.<\/p>\n

The urging comes as Canada continues to navigate the trade war launched by U.S. President Donald Trump earlier this year, which imposed significant tariffs on Canada and multiple specific sectors.<\/p>\n

In response, Prime Minister Mark Carney ran an election campaign urging Canadians to keep their \u201celbows up,\u201d vowing he had a plan to pivot the Canadian economy away from closer ties with the U.S.<\/p>\n

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\u201cWe have done it before. Look at 1945, Canada turned completely to be this great industrial nation. We\u2019re going to build on that. We\u2019re going to look at new technology (such as) AI,\u201d he said.<\/p>\n

He added, however, that Canada\u2019s public sector could see job cuts as the government tightens spending.<\/p>\n

\u201cThere will be adjustment in different places,\u201d Champagne said when asked if the government\u2019s efforts to curb spending will lead to layoffs in the public sector.<\/p>\n

\u201cWe\u2019ve been adding a lot of people over the last few years, during the COVID period.\u201d<\/p>\n

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Champagne said the government\u2019s efforts will be focused on \u201cusing technology, delivering better services, making sure that Canadians find value for money.\u201d<\/p>\n

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He echoed Carney\u2019s statement from Wednesday calling for the federal budget to \u201crein in spending.\u201d<\/p>\n

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\u201cCanadians have been tightening their belt for quite some time. Times have been challenging for many families across the nation. So, it\u2019s only normal that from a government perspective we do the same,\u201d he said.<\/p>\n

Champagne said the budget will balance cuts with making big investments in major projects.<\/p>\n

\u201cWe\u2019ll present a budget where you\u2019ll look at operational expenses (going down). But on the other end, you\u2019ll look at capital expenses, that\u2019s where you invest in the future. That\u2019s where you make the country more resilient, and that\u2019s where you grow the economy,\u201d he said.<\/p>\n

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Champagne was also asked if he was comfortable with the invitation that had been extended by the Prime Minister\u2019s Office to have Heritage Foundation president Kevin Roberts \u2014 a key ally of Trump who was associated with the controversial Project 2025<\/a> \u2014 attend the Liberal retreat.<\/p>\n

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Roberts was invited to the cabinet retreat to lead a crash course on understanding Trump\u2019s economic ambitions but cancelled on Thursday.<\/p>\n

\u201cWe invite different guests to come to our event. We want to hear different perspectives,\u201d Champagne told reporters.<\/p>\n

Carney and his cabinet ministers met for the second day of their two-day retreat in Toronto on Thursday ahead of Parliament\u2019s return<\/a>\u00a0on Sept. 15.<\/p>\n

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Speaking to reporters Wednesday, Carney said the government would focus on reducing its operational budget<\/a>, which is the day-to-day costs involved in running the government.<\/p>\n

\u201cThe federal government has been growing spending as a whole at over seven per cent a year on average for over a decade. That\u2019s twice the rate of growth of the economy on average. It\u2019s not a sustainable situation. We need to rein in spending,\u201d Carney told reporters in Toronto.<\/p>\n

Conservative Leader Pierre Poilievre said Carney had not shown any indication that he would be able to bring the deficit down.<\/p>\n

\u201cMark Carney is not a change. He\u2019s worse. We need to cut consultants, bureaucracy, corporate welfare, foreign aid, handouts to fraudulent refugees and other wasted money. We need to bring down the cost of government to bring down the cost of living with lower taxes, inflation and debt,\u201d Poilievre said in a statement to Global News.<\/p>\n

In a statement, Carney\u2019s office referred to the retreat as a \u201cCabinet Planning Forum\u201d and added that it would be \u201cfocused on building a stronger economy.\u201d<\/p>\n

The retreat and the return of Parliament come as Carney is ramping up plans for building more homes through a new government agency and also getting the new office for major national projects running.<\/p>\n

\n\t\t&copy 2025 Global News, a division of Corus Entertainment Inc.\t<\/p>\n","protected":false},"excerpt":{"rendered":"The time has come for Canada to reinvent its economy like it did in 1945, Finance Minister Francois-Phillipe…\n","protected":false},"author":2,"featured_media":126485,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,8334,46,69555,69556,714],"class_list":{"0":"post-126484","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-donald-trump-tariffs","12":"tag-economy","13":"tag-francois-phillipe-champagne","14":"tag-liberal-cabinet-retreat","15":"tag-politics"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/126484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=126484"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/126484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/126485"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=126484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=126484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=126484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}