May 29 (Bloomberg) -- What does Ontario Progressive Conservative Leader Tim Hudak need to do to fulfill his campaign pledge of creating a million jobs in eight years? Not much, if history is any guide.
The Ontario economy, Canada’s largest, would add one million jobs in eight years if employment grows at the average pace of the past 20 years, according to figures from Statistics Canada.
The attached chart shows two other scenarios for employment growth in Canada’s most populous province. If employment increases at the same pace of the past four years, as the economy recovered from the global financial crisis, then one million jobs would be created in about 10 years.
If employment grows at the same pace as the past decade, a period that included the last recession, then it would take about 14 years to add one million jobs.
The scenarios, based on calculations using Statistics Canada data, extrapolate past employment growth rates without making any assumptions about policies or demographics.
Hudak, vying to oust Premier Kathleen Wynne’s Liberal Party government in the June 12 provincial election, has pledged to create a million jobs in eight years by lowering corporate and income taxes. Wynne has questioned his job numbers, saying they are “flat out wrong and ridiculous.”
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