This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Manufacturing Supports A Step Forward, But Full National Strategy Needed, CAW Urges

TORONTO, March 21, 2013 /CNW/ - Billions in new federal supports for Canadian industry is a partial, but important, step forward in assisting the country's embattled manufacturing sector, said CAW President Ken Lewenza, in response to Finance Minister Jim Flaherty's budget released today.

In his budget, Minister Flaherty outlined the federal government's allocation of over $3 billion, to fund strategic developments in Canada's aerospace and forestry sectors, as well as keeping up with incentives to encourage re-investment in machinery (through capital cost write-downs) and advanced manufacturing.

"The future of Canadian prosperity is tied to a vibrant manufacturing sector," Lewenza said. "These funding announcements are crucial, but they also have to be tied to a full-fledged national manufacturing strategy to be effective. We have to get our factories retooled and our hard-hit communities back to work."

Lewenza said a comprehensive, national manufacturing strategy would consider the re-investment of public funds back into Canadian industry, through a targeted public procurement strategy that would include everything from transportation vehicles and equipment to new technologies. A sector strategy would also include increasing manufacturing content in Canadian resource development projects, as well as steps to address Canada's growing trade imbalance in manufactured goods, by tackling the over-valued dollar and lopsided trade agreements.

"Over half a million manufacturing jobs have been wiped out over the past six years, and that coincides with our skyrocketing trade deficit that topped $100 billion in 2012," Lewenza said. "The federal government has to unite with other stakeholders, including the provinces, business and labour to address these deep-seated, structural challenges, or this critical sector simply can't survive."

Lewenza also criticized the government for its refusal to undo the damaging reforms levied on Canada's unemployment insurance program, as well as Old Age Security. Lewenza also said the recycled job grant funding, much of which will likely be siphoned off to fly-by-night, private training consultants, is not an adequate national skills strategy.

"We need a more thorough, and measured approach to start tackling unemployment in this country and the steady growth of insecure jobs - especially for young people."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs