The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
With all the hullabaloo about the sub-prime mortgage meltdown in the United States, there is a danger that Canadians will pay even less attention to what is really important when it comes to the economy. CanadaÕs economy (and the U.S. economy) will weather the current sub-prime mortgage storm. But we may not do so well adjusting to the possible end of North American auto manufacturing in 20 years or the largest exodus of trained labour from the Canadian workforce in our history that will accompany the retirement of the baby boomers. It is these examples of fundamental economic restructuring that should drive public policy. Canada has many advantages, ranging from our rich natural resource base to our highly educated population and incredible quality of life. But these advantages are not the inevitable byproducts of life in Canada. There is, in fact, an entire world of competitors who wonÕt look twice as they pull ahead past Canada. Meanwhile, we remain preoccupied with day-to-day economic news when we should be taking the bold steps needed to reposition Canada in the global economy. We need to put more effort into things like making Canada the world leader in post-secondary education and ramping up our productivity so we leave our competitors in the dust. Yet we continue to struggle on some pretty basic levels. We are, for example, still wrestling with recognizing the foreign credentials and experience of immigrants. Our universities are well-positioned to become the best in the world, but we canÕt quite seem to bring ourselves to jump into this with both feet. We still have an employment insurance program that rewards people for staying where there are no jobs and we continue to stare at our health care system like it cannot be managed by mere mortals. There are many areas of the economy we should, address, but three top the list. First, we have to do better on the human capital front. The jobs of the future demand a population that is educated and creative. Second, we have to embrace the skills that immigrants bring to Canada and not lose years of productivity while they languish in red tape. Third, we have to continue to embrace an open global economy. Canada is a nation of traders and our future economic success will depend on our ability to adjust to and expand global trading patterns. This economic race is an endless marathon of 100-metre dashes, so itÕs important to focus on more than just the current sprint for the ribbon.
