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Opinion

Canada’s Financial Freefall: When Rosy Rhetoric Meets Hard Reality

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7 minute read

This article is from The Opposition With Dan Knight substack.  

The Trudeau Government’s Economic Alchemy: Turning Gold Hopes Into Lead Numbers

Good morning, my fellow Canadians. It’s September 3, 2023, and if you’re expecting to wake up to a bright, financially secure Canada, well, I have some sobering news for you. The latest figures from Statistics Canada are in, and they confirm what many of us have suspected: the Canadian economy is not on the up-and-up. Despite the rosy pictures painted by Prime Minister Justin Trudeau and Finance Minster Chrystia Freeland, the real numbers don’t lie, and they point to an economic landscape in turmoil. Allow me to break it down for you.

The new Statistics Canada data is in, and it paints a rather bleak picture of the Canadian economy under the watchful eyes of the federal government and Justin Trudeau. Let’s delve into some numbers, shall we? A staggering $16.5 billion in debt was added by Canadian households in the first quarter of this year alone, with $11.2 billion being in mortgage debt. In an environment of 5% interest rates, a rate we haven’t seen for over a decade, this is a financial bomb waiting to explode.

And let’s not forget inflation. Since 2021, we’ve seen a cumulative inflation rate of around 16.5%. Now, remember, these aren’t just abstract numbers on a ledger somewhere; these are realities hitting your grocery bills, your gas prices, your rents, and slowly emptying your wallets. But it’s not just households feeling the pinch. The economy as a whole is stalling, with real GDP nearly unchanged in the second quarter of 2023, following a measly 0.6% rise in the first quarter.

Amidst all this, Justin Trudeau and the federal government seem content piling on debt like there’s no tomorrow. The Parliamentary Budget Officer’s March 2023 report shows Canada’s deficit is expected to rise to $43.1 billion in 2023-24, up from $36.5 billion in 2022-23. And let’s not forget that 1 out of every 5 dollars in this debt spree didn’t even exist pre-pandemic. Essentially, we’re spending money we don’t have, to solve problems we’re not solving, all while making new ones.

So, where has all this spending gone? Not into securing a robust future for Canadians, I can tell you that. Despite the monumental deficits and the reckless spending, housing investment fell 2.1% in the second quarter,marking its fifth consecutive quarterly decrease. Canadians are struggling to make ends meet, and the government’s financial imprudence is exacerbating, not alleviating, the situation.

But here’s a twist to the story: while investments in housing decline, Justin Trudeau decided it was prime time to open the floodgates of immigration. There’s an aspect of governance called planning, something that seems foreign to this administration. How does one justify allowing over a million immigrants into Canada without even hinting at a solution for housing them? The result is basic economics – demand outstrips supply, and prices soar.

Remember the days before Trudeau’s reign, when the average home in Canada cost around $400,000? Eight years under his watch and that figure has doubled. Trudeau’s policies seem like a cruel jest to young families, professionals, and, frankly, anyone aspiring to own a piece of the Canadian dream. It’s almost as if he expected the housing market to “balance itself”.

And before you think this is just a ‘rough patch,’ let me remind you that household spending is also slowing. So not only are Canadians going into debt, but they’re also cutting back on spending. They’re being hit from both sides, and there’s no end in sight. The government’s promises of prosperity seem increasingly hollow when we see that per capita household spending has declined in three of the last four quarters.

The Trudeau administration’s approach to governing appears to be in a parallel universe, one where debt is limitless, and financial responsibilities are for the next government or even the next generation to sort out. And don’t even get me started on the higher taxes lurking around the corner to pay off this bonanza of spending. This isn’t governance; it’s financial negligence.

When Canadians were told that this level of inflationary spending could turn our country into something akin to Venezuela, many scoffed at the idea. But let’s face it: the signs are becoming hard to ignore. The truth is, many Canadians have been led to believe they can have gold-plated social services without paying an ounce of gold in taxes. Prime Minister Justin Trudeau seemed more than happy to sell that narrative. He promised a utopia, a social safety net woven from dreams and aspirations. But what has that net caught? Rising costs, crippling debt, and a harder life for everyday Canadians.

Trudeau has turned out to be less a responsible steward of the economy and more of a Pied Piper, leading us all off a fiscal cliff while playing a cheerful tune. Or perhaps he’s more like the Cheshire Cat from “Alice in Wonderland,” grinning broadly as he disappears, leaving behind only his grin and a trail of false promises.

As we approach the pivotal year of 2025, don’t forget who sold you this bill of goods. Remember the skyrocketing costs of living, the unmanageable debt, and the empty words that were supposed to make everything better. I, for one, certainly won’t forget. And I suspect, come election time, neither will you.

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Business

Here’s how the feds blew your money this week

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From the Canadian Taxpayers Federation

If politicians don’t want you to think they’re shady and only out for themselves, then they should stop doing shady, self-serving stuff like this.

The Trudeau government wants to push back the next federal election (currently scheduled for Oct. 20, 2025) by one week.

Politicians claim the election must be moved to Oct. 27, 2025, because the original date conflicts with the religious holiday of Diwali.

But it just so happens that 80 MPs won’t be eligible for their taxpayer-funded, lifetime pensions until Oct. 21, 2025.

One day after the currently scheduled election…

What a coincidence!

If the election is moved, those extra pensions for politicians (who don’t deserve them) would cost you tens of millions of dollars.

In fact, the CTF estimates the price tag could be as high as $120 million. Some politicians will serve for barely six years and walk out the door with a $2-million pension.

But those politicians don’t deserve a penny more from you.

They already take annual salaries ranging from $200,000 to $300,000. They already take a pay raise every single year. They already take a $100,000 severance and a $15,000 transition allowance.

They can take those bloated, six-figure salaries of theirs and use them to save for their own retirements.

At minimum, politicians shouldn’t be trying to rig the system to stick their greedy fingers deeper into your pockets.

This week, CTF Federal Director Franco Terrazzano went into the belly of the beast and testified at a Parliamentary committee. He stuck up for you and called B.S. on the plan to pinch extra pensions for politicians.

Franco laid out two simple solutions.

  • Option one: If the election must be moved, then make it earlier.
  • Option two: make the pension eligibility date later.

We’ve got some good news to report back.

The Conservatives are opposed to the government delaying the election to secure millions in pensions for dozens of politicians who don’t deserve them.

So is the Bloc Québécois and the NDP.

And here’s something we’ve never seen before.

At committee, a Liberal MP told Franco she would vote against her own government and oppose moving the election.

You can watch Franco’s opening remarks at the Parliamentary committee by clicking the link below.

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Censorship Industrial Complex

US Lawmakers Investigate Biden White House-Affiliated UK Censorship Group’s Plot To “Kill” Elon Musk’s X

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From Reclaim The Net

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Among the investigations currently carried out by the US House Committee on the Judiciary and its Select Subcommittee on the Weaponization of the Federal Government is the one into a case involving UK-based “censorship group” – the Center for Countering Digital Hate (CCDH).

In a letter dated November 7, Committee chairman Jim Jordan is asking CCDH CEO Imran Ahmed to, by November 21, comply with a subpoena issued on August 30, 2023.

We obtained a copy of the letter for you here.

According to Jordan, it covers the group’s activities as well, including documents showing the Biden-Harris administration’s alleged collusion with Big Tech to censor Americans’ lawful online speech.

Another point the letter makes is the plan to “kill Musk’s Twitter” – which communications recently revealed suggest was being hatched by CCDH. And Jordan reminds Ahmed that this, too, is with the subpoena’s scope.

On August 3, 2023, the Committee asked CCDH to present it with communications it had had with the US government as well as third parties regarding “moderation of online content” – and what role the government played in this (by exerting pressure on social platforms).

The letter then cites internal CCDH documents that recently came to light – particularly emails that show “killing Musk’s Twitter” was made a priority for the group this year.

Prior to that, the letter notes, CCDH in 2020 communicated with Twitter – then under its previous ownership – to identify content and accounts that should be censored, while earlier this year, CCDH “held a private event tat included (US) Executive Branch personnel.”

Last month, UK media reported about CCDH’s effort against X, as well as a formal request from then presidential candidate Donald Trump’s campaign suggesting the ruling Labour party was essentially interfering in US elections. Not only were Labour advisers dispatched to the US to help Kamala Harris’ effort to remain in the White House – it was also revealed that CCDH has ties to UK Prime Minister Kier Starmer’s party.

Namely, Paul Thacker and Matt Taibbi’s Disinformation Chronicle named Stramer’s chief of staff Morgan McSweeney as the (co) founder of CCDH. And it just so happened that “strengthening ties with senior Democrats” features as one of the controversial group’s priorities, right along with, “killing Musk’s Twitter.”

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