We need to be ready for economic recovery

Nova Scotia is a province of traders and exporters. That's why the reality or possibility of job losses are a grave concern for you and many others when our closest friend and major trading partner is suffering the worst economic crisis since the great depression.
Nova Scotians expect their premier and government to make wise choices, particularly in times like these. One very wise choice would be to bring forward a provincial budget, on time, before the end of March. Another is to focus on the steps required for Nova Scotia to be ready when the economic recovery begins.
The current economic crisis may present as many opportunities as challenges - such as the opportunity to make Nova Scotia a more important centre for IT, including data storage.
However, it is equally important to adopt an entrepreneurial approach to our existing businesses, and to support them if they want to expand or upgrade job opportunities right here.
There are 40,000 manufacturing jobs in this province. These industries - from fish processing to tire making to high-tech, low-energy use lighting - are the economic foundation of our smaller urban centres.
Nova Scotians have shown that we can be the best in the world, at attracting investment and turning out high- quality products, thanks to the skill and talent of local managers and workers.
When I recently toured the Michelin plant in Bridgewater, and heard first hand how that plant has led the world in product development, I saw first hand yet another example of the excellence that wins investment, wins contracts, and sustains our economy over the long haul.
High income taxes
But businesses tell me that a challenge they face in Nova Scotia is high taxes - the highest in Canada, by most comparisons. For example, manufacturers in Nova Scotia pay income taxes that are 60 per cent higher than in Saskatchewan. That makes it tougher for Nova Scotia to compete, especially in a global economic crisis.
An NDP government would introduce a 10 per cent Nova Scotia manufacturing and processing tax credit. The credit would be 75 per cent refundable, because a downturn is often the best time to invest - and a refundable credit is the most effective way to support private-sector decisions.
Such a credit rewards companies for improving their productivity and protecting jobs. The province's total investment from the first year would be between $20 million and $25 million, drawn from capital investment funds that exceed $500 million this year alone.
There is no one silver bullet that will sustain our economy and help Nova Scotians be ready for recovery. In addition to the manufacturing tax credit, Nova Scotia can take advantage of the almost
$1 billion research dollars that have been invested here in recent years, and foster more jobs based on innovation.
I have also urged further changes in Employment Insurance to much more effectively sustain the Canadian economy during this downturn, and meet Nova Scotia's training goals. Federal infrastructure investments should be made where the need is greatest, without the red tape and unrealistic requirements that delay an already cumbersome effort. And if we make Nova Scotia a learning province, with people who are job-ready, that can be our unique competitive advantage.
There is much to be done. Together we can ensure that Nova Scotia not only survives, but that it thrives, as a great place for you and your family.
weeklydartmouth@hfxnews.ca