GUNTER: Canadian economy struggles as Mark Carney Liberals waste time |
LILLEY: CBC isn't telling you the truth on trade talks with USA
Why FIFA’s ‘last-minute’ World Cup ticket release has fans upset
Memorial University rules out straight white men from applying for tenured jobs
Doug Ford wants Irving refinery to stop importing foreign oil
Canada Post cutting 30,000 jobs through attrition: Report
Share this Story : Toronto Sun Copy Link Email X Reddit Pinterest LinkedIn Tumblr
GUNTER: Canadian economy struggles as Mark Carney Liberals waste time
You can save this article by registering for free here. Or sign-in if you have an account.
This week, it was revealed that Canadian household debt has reached $2.5 trillion. That’s 103% of GDP and the highest level in the G7. It’s also the second-highest in the OECD, the organization of the world’s 38 richest countries. Only Switzerland (128%) is higher.
Subscribe now to read the latest news in your city and across Canada.
Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.
Subscribe now to read the latest news in your city and across Canada.
Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.
Create an account or sign in to continue with your reading experience.
Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.
Create an account or sign in to continue with your reading experience.
Access articles from across Canada with one account
Share your thoughts and join the conversation in the comments
Enjoy additional articles per month
Get email updates from your favourite authors
Don't have an account? Create Account
Comparable countries are significantly lower. The U.K. has 81% personal indebtedness, the U.S. 71% and Japan — which has been trapped in a debt spiral for nearly two decades — is at 68%.
GUNTER: Canadian economy struggles as Mark Carney Liberals waste time Back to video
Of course, it’s not just ordinary Canadians who are buried in debt. The federal and provincial governments are also consumed. Together, they too are carrying debt of around 100% of GDP.
Ottawa is the worst at $1.4 trillion in national debt, a doubling since the Liberals came to office in 2015. But together Ontario and Quebec are not far behind at $500 trillion and $300 trillion, respectively. Ontario remains, as it has been for nearly 20 years, the most heavily indebted sub-national government in the world. Among provinces, states and territories, only California comes close and it has more than twice Ontario’s population.
All that debt — household and government — keeps interest rates high and smoothers investment and expansion of businesses. Yet no government in Canada seems in a hurry to curb its spending.
Your noon-hour look at what's happening in Toronto and beyond.
There was an error, please provide a valid email address.
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Your Midday Sun will soon be in your inbox.
We encountered an issue signing you up. Please try again
Interested in more newsletters? Browse here.
After promising last spring to never again post a federal budget deficit as large as Prime Minister Justin Trudeau’s, new Liberal Prime Minister Mark Carney run up the largest deficit in Canadian history — nearly $79 billion, almost $20 billion larger than the last Trudeau deficit. And last year’s $78.9-billion shortfall is to be followed by deficits of greater than $70 billion for at least the next four years.
But not only have the Carney Liberals failed to stop piling up debt, they have done almost nothing to revive the economy. They set up a major projects office and spent millions on expensive television ads promising to build big again. Yet that has amounted to nothing so far.
Lorne Gunter: Daft brain-drain tax proposal no answer to Liberal ineptitude
Lorne Gunter: Carney majority spells return to same old Liberal mismanagement
Canada also has the worst grocery inflation in the developed world, the least affordable housing and the slowest growing economy. According to the OECD we are 38th of 38 in growth, which is expected to be well under one-percent this year.
Youth employment remains stubbornly around 15%. Try finding a summer job to finance your education.
This is not only the fault of our slow-growing economy. In sluggish times, young people are the last to be hired. It is also the fault of foolish federal immigration policy that flooded the labour market with foreign students and temporary workers — nearly 2 million of them. And while the feds have put some caps on these categories of immigration, there is no way to ensure these people leave when their visas expire. Most don’t.
The Canadian Federation of Independent Business says small business closures are outpacing new business starts. Last year, nearly five per cent of small businesses closed their doors. The most often cited reasons: high taxes, excessive regulation and smothering red tape.
The Liberals “green” policies continue to scare away investors, too. The Carney government is less preachy on the surface than the Trudeau government, but remains every bit as committed to environmentalism.
Take for example it’s highly publicized memorandum of understanding with Alberta about building a new pipeline to the West Coast. Carney will only agree to approve a pipeline if Alberta agrees to pay six times the current industrial carbon price which is already pushing investors away.
British Columbia’s obsession with giving First Nations an effective veto over future development is also a huge impediment to a second pipeline or any other megaproject.
Yet Mark Carney remains enormously popular, particularly in central Canada, despite the fact that he talks a lot about reducing our dependence on trade with America, but is doing little to improve the Canadian economy.
Bookmark our website and support our journalism: Don’t miss the news you need to know — add EdmontonJournal.com and EdmontonSun.com to your bookmarks and sign up for our newsletters here.
You can also support our journalism by becoming a digital subscriber. Subscribers gain unlimited access to The Edmonton Journal, Edmonton Sun, National Post and 13 other Canadian news sites. Support us by subscribing today: The Edmonton Journal | The Edmonton Sun.
Share this Story : Toronto Sun Copy Link Email X Reddit Pinterest LinkedIn Tumblr
Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.
LILLEY: CBC isn't telling you the truth on trade talks with USA Columnists
LILLEY: CBC isn't telling you the truth on trade talks with USA
Why FIFA’s ‘last-minute’ World Cup ticket release has fans upset Soccer
Why FIFA’s ‘last-minute’ World Cup ticket release has fans upset
Memorial University rules out straight white men from applying for tenured jobs Canada
Memorial University rules out straight white men from applying for tenured jobs
Doug Ford wants Irving refinery to stop importing foreign oil Canada
Doug Ford wants Irving refinery to stop importing foreign oil
Antisemitism, racism hurting Toronto Police culture, former homicide chief says Columnists
Antisemitism, racism hurting Toronto Police culture, former homicide chief says