Canada's Economy Will
Be The Worst Performing Of All Industrialized Nations
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. It also found that the average Canadian family pays 43 per cent of its income on taxes compared to 35.6 per cent on basic necessities. 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.
Diane 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.
Massive
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, also coincidentally, $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. If the growth in the federal bureaucracy had matched Canada's population growth, there would be 69,000 fewer federal employees at a savings of $10 billion per year.
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 
its
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) or (DEI). This includes setting hiring quotas for minorities,
preventing anyone other than minorities from applying for jobs or financial support
for woke activists. There is also $25 million to support 2SLGBTQI+ entrepreneurship programs. Indigenous mental health, investigations of
residential schools, combating residential school denialism, and Indigenous
justice initiatives will receive $960 million in 2024 and 2025. This will all
total up to at least $800 million per year and will likely be much higher.
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 $14.9 million in bonuses in 2023 and $18.4 million in 2024. 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