Connect with us

Business

Prime minister rejects ‘austerity’ despite massive debt and dismal economic growth

Published

5 minute read

From the Fraser Institute

By Grady Munro and Jake Fuss

Adjusting for population growth and inflation, the Trudeau government has recorded the five-highest years (2018-2022) of per-person spending in Canadian history, and is on track to record a sixth.

This week, at the Liberal cabinet retreat in Montreal, Prime Minister Justin Trudeau told reporters he’s against “austerity and cuts” and believes his government must “invest” to “create greater growth” in the economy, thus dashing hopes for any meaningful spending restraint in the upcoming federal budget.

But evidence shows the government’s current plan has not helped the economy despite the prime minister’s claims. Rather than double-down on a failed strategy of higher spending, taxes and borrowing, the Trudeau government should change direction immediately.

Let’s look at the evidence.

According to its latest fiscal projections, the federal government will spend $449.8 billion on programs and services in 2023/24—up 75.5 per cent (nominally) from 2014/15 when program spending was $256.2 billion. Adjusting for population growth and inflation, the Trudeau government has recorded the five-highest years (2018-2022) of per-person spending in Canadian history, and is on track to record a sixth. But have we seen a corresponding increase in economic growth?

No, in fact Canada has experienced an economic growth crisis for the last decade.

One of the best ways to measure economic growth is to use inflation-adjusted per-person gross domestic product (GDP), which provides the broadest measure of living standards for Canadians. According to a recent study by Philip Cross, former chief economic analyst at Statistics Canada, between 2013 and 2022 Canada’s per-person GDP (inflation-adjusted) grew at its slowest pace since the 1930s. Moreover, economic growth in Canada has fallen well behind growth in the United States, showing that Canada’s stagnation was not inevitable.

And there’s little room for optimism. According to OECD estimates, Canada will have the slowest growth in per-person GDP among advanced economies from 2020 to 2030 and 2030 to 2060.

Simply put, the data show that increased government spending has not produced greater prosperity for Canadians.

Indeed, rather than “invest” in Canadians, the Trudeau government has burdened Canadians with mountains of debt. The Trudeau government has yet to balance the budget, despite campaign promises, and this year will likely run its ninth consecutive deficit. Nearly a decade of uninterrupted deficits has increased the federal debt by $941.9 billion. This not only imposes costs on Canadians today—primarily through higher debt interest costs—but also increases the tax burden on future generations who are ultimately responsible for paying off today’s debt.

If the Trudeau government needs a blueprint for reform, it can find it within its own party, which has a history of spending reductions and strong economic growth.

During the mid-1990s, the Chrétien Liberal government introduced meaningful spending reductions that ultimately balanced the federal budget in 1997, marking the first federal budget surplus in nearly 30 years. In addition to spending reductions, the Chrétien government also introduced tax relief and other growth-enhancing policies. And the results were immediate.

Between 1997 and 2007, Canada’s average annual increase in per-person GDP (inflation-adjusted) was 2.2 per cent, which was higher than the OECD average. During the same time period, Canada’s average rate of employment growth was nearly double the average in the OECD and the United States. And the national poverty rate fell from 7.8 per cent in 1996 to 4.9 per cent in 2004. Overall, the Canadian economy outperformed many other industrialized economies during this time and living standards improved for Canadians—despite reductions in government spending.

Despite claims by Prime Minister Trudeau, less government spending (not more) is necessary to help reverse the trend of stagnant economic growth. The Trudeau government should recognize that the current plan isn’t working and change course in its upcoming budget.

Todayville is a digital media and technology company. We profile unique stories and events in our community. Register and promote your community event for free.

Follow Author

Banks

Wall Street Clings To Green Coercion As Trump Unleashes American Energy

Published on

 

From the Daily Caller News Foundation

By Jason Isaac

The Trump administration’s recent move to revoke Biden-era restrictions on energy development in Alaska’s North Slope—especially in the Arctic National Wildlife Refuge (ANWR)—is a long-overdue correction that prioritizes American prosperity and energy security. This regulatory reset rightly acknowledges what Alaska’s Native communities have long known: responsible energy development offers a path to economic empowerment and self-determination.

But while Washington’s red tape may be unraveling, a more insidious blockade remains firmly in place: Wall Street.

Despite the Trump administration’s restoration of rational permitting processes, major banks and insurance companies continue to collude in starving projects of the capital and risk management services they need. The left’s “debanking” strategy—originally a tactic to pressure gun makers and disfavored industries—is now being weaponized against American energy companies operating in ANWR and similar regions.

Dear Readers:

As a nonprofit, we are dependent on the generosity of our readers.

Please consider making a small donation of any amount here. Thank you!

This quiet embargo began years ago, when JPMorgan Chase, America’s largest bank, declared in 2020 that it would no longer fund oil and gas development in the Arctic, including ANWR. Others quickly followed: Goldman Sachs, Wells Fargo, and Citigroup now all reject Arctic energy projects—effectively shutting down access to capital for an entire region.

Insurers have joined the pile-on. Swiss Re, AIG, and AXIS Capital all publicly stated they would no longer insure drilling in ANWR. In 2023, Chubb became the first U.S.-based insurer to formalize its Arctic ban.

These policies are not merely misguided—they are dangerous. They hand America’s energy future over to OPEC, China, and hostile regimes. They reduce competition, drive up prices, and kneecap the very domestic production that once made the U.S. energy independent.

This isn’t just a theoretical concern. I’ve experienced this discrimination firsthand.

In February 2025, The Hartford notified the American Energy Institute—an educational nonprofit I lead—that it would not renew our insurance policy. The reason? Not risk. Not claims. Not underwriting. The Hartford cited our Facebook page.

The reason for nonrenewal is we have learned from your Facebook page that your operations include Trade association involved in promoting social/political causes related to energy production. This is not an acceptable exposure under The Hartford’s Small Commercial business segment’s guidelines.”

That’s a direct quote from their nonrenewal notice.

Let’s be clear: The Hartford didn’t drop us for anything we did—they dropped us for what we believe. Our unacceptable “exposure” is telling the truth about the importance of affordable and reliable energy to modern life, and standing up to ESG orthodoxy. We are being punished not for risk, but for advocacy.

This is financial discrimination, pure and simple. What we’re seeing is the private-sector enforcement of political ideology through the strategic denial of access to financial services. It’s ESG—Environmental, Social, and Governance—gone full Orwell.

Banks, insurers, and asset managers may claim these decisions are about “climate risk,” but they rarely apply the same scrutiny to regimes like Venezuela or China, where environmental and human rights abuses are rampant. The issue is not risk. The issue is control.

By shutting out projects in ANWR, Wall Street ensures that even if federal regulators step back, their ESG-aligned agenda still moves forward—through corporate pressure, shareholder resolutions, and selective financial access. This is how ideology replaces democracy.

While the Trump administration deserves praise for removing federal barriers, the fight for energy freedom continues. Policymakers must hold financial institutions accountable for ideological discrimination and protect access to banking and insurance services for all lawful businesses.

Texas has already taken steps by divesting from anti-energy financial firms. Other states should follow, enforcing anti-discrimination laws and leveraging state contracts to ensure fair treatment.

But public pressure matters too. Americans need to know what’s happening behind the curtain of ESG. The green financial complex is not just virtue-signaling—it’s a form of economic coercion designed to override public policy and undermine U.S. sovereignty.

The regulatory shackles may be coming off, but the private-sector blockade remains. As long as banks and insurers collude to deny access to capital and risk protection for projects in ANWR and beyond, America’s energy independence will remain under threat.

We need to call out this hypocrisy. We need to expose it. And we need to fight it—before we lose not just our energy freedom, but our economic prosperity.

The Honorable Jason Isaac is the Founder and CEO of the American Energy Institute. He previously served four terms in the Texas House of Representatives.

Continue Reading

Automotive

Tesla Vandals Keep Running Into The Same Problem … Cameras

Published on

 

From the Daily Caller News Foundation

By Hudson Crozier

People damaging Teslas in anger toward their owners and Elon Musk aren’t picking up on the fact that the vehicles have multiple cameras capable of catching them in the act.

At least nine perpetrators have been caught on video keying, writing graffiti or otherwise defacing Tesla vehicles in parking lots across the U.S. in the month of March alone. Most have led to an arrest or warrant based partly on the footage, which Tesla’s “Sentry Mode” automatically films from the side of the unattended vehicle when it detects human activity nearby.

“Smile, you’re on camera,” Tesla warned in a March 20 X post about its Sentry Mode feature. Musk’s company has been working to upgrade Sentry Mode so that the vehicles will soon blast music at full volume when vandals attack it. The camera system, however, has not stopped an increasing number of vandals from singling out Tesla owners, usually in protest of Musk’s work in the Trump administration for the Department of Government Efficiency (DOGE).

One incident happened on March 29, the same day leftists coordinated protests around the country for a “Global Day of Action” against Musk. That Saturday also saw alleged instances of violence at protests. The demonstrations stemmed from an online call to action by groups such as the Disruption Project, which encourages activists to foment “uprisings,” find a “target’s” home address and other confrontational tactics.

Tesla’s press team did not respond to a request for comment.

One man allegedly caught on camera keying a Tesla SUV on March 24 apologized to the owner who confronted him in a parking lot in Pennsylvania, police and media reports said. The man faces charges of criminal mischief, harassment and disorderly conduct for allegedly carving a swastika onto the vehicle.

“I have nothing against your car, and I have nothing against you,” the suspect said while the owner filmed him in the parking lot. “Obviously, I have something against Elon Musk.” The man called his own behavior “misguided.”

The defendant’s lawyer told Fox News his “client is a proud father, long-time resident, and is currently undergoing cancer treatment” and that he would not comment publicly “pending the outcome of the case.”

One of the most aggressive acts caught by Sentry Mode was in the case of a man who drove an ATV-style vehicle into a Tesla on March 25. Texas police identified the man as Demarqeyun Marquize Cox, arrested him and said he allegedly gave two other nearby Teslas the same treatment while also writing “Elon” on them. The public defender office representing Cox did not respond to a voicemail from the Daily Caller News Foundation.

Tesla cameras also caught three other people in FloridaTexas and Arizona keying and smearing bubble gum on the vehicles in March. The three suspects named by police do not have attorneys listed in county records available for contact.

Many of the vandalism cases since Trump’s return have reportedly caused thousands of dollars in damage for individual owners. For example, the bubble gum incident in Florida brought $2,623.66 in costs, while another keying incident in Minnesota brought $3,200.

Some reported attacks on Tesla vehicles and chargers have gotten the attention of federal law enforcement, including cases of alleged firebombing or shooting.

Two other suspected vandals in New York, one in Minnesota and one in Mississippi have reportedly avoided arrest for now — with one owner declining to press charges — but were all seen on the Teslas’ cameras scratching up the vehicles. Police identified the Mississippi suspect as an illegal migrant from Cuba.

One Tesla owner in North Dakota ridiculed a man who allegedly carved the letter “F” into his Cybertruck in a Costco parking lot — as seen on the Cybertruck’s camera. The defendant faces charges of criminal mischief, and county records say he is representing himself in court.

“I can’t believe this guy is potentially ruining his life to follow a political ideology,” the owner told WDAY News.

“If you’re going to vandalize these vehicles, you’re going to get caught,” the owner said.

Continue Reading

Trending

X