On April 3, NDP leader Jagmeet Singh announced a policy commitment designed to rebuild critical infrastructure and protect workers and their families from bearing the cost of Donald Trump’s reckless trade war.
The proposal is to reintroduce Victory Bonds, which were first used by the Canadian government to raise funds to support the war effort in 1915, when one hundred million dollars’ worth of bonds were issued by the government and purchased by citizens and corporations. These bonds raised billions of dollars for the war effort, and CUPE supports the proposal to bring back Victory Bonds to help us fight the ongoing trade war.
Similar to the bonds of the World War I era, the NDP proposal would see bonds issued in 5- or 10-year terms, paying a compounding interest rate of 3.5%. The revenue from the bonds – estimated to be around $900 million annually – will be entirely dedicated to public infrastructure like roads, bridges, transit, ports, housing, and water systems.
Our essential public services are in dire need of sustainable investment, and the proposed Victory Bonds are a vehicle to raise public funds for infrastructure, which CUPE supports.
While other parties continue their longstanding calls for privatizing or selling off our essential infrastructure, thereby compromising public safety and sovereignty, the Victory Bonds proposal would lead to direct investment, and keep our public services in public hands.
This is more important than ever as we continue to navigate the threats posed by Donald Trump and his administration, whose irresponsible tariffs are wreaking havoc on the global economy. The US administration is also threatening Canadian sovereignty over water and other natural resources, ignoring or entirely abandoning agreements that were bilaterally negotiated. It is time for Canada and Canadians to invest properly in building and strengthening our public infrastructure, and Victory Bonds are a way to achieve this.