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Federal Finance Minister Bill Morneau and economist Jack Mintz debated Canada’s competitiveness for business investment in Wednesday’s FP Comment,. Morneau said Canada’s competitiveness is good, and showed a chart to support his view. Mintz said it is bad, and showed a chart to support his view.

Morneau is a former chair of the C.D. Howe Institute’s board of directors and Mintz is a former president of the institute, so perhaps it will help if the institute’s current president weighs in. And I say that Mintz is right. Canada’s relative investment performance is the worst on record. And growth-friendly tax changes are a key tool Morneau should use to improve the situation.

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tap here to see other videos from our team. Try refreshing your browser, or Sorry, Mr. Morneau, but there’s no denying that Canada’s competitiveness is dismal Back to video

The topic Morneau and Mintz were debating is critically important to Canada’s economic future. Capital spending by businesses turns saving into new buildings, machinery, information technology and intellectual property — the tools Canadian workers need to make the products that earn the incomes that support our quality of life. From country to country and from year to year, high rates of investment and high rates of economic growth run together, as do low rates of investment and low rates of economic growth. If we want Canadians to live better tomorrow — higher wages for workers, good returns on our saving and revenues for our public programs — we need robust investment today.