And didn't the Department of Finance state categorically that if spending continues under the current circumstances that Canada had, at most, 1 to 2 years before the economy collapses? That's a government department that stated that. But we all know, of course, that Trudeau isn't too concerned about fiscal issues - he said so!!
John Ivison: How Trudeau wasted a chance to spark Canadian economic growth during the pandemic — National PostThe Liberal government is more focused on redistributing the existing economic pie than generating the wealth needed to ensure future prosperityapple.news
In his victory speech, Trudeau said millions of Canadians chose “a progressive plan” that focused on the end of the pandemic, climate action, $10-a-day childcare, affordable housing and reconciliation. He basked in “the warmth of a new dawn.” But he did not touch on how his government plans to ensure the next generation enjoys the kind of standard of living previous generations have taken for granted. The plan seems to be to paper over the cracks by increasing immigration targets to 400,000 new permanent residents a year.
Ottawa positioned its 2021 budget, and its $100 billion in new spending, as “a recovery plan for jobs, growth and resilience.” Yet informed observers like former Bank of Canada governor David Dodge said “being generous, very generous, only 20-25 per cent was for growth, the rest was to boost personal and government consumption.”
The Liberal calculation appears to be that voters don’t care about economic growth.
But what we are really talking about is prosperity – and the prospect that it is imperilled.
Notice it's all been under Liberal Rule?GOLDSTEIN: Economic freedom in Canada on the decline, report says
Author of the article:Lorrie Goldstein
Publishing date:Sep 14, 2021 • 19 hours ago • 3 minute read • 26 Comments
Stacks of Canadian currency. PHOTO BY ISTOCK /Getty Images
Stacks of Canadian currency. PHOTO BY ISTOCK /Getty Images PHOTO BY ISTOCK /GETTY IMAGES
Canada has dropped out of the top 10 of the most economically free countries in the world, according to a study by the Fraser Institute released Tuesday.
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Canada now ranks in 14th place out of 165 countries assessed in the annual survey, part of a continuing downward trend since 2016, says the report, Economic Freedom of the World, 2021, by the fiscally conservative think tank.
“Due to higher taxes and increased regulation in Ottawa and the provinces, Canadians are less economically free, which means slower economic growth and less investment in Canada,” said study co-author Fred McMahon.
“Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives.”
The annual report is produced by the Fraser Institute, in co-operation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 100 countries and territories.
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Based on 2019 data — before the impact of the global COVID-19 pandemic hit — the study, which assessed government regulation, freedom to trade internationally, size of government, property rights, government spending, and taxation, concluded Hong Kong is the most economically free jurisdiction in the world.
However, it cautions that because of China’s crackdown on democratic and economic freedom in Hong Kong beginning in 2020, it will likely have lower rankings in future years.
In descending order after Hong Kong, Singapore, New Zealand, Switzerland, Georgia, the U.S., Ireland, Lithuania, Australia and Denmark round out the top 10 most economically free jurisdictions in the world.
They are followed by Mauritius in 11th place, the U.K. in 12th, Estonia in 13th and Canada in 14th.
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Last year, Canada was initially ranked in 8th place in the survey, although data revisions later lowered it to 13th place, one position higher than its 14th place ranking this year.
Among G7 nations, Canada in 14th place is ranked lower than the U.S. (sixth place) and the U.K. (12th), but higher than Japan (18th), Germany (22nd), Italy (47th) and France (53rd).
Russia is ranked in 100th place, India 108th, Brazil in 109th, and China in 116th.
The 10 least economically free countries, in descending order according to the study, are: Central African Republic, Democratic Republic of Congo, Syria, Republic of Congo, Iran, Zimbabwe, Algeria, Libya, Sudan, and, lastly, Venezuela, judged in 165th place out of 165 countries studied.
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The study says that people living in countries with a high degree of economic freedom enjoy greater prosperity, more political and civil liberties, and longer lives.
“Countries in the top quartile of economic freedom had an average per capita Gross Domestic Product of US$50,619 in 2019 compared to US$5,911 for bottom quartile countries,” the study says.
“Poverty rates are also lower. In the top quartile, 0.9% of the population experienced extreme poverty (US$1.90 per day), compared to 34.1% in the lowest quartile.
“The average income of the poorest 10% was US$14,400, in the top quartile, compared to US$1,549 in the bottom quartile … the average income of the poorest 10% in the most economically free nations is more than twice the average per-capita income in the least free nations.”
A pile of Canadian $100, $50, and $20 bills.
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An empty school classroom.
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Finally, the average life expectancy is 81.1 years in the top quartile of countries compared to 65.9 years in the bottom quartile.
While Canada’s ranking on economic freedom has fallen in recent years, the study concludes that globally, economic freedom is gradually increasing.
Businesses can't continue to absorb the price increases because they'll go out of business.Consumers, shopkeepers feel the pinch as inflation hits 4.1%
Shop-owners and shoppers say the prices are taking a bite out of business and budgets
Author of the article:Scott Laurie
Publishing date:Sep 15, 2021 • 6 hours ago • 2 minute read • 5 Comments
Mario Aricci, owner of Ponesse Foods, is pictured at St. Lawrence Market on Sept. 15, 2021.
Mario Aricci, owner of Ponesse Foods, is pictured at St. Lawrence Market on Sept. 15, 2021. PHOTO BY ERNEST DOROSZUK /Toronto Sun
If they’ve noticed two things at St. Lawrence Market over the course of the pandemic, it’s that crowds are thinner and prices are much higher.
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“Prices have gone up considerably, but we have no choice but to keep going,” said Mario Aricci, owner of Ponesse Foods, which specializes in fresh produce.
“We have to swallow your pride. Take less money to keep the business going.”
With inflation surging to 4.1% — an 18-year high in August — Aricci said he cannot remember being so squeezed as a merchant while trying to supply his shop while keeping customers happy.
“We need to kind of suck up the profits. It’s a matter of survival,” said Aricci, who has been operating his shop for 36 years.
Passing along all price hikes, he added, would be damaging to his business.
“That’s easier said than done because the marketplace is so competitive. If you overprice your product, you will lose market share.”
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George Vasiliades has managed the St. Lawrence Fish Market for 20 years.
“On certain items, prices have just gone through the roof,” he said.
Things have become so bad, he said, some products are no longer worth carrying because he cannot recover the cost of supplying them.
“We used to sell jumbo scallops. Now our costs on most jumbo scallops would be about 25% more than what we were selling it for.”
“I’ve noticed prices are considerably higher,” added Ken Watson, who was out shopping for cheese and potatoes.
“Over the last year, it’s been gradual. But what we have seen over the last year is that prices have not only gone up, but the quantities have gone down.”
In a research note, Canada Needs to Tackle Inflation, Derek Holt, Scotiabank vice president and head of capital markets economics, wrote: “Prime responsibility for managing inflation rests with the Bank of Canada, but that doesn’t mean that the broader public policy mixture doesn’t matter.
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“The continued heavy spending that is the basis of every political party’s platform suggests that Canada is not taking inflation risk very seriously,” he added.
Prime Minister Justin Trudeau speaks at an election campaign stop in Brampton on Tuesday, Sept. 14, 2021.
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A Canadian dollar coin, commonly known as the
Inflation hits 18-year-high with election just days away
Shop owners say seriously tight supplies have forced their hands on prices.
“Some customers understand. Some consumers just assume that we did it,” Vasiliades said.
As for changing shopping behaviour due to the current sticker-shock, Watson said: “We may as well face it, it is not going to change. It is going to get worse. The prices aren’t going to go down.”
Remember when Trudeau promised to balance the budget?
Just six years ago at the start of the 2015 federal election campaign that brought him to power, Trudeau said he was firmly in favour of balanced budgets.Today, let’s trace Justin Trudeau’s conversion from advocating balanced budgets when he was Liberal leader, to abandoning that belief as prime minister. To be fair, we’ll look at two distinct periods — before and after the start of the COVID-19 pandemic in 2020. Just six years ago at the start...apple.news
“Our platform will be fully costed, fiscally responsible and a balanced budget,” he said in April 2015. “I’ve committed to continuing to run balanced budgets … Liberals balance budgets. That’s what history has shown,” he repeated in July 2015.
During the leaders’ debate on Aug. 5, 2015, Trudeau hammered then prime minister Stephen Harper, arguing he turned the Jean Chretien/Paul Martin Liberal budget surpluses into deficits.
(Harper passed on the keys to the PM’s private washroom along with a balanced budget in 2015 after getting Canada through the 2008-2009 global shitstorm)
But just three weeks later, on Aug. 25, Trudeau made an astounding flip flop, saying a Liberal government would run three years of “modest deficits” followed by a balanced budget in 2019.
Trudeau, looking earnestly into the camera during the Sept. 17, 2015 leaders’ debate on the economy said: “I am looking straight at Canadians and being honest the way I always have. We will balance that budget in 2019.”
After the election, in December 2015 Trudeau, now prime minister, again assured Canadians his promise to return the budget to balance in 2019 was “very” cast in stone.
During the 2015 election campaign Trudeau said that under his leadership Canada would have a $9.9 billion deficit in 2016, $9.5 billion in 2017, $5.7 billion in 2018, and a balanced budget with a $1 billion surplus in 2019.
Trudeau’s actual record was a $19 billion deficit in 2016, another $19 billion deficit in 2017, a $14 billion deficit in 2018 and a $26.6 billion deficit in 2019, with no end of deficits in sight.
Then COVID hit….the rest at the above link.
If Canada attends a world summit these days, does anyone notice? Well, in Rome they only noticed that Canada was there for the G20 because Justin Trudeau and his British counterpart Boris Johnson showed up late for the family photo. Trudeau is on a week-long jaunt through Europe with an official...apple.news
Trudeau is on a week-long jaunt through Europe with an official visit to the Netherlands, a G20 meeting in Rome, and then off to attend the UN climate conference that starts Monday in Glasgow, Scotland.
For the international media, and for other world leaders attending the G20, it’s as if Canada wasn’t even there. Ahead of this week’s international foray, Trudeau and his cabinet tried to spread the message that as a country, Canada punches above its weight. That’s something that may have been true in the past but isn’t now.
Well, in Rome they only noticed that Canada was there for the G20 because Justin Trudeau and his British counterpart Boris Johnson showed up late for the family photo.
Unlike predecessors such as Jean Chretien, Brian Mulroney, Stephen Harper or even his father Pierre Trudeau, the views of Trudeau the younger are not in high demand.
Trudeau has three former prime ministers with significant international political experience – Mulroney, Chretien and Harper – all of whom, if asked, would do what they could to help their country. But Trudeau doesn’t ask, he doesn’t seek advice, just like other world leaders don’t seek his advice.
Mulroney led on acid rain, free trade and apartheid. Chretien led on UN peacekeeping, on bringing peace to the former Yugoslavia and in expanding Canada’s international trade. Harper led on the 2009 economic recovery when he, alongside Jim Flaherty and Mark Carney, headed up international committees on economic recovery, he led on the pushback after Russia invaded Crimea, and dramatically expanded the number of free trade agreements Canada signed onto.
Trudeau has led on nothing (Selfies? Vacation Days? Stylish Socks? Apologies?Wokeness?) beyond fawning over stories in foreign media outlets, which have now dried up.