Ministry of Finance Budget Consultation You have been asked to join a committee to advise the Minister of Finance on the federal budget for the upcoming year. You will prepare a report using the structure outlined below. You may present your report in written form, or oral or video recording. Part 1 Gather data related to economic accounts (GDP, Inflation, Unemployment). Assess which phase of the business cycle Canada is currently in based on trends over the past 12-36 months. Write a paragraph to justify your assessment of where the Canadian economy is in the business cycle with reference to specific, credible data (properly cited). Part 2 In a paragraph of approximately 200 words, outline your opinion as to the role of government in the economy. You should discuss the role of government in providing public services, as well as the role of crown corporations. You may wish to review your work in Unit 1 Activities 2 and 3 regarding economic systems and Unit 2 which looked at the role of government in solving social and economic problems. Do you believe the government should privatize more services, or should there be more regulation? While you will be providing your opinion based on examples and facts you will write in the third person. Do not use “I”, “you”, “we”, etc. Part 3 Specific Budget Recommendations You will select three specific taxing proposals and three specific spending proposals (examples may include things like cutting personal income taxes, or spending on post-secondary institutions). Tax Proposal Target Group (C, I, G, X/ M) Rationale Budget Implications (Will this tend to lead to a deficit? …or surplus?) Spending Proposal Target Group (C, I, G, X/ M) Rationale Budget Implications (e.g., deficit or surplus?) Part 4 Summary Statement In a paragraph of 250-400 words you will summarize steps 1-3. Discuss the following: Your assessment of the economic state (phase of the business cycle) and where you feel the economy is moving. (3-4 sentences) The role you feel the governments should play in the economy. Should they be heavily, moderately, or minimally involved? (3-4 sentences) Summarize the key areas of taxing and spending and how they will stimulate (expansionary) or cool (contractionary) the economy to match the phase of the business cycle you identified. Also include how these items will work together to affect the specific stakeholders in the economy (C,I,G,X, or M) that you feel need to be addressed. Mention any monetary policy recommendations you have for the Governor of the Bank of Canada and how they would complement the fiscal measures you recommended. (3-4 sentences) Explain whether your recommendations will lead to a deficit, surplus, or balanced budget and defend this result in relation to the phase of the business cycle you have identified. (3-4 sentences) Apply the economic thinking concept of economic significance plus one other economic thinking concept of your choice. (This will be the longest part of this section.) *Although you are providing your opinion/ advice, you are not to use first person. Do not use “I”, “you”, etc. Checklist Items I have provided specific credible data to assess the current economic situation (with sources cited). I have provided a rationale for the role of government in the economy. I have proposed three specific taxing and three specific spending recommendations that show an understanding of the current economic climate. I have proposed suggestions for the Governor of the Bank of Canada to complement my fiscal measures. I have explained how my suggestions will lead to more deficit, or surplus. I have clearly communicated my ideas using economic terminoloagngy and accepted conventions of language.
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