The Canadian Centre for Policy Alternatives released today their annual Alternative Federal Budget (AFB). The budget includes many recommendations for investments related to community economic development initiatives, including: a national communities roundtable, a neighbourhood revitalization fund; social and environmental value weighting and community benefit agreements as part of government purchasing and decision-making; affordable housing; the reduction of income inequality; and sound environmental stewardship.
The AFB, now in its 20th year, brings together leading Canadian economists and sectoral experts to produce a progressive economic plan with the means to pay for it. The Alternative Federal Budget would lift 893,000 Canadians out of poverty, reduce income inequality, boost economic growth, and create or sustain 300,000 jobs a year, bringing Canada’s employment rate back to its pre-recession level.
Under the AFB:
- The poverty rate for seniors would drop by 43% and child poverty would be reduced by 25%.
- The bottom 70% of Canadian families would see a net benefit from the AFB’s program spending, tax and transfer measures.
- Canada’s personal and corporate tax system would be reformed to restore fairness and progressivity.
- Small federal deficits would be created as a necessary means for achieving sustained economic growth, particularly next year, without affecting the federal debt-to-GDP ratio.
Visit policyalternatives.ca/afb2015 for the full budget document, a budget-in-brief, and infographics.