Conservative MP Advocates for Economic Reforms to Address Canada's $500-Billion Capital Flight
Calgary MP Greg McLean, who chaired the Conservative Party's economic growth council, has publicly stated that the Liberal government is welcome to adopt their policy ideas once again. This comes amid growing concerns about the massive outflow of investment capital from Canada, which has exceeded $500 billion over the past decade.
A Call for Parliamentary Respect and Economic Action
In a recent interview, McLean emphasized the critical need for the Liberal government to respect Canada's parliamentary democracy. He described democracy as a three-legged stool comprising the judiciary, legislature, and executive, noting that the legislature's role has significantly diminished under current leadership.
"We'd like him to do well, but we'd also like him to respect that Canada is a democracy that has a legislature," McLean lamented regarding Prime Minister Justin Trudeau. "It isn't just an executive run—sit down and sign an edict and this is the way it's going to be. You have to move some of these laws, and changes in laws, through Parliament."
The Conservative Economic Growth Council's Mission
Last spring, Conservative Leader Pierre Poilievre appointed McLean to chair an economic growth council alongside MP Gaetan Malette and former MP Rick Perkins. Their mandate was clear: consult with business leaders nationwide and develop recommendations to stem the alarming flow of investment dollars leaving Canada.
The council's findings reveal a troubling trend: Canadian investment capital has been seeking better returns abroad, resulting in more than half a trillion dollars exiting the country's economy over the last ten years. This capital flight represents a significant challenge to Canada's economic stability and growth prospects.
Political Challenges and Bipartisan Hopes
McLean expressed concern about recent political developments, particularly referencing the floor-crossing of Michael Ma, which he described as "a shock to all of us." He had previously entrusted Ma with chairmanship of the Canada-Hong Kong parliamentary friendship group due to his strong representation in that area.
"I don't know what the quid pro quo on the floor crossings are," McLean mused. "But I don't think it's good for Canada at this point in time to have that process continue in the way that it did with Michael Ma."
Despite these political tensions, McLean remains optimistic about Conservative policy ideas presented at their recent party convention. He notes increasing public demand for less partisanship and more practical solutions to Canada's economic challenges.
A Willingness to Collaborate for Economic Recovery
McLean's message contains a notable olive branch: "When we're building the Canadian economy, we will be 100 per cent behind this government in getting things done." This statement reflects a broader Conservative willingness to support effective economic policies, regardless of which party implements them.
The Conservative economic proposals aim to address fundamental issues driving capital flight, including:
- Improving Canada's investment climate
- Creating more competitive returns for domestic investors
- Strengthening parliamentary oversight of economic policy
- Fostering collaboration between government and business leaders
As Parliament resumes amidst economic uncertainty, McLean's comments highlight both the challenges facing Canadian democracy and the potential for bipartisan cooperation on crucial economic matters. The $500-billion capital flight serves as a stark reminder of the urgent need for policy reforms that can restore investor confidence and keep Canadian wealth working within the national economy.
