When Justin Trudeau was elected in 2015, I predicted we would be screwed. I did not vote in that election because I believe this guy has no skin in the game, even though I have been a long-time Liberal voter and cynical of Conservative real minority views and their corporation fond. So I joked: " Justin, if Sophie lets you rent out the basement of 24 Sussex Drive to Paul Martin, we are sure of a better life for 4 years of your term." Then my joke was teased by some CFCers (See screenshot below)
Eight years flew by, What has happened in Canada under Justin Trudeau? According to the Fraser Institute in a July report, I summarized it only in economy-wise as follows:
1) “In 2016, average per-person incomes in Canada were 82 percent of U.S. levels (C$54,154 Vs C$65,792), an $11,600 difference per person. By the end of 2022, our per-person incomes had fallen to 76 percent of U.S. levels (C$55,863 vs. C$73,565). Put differently, Canadians are $17,700 per person poorer than Americans,” in 8 years under Trudeau.
2) “Average income per person in Canada (adjusted for inflation) was $56,183 at the end of 2019 before the COVID-19 pandemic, it was $55,677 in the first quarter of 2023. We’re poorer today than we were three-and-half years ago despite the avalanche of federal government spending and borrowing.”
3) MPs take their fourth pay raise since the onset of the COVID-19 pandemic, and As of April 1, they receive an annual salary $15,700 higher than they did pre-pandemic, while the prime minister will take home an extra $31,400.
4) No just pay raise for MPs, Trudeau created the country’s biggest, overpaid cabinet in history. He now has 38 cabinets in place, none of whom have expertise in the domain over which they preside. (The U.S. has a cabinet of 25 and Australia of 20.)
5) Trudeau promised modest budget deficits and balanced budgets by 2019 when he took office. Instead, the remunerations paid to federal employees increased 52 percent, from $38 billion in 2015 to $58 billion in 2021. The federal public service, now at 357,247 employees, is nearly 40 percent larger than it was in 2015 when the Liberals took power when it counted 257,034 employees
6) Federal employment job growth is three times greater than in the private sector and, at the same time, while management fees paid to consultants/contracts have skyrocketed from $10.4 billion when Trudeau took power, to an estimated $17.7 billion in 2022, a jump of nearly 60 percent.
7) In March, the Fraser Institute estimated the federal deficit will reach $40 billion in 2023, or $10 billion higher than forecasted, and that there is no plan to balance the budget.
8) CMHC said high household debts, due to high mortgages as a result of high housing costs, put the economy at more risk going forward. “Canadian households are more in debt than those in any other G7 country, and the amount they owe is now more than the value of the country’s entire economy,”
9) Higher interest rates, unaffordable housing prices, and a health care crisis. Many Canadians do not have a family physician and cannot get doctors’ appointments for months, a problem worsened by a high immigration target.
10) OECD predicts that Canada will be the worst-performing advanced economy from 2020 to 2030, with inflation-adjusted per-person GDP growth of only 0.7 percent per year over the decade. The same is true from 2030 to 2060,” the Fraser Institute’s July report notes.
What is Trudeau's government telling Canadians?
Minister of Finance Chrystia Freeland said “I think we can be really optimistic about the Canadian economy. Canada had the strongest economic growth in the G7 over the course of 2022.”
Eight years flew by, What has happened in Canada under Justin Trudeau? According to the Fraser Institute in a July report, I summarized it only in economy-wise as follows:
1) “In 2016, average per-person incomes in Canada were 82 percent of U.S. levels (C$54,154 Vs C$65,792), an $11,600 difference per person. By the end of 2022, our per-person incomes had fallen to 76 percent of U.S. levels (C$55,863 vs. C$73,565). Put differently, Canadians are $17,700 per person poorer than Americans,” in 8 years under Trudeau.
2) “Average income per person in Canada (adjusted for inflation) was $56,183 at the end of 2019 before the COVID-19 pandemic, it was $55,677 in the first quarter of 2023. We’re poorer today than we were three-and-half years ago despite the avalanche of federal government spending and borrowing.”
3) MPs take their fourth pay raise since the onset of the COVID-19 pandemic, and As of April 1, they receive an annual salary $15,700 higher than they did pre-pandemic, while the prime minister will take home an extra $31,400.
4) No just pay raise for MPs, Trudeau created the country’s biggest, overpaid cabinet in history. He now has 38 cabinets in place, none of whom have expertise in the domain over which they preside. (The U.S. has a cabinet of 25 and Australia of 20.)
5) Trudeau promised modest budget deficits and balanced budgets by 2019 when he took office. Instead, the remunerations paid to federal employees increased 52 percent, from $38 billion in 2015 to $58 billion in 2021. The federal public service, now at 357,247 employees, is nearly 40 percent larger than it was in 2015 when the Liberals took power when it counted 257,034 employees
6) Federal employment job growth is three times greater than in the private sector and, at the same time, while management fees paid to consultants/contracts have skyrocketed from $10.4 billion when Trudeau took power, to an estimated $17.7 billion in 2022, a jump of nearly 60 percent.
7) In March, the Fraser Institute estimated the federal deficit will reach $40 billion in 2023, or $10 billion higher than forecasted, and that there is no plan to balance the budget.
8) CMHC said high household debts, due to high mortgages as a result of high housing costs, put the economy at more risk going forward. “Canadian households are more in debt than those in any other G7 country, and the amount they owe is now more than the value of the country’s entire economy,”
9) Higher interest rates, unaffordable housing prices, and a health care crisis. Many Canadians do not have a family physician and cannot get doctors’ appointments for months, a problem worsened by a high immigration target.
10) OECD predicts that Canada will be the worst-performing advanced economy from 2020 to 2030, with inflation-adjusted per-person GDP growth of only 0.7 percent per year over the decade. The same is true from 2030 to 2060,” the Fraser Institute’s July report notes.
What is Trudeau's government telling Canadians?
Minister of Finance Chrystia Freeland said “I think we can be really optimistic about the Canadian economy. Canada had the strongest economic growth in the G7 over the course of 2022.”
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