Year-end Review of Canada's EconomyPublished on December 31, 2018
Justin Trudeau and Bill Morneau would have you believe that Canada’s economy is in great shape and that their plan to grow the economy is working, but nothing could be further from the truth. The Fraser Institute recently disseminated some troubling facts:
Foreign investment in Canada is down 55% while Canadian investment in other countries is up 74%. Investment is a necessary component of economic prosperity. More investment creates better paying jobs for Canadians, and increased revenue for the government. Last year foreigners, and Canadians alike chose not to invest in Canada: here’s why.
The average Canadian family has to part with 43% of their earnings to government, which is more than what an average family pays for housing, food, and clothing. And seven out of ten provinces have a top combined federal-provincial personal income tax rate above 50%.
Canadians are already an overtaxed society, but Justin Trudeau wants you to pay even more. For many families, his carbon tax could make the difference between just barely getting by or defaulting on a mortgage payment.
Individual tax payers are not the only casualty of Justin Trudeau’s warped economic vision. Canada’s energy sector, and Alberta’s oil industry in particular have been savaged, largely due to policies championed by Trudeau.
As Andrew Scheer astutely points out: “the sad thing isn’t that Justin Trudeau’s plan for the energy industry isn’t working…it’s that his plan to phase it out IS working.” The Liberal’s Bill C-69 makes it nearly impossible to build national level projects, particularly pipelines. Justin Trudeau has single headedly put Canada’s West out of business and is costing our economy $80 million per day.
Most puzzling of all is the rapidly increasing deficit. During the last federal election Justin Trudeau promised to run “modest deficits” and balance the budget by 2019, arguing that the budget would “balance itself.” That didn’t happen.
Instead, he’s racked up over $19 billion worth of deficits, and the Department of Finance projects that the budget won’t be balanced for another 20 years!
If the economy really is as great as Justin Trudeau says it is, why can’t he get the deficit under control?
What would we do differently? Make Canada’s economy more competitive. Lower your taxes, scrap the carbon tax, repeal Bill C-69, and use constitutional powers to get pipelines built for starters.