worst economy

Canada's Economy Will Be The Worst Performing Of All Industrialized Nations

sunny ways          Virtually all organizations that measure and report on the world's economies rate Canada's performance as poor. The Organization of Economic Co-operation and Development (OECD) places Canada dead last out of all advanced countries in expected economic performance in the coming years. According to the Fraser Institute countries such as Estonia, South Korea, New Zealand, Slovenia and Turkey are expected to have higher living standards than Canada by 2060. And it has been going downhill for years. It found that over the last decade growth in per-person GDP, a broad measure of income, is at its lowest level since the 1930s and the Great Depression. Canadian incomes have fallen against American incomes since Trudeau took power. In 2016 average per-person incomes in Canada were 82% of the U.S. At the end of 2022 the incomes in Canada were 76% of U.S. levels. The Bank of Canada has said that Canada's labour productivity, which measures how much an economy produces per hour of work, is the worst performing of all the G7 industrialized nations except Italy. In 1984, the Canadian economy was producing 88% of the value generated by the U.S. economy per hour. By 2022, Canadian productivity had fallen to just 71% of that of the United States.

screwed economyDiane Francis in the Financial Post has done a comparison between the economies of Canada and Australia, two countries with similar backgrounds and cultures. The average income in Australia is US$60,840 while in Canada it is US$52,960. Australia's unemployment rate is 3.7 per cent compared to 5.2 per cent in Canada. The comparison between the health care systems is equally as dismal. Australia has 3.84 hospital beds and 4.1 physicians per 1,000 inhabitants. Canada has 2.52 hospital beds and 2.46 physicians per 1,000. Australia's central government debt is 38.63 percent of GDP (Gross Domestic Product) while Canada's federal debt is 49.83 per cent. With a population of 27 million, Australia admitted 80,000 immigrants in 2023. Canada with a population of 40 million had 471,770. Former Bank of Canada governor Stephen Poloz said at a conference in Banff, Alberta that Canada is a chronic underachiever because of poor political decisions and its failure to address unresolved issues.

          The International Monetary Fund (IMF) reports that high interest rates, record levels of household debt, and subdued global economic growth will take a toll on consumer spending, business profits and exports. Prosperity on a per-person basis has been stagnant since the mid-2010s. They urged Ottawa to adopt a quantitative fiscal framework that includes an explicit debt anchor and embodies a stronger commitment to spending discipline than the Trudeau government has exhibited to-date. Despite the denials of federal government officials, the fact that Canada spent about twice per capita what other comparable countries did during the Covid pandemic is finally being acknowledged by the Bank of Canada and other economists as a mistake that has left Canada with more debt than necessary and a tougher economic recovery.

Trudeau and MoneyMassive expansion of the federal workforce by 100,000, or 40%, during Trudeau's time in office means that payments for salaries, bonuses and pensions went from $40 billion in 2015 to $67 billion now. There are now 4.1 million federal employees, more than 10% of the population of the whole country. The settlement of the civil service strike in 2023 will cost $1.3 billion per year largely paid for by everyone else, most of whom don't enjoy the benefits and perks of government employees. Federal government executives were paid $1.3 billion in bonuses between 2015 and 2022 even though many of the performance targets, which the bonuses are supposedly based on, were not met. Lower level employees were also paid bonuses totaling millions of dollars. The annual cost to taxpayers for these bonuses increased by 46% since 2015 when Justin's reign began. According to the Canadian Taxpayers Federation, over 110,000 federal public servants, or one-third of the federal workforce made in excess of $100,000 in 2023 - over 50 per cent more than the average Canadian makes. This, of course, all has to be paid by tax dollars.  

          The demonization of the oil and gas industry by Justin Trudeau and his fanatical Environment Minister Steven Guilbeault is a large factor in the downfall of the Canadian economy. Punishing and useless carbon taxes do nothing other than increase the cost of everything. Despite countries around the world asking Canada for Oil Gasits natural gas to replace coal and other dirtier fossil fuels, Trudeau has rejected their appeals and has discouraged liquefied natural gas (LNG) projects in the country. Hundreds of billions of investment dollars and billions of revenue dollars have been lost and are continuing to be given up as a result of the anti-energy ideology. Coal will continue to be used or replaced by natural gas supplies from other countries. The Energy East pipeline to bring oil from Alberta to Eastern Canada, to replace oil imports from Saudi Arabia and the U.S., was killed with obstructive government regulations. Other measures of new rules for energy efficiency of plants and buildings, government subsidies, and the phase out of gas and diesel cars will end up costing Canadians more billions. The Liberal Net Zero Carbon by 2050 plan is estimated to cost $4.5 trillion or $400,000 for every family if it is even achievable. Any reduction in the 1.5% that Canada adds to the world's carbon would be inconsequential according to the experts. See the full report on the anti-carbon obsession here - Carbon  

          The Liberal government is pumping hundreds of millions of dollars, at last count $800 million annually, into organizations that promote reverse discrimination known as Diversity, Inclusion and Equity (DIE). This includes setting hiring quotas for minorities, preventing anyone other than minorities from applying for jobs or the support of woke activists. The government spent $60 million on the ArriveCan app used to control the travel of Canadians during the Covid panic when it should have cost $80,000. Although the CBC receives $1.4 billion per year in federal funding, the CBC president complained that this amount is too low while handing out $15 million in bonuses. The national debt is now over $1.2 trillion, double what it was when Trudeau came to power. The interest paid on this debt is now $54 billion per year, more than is spent on health care, and is projected to be $64 billion in five years. The apple doesn’t fall far from the tree. The debt from overspending by the Pierre Trudeau Liberals in the 1970s and 1980s took 20 years for the country to dig itself out of. Federal debt is now at $1.4 trillion with interest of $54 billion annually and due to rise to $64 billion per year within five years. See the details of our federal debt here - National Debt