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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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International

FREE MARINE LE PEN!’: Trump defends French populist against ‘lawfare’ charges

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From LifeSiteNews

By Emily Mangiaracina

‘The Witch Hunt against Marine Le Pen is another example of European Leftists using Lawfare to silence Free Speech, and censor their Political Opponent,’ Donald Trump on Truth Social.

U.S. President Donald Trump defended French populist Marine Le Pen as a fellow victim of “lawfare” after the popular opposition leader was barred from the 2027 French national election due to embezzlement charges.

“The Witch Hunt against Marine Le Pen is another example of European Leftists using Lawfare to silence Free Speech, and censor their Political Opponent, this time going so far as to put that Opponent in prison,” Trump wrote Thursday night on Truth Social.

As of Sunday, Le Pen, head of the National Rally (RN) party, was leading polls to win the presidential election, being 11 to 17 points ahead of the party of the globalist President Emmanuel Macron.

On Monday, Le Pen was hit with a five-year ban on running for elected office and sentenced to four years of prison on charges of “misuse of EU funds,” although two years were suspended and the remaining two would be served through house arrest.

Le Pen and her co-defendants were specifically accused of illegally using European Parliament funds for party employees who “seldom (or never) dealt with affairs in Brussels or Strasbourg,” of which the court held Le Pen personally responsible for €474,000.

Her prison sentence has been paused as her lawyer appeals the ruling, but the ban on her running for office nevertheless remains in force, despite the fact that legal penalties are typically delayed during the appeals process, according to Politico.

In his Truth Social post, Trump accused French leftists of using a “minor charge” against Le Pen as a pretext to block her from office.

“Just before what would be a Big Victory, they get her on a minor charge that she probably knew nothing about – Sounds like a ‘bookkeeping’ error to me,” wrote Trump.

“It is all so bad for France, and the Great French People, no matter what side they are on. FREE MARINE LE PEN!” he concluded.

“I am Marine!” wrote Hungarian Prime Minister Viktor Orbán on X Monday, in a cry of solidarity with his fellow anti-globalist.

“This is nuts,” remarked former Greek finance minister Yanis Varoufakis on X. “Lawfare is wrong whomever it targets. And it is stupid to boot. France’s neofascists will only benefit from this, just as the MAGA lot did. A panicking illiberal establishment across the West is diving headlong into a totalitarian pit.”

“I am shocked by the incredible tough verdict against Marine Le Pen,” chimed in Geert Wilders, leader of a Dutch populist party that won a national election in 2023. “I support and believe in her for the full 100% and I trust she will win the appeal and become President of France.”

Russian President Vladimir Putin’s spokesperson Dmitry Peskov has called the ruling a “violation of democratic norms,” and Reform UK party leader Nigel Farage denounced Le Pen’s “cancellation” as based on “a very trumped-up charge.”

“In this country we have nine county council elections on 1 May that won’t happen, and may not happen for years,” said Farage, according to the BBC. “And in France, they cancelled a candidate. A candidate that would, without doubt, have won the next French presidential election. And you know what, if looks to me like a very trumped-up charge.”

“They will not succeed in silencing the voice of the French people,” said Santiago Abascal, head of the pro-family, right-wing Vox party in Spain.

Italy’s Deputy Prime Minister Matteo Salvini urged Le Pen to keep fighting, calling her verdict a “bad film” akin to political shut-outs occuring in other countries like Romania.

“We will not be intimidated, we will not stop: full speed ahead my friend,” said Salvini.

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2025 Federal Election

Mainstream Media Election Coverage: If the Election Was a NHL Game, the Ice Would be Constantly Tilted Up and to the Left

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From EnergyNow.Ca

Like good refs for a NHL hockey game, election coverage should be as unbiased as possible and provide balanced judgement. In Canada, mainstream media rarely provides this. 

By Jim Warren

Canada’s Conservatives face an uphill battle when it comes to obtaining unbiased coverage in the mainstream Canadian news media. Any in doubt need only watch a half hour of election coverage on CBC or tune-in to the CTV news channel, which is stacked with left leaning election commentaries favoring the Liberals, despite their abysmal record over the last 10 years, which has all but been forgotten by many media journalists in their attempt to help Canadians forget as well.

The Liberal government’s provision of tens of millions in grants and tax credits to support the jobs of journalists has certainly not made reporters any less Liberal-friendly.*

But the truth is, the Liberals did not actually need to bribe most mainstream journalists and their employers to gain their support. They already had it. And that’s been bad news for the fortunes of the gas and petroleum sectors along with many of the other things we do to create wealth in Canada (like farming, mining, construction and manufacturing, including petrochemicals).

Year’s before the Liberals launched their 2019 media subsidization programs, Canada’s legacy media outlets had embraced climate alarmism and were okay with the demonization nonrenewable energy. They functioned like public relations agents for the environmental movement’s anti-Alberta oil campaign (2008-2021).

For two decades now, conventional media outlets have been publishing and broadcasting sensationalized misinformation about the need to make deep and immediate cuts to CO2 and methane emissions to save the planet from imminent doom.

For most journalists in the conventional media, it was no great leap to fall in step behind the Trudeau government’s anti-oil, gas and pipelines agenda. Climate alarmists in the media assumed Justin Trudeau, Steven Guilbeault, Jonathan Wilkinson and other members of the Liberal cabinet were on the side of the angels. Now, with Justin Trudeau out of the picture, it has become evident that current Prime Minister Mark Carney will continue with the anti-oil, gas agenda of Justin Trudeau, who personally endorsed him and has been advising Trudeau for a number of years to not only keep the carbon tax, but increase it.

As a result, the Liberal assault on conventional energy went largely unchallenged in the legacy media.

Thankfully there are a few notable exceptions.  Outstanding columnists and journalists like Don Braid and Brian Lilly have survived. They have drawn attention to the economic madness of the assault on oil, gas and pipelines, the consequent stifling of economic growth and their effects on national unity.

And there are of course large numbers of journalists and policy analysts working online outside the mainstream who have provided the bulk of journalistic criticism of the Liberals. People like Dan McTeague have been making appearances in online interviews and commentaries posted to you tube. And many online news sites including Northern Perspective have been keeping tabs on Liberal mismanagement and corruption.

As a general proposition many mainstream journalists under the age of 40 have swallowed exaggerated misinterpretations of climate science. And they accept at face value the environmental movement’s irrational claims about the urgent need to massively and rapidly reduce the consumption of oil and natural gas. Journalists rarely address the economically ruinous effects of reducing oil and gas consumption too fast and by too much.

This is in part because many of them are economically illiterate. If they went to university they typically studied soft subjects like sociology, gender studies and social justice. The values and beliefs they adopted at university are reinforced by their favourite social media sites.

They know more about things like the plight of the transgendered than they do about wealth creation or how to foster economic growth. This makes it rather easy for them to accept the gospel according the federal Liberals. “Oil is bad and why would we fuss over fiscal and economic problems when deficits and debt are just numbers that take care of themselves?”

Mainstream journalists haven’t had their eye on the ball when it comes to the social and economic harm caused by Liberal environmental policy. We’re not talking about chump change lost because of a bit of irritating red tape.

My own calculations, under an experimental scenario, show that the cost of not having Energy East, Northern Gateway, and the Trans mountain expansion fully approved and operating for a 10 year period was approximately $290 billion in lost revenue. (The historical sample period was from 2013-2023, a period of mostly low global oil prices, which suggests the $290 billion figure significantly underestimates the potential for lost revenue)

The Fraser Institute and others have conducted and published important studies identifying the massive decline in investment in the petroleum and gas industries and more generally across many economic sectors. In the first five years the Liberals were in office their energy related environmental policies like Bill C-69 (The Impact Assessment Act) in particular, cost an estimated 200,000 jobs nationally and a massive reduction in investments in Canada’s oil and gas sectors.

These losses were not mourned by the conventional media based in Central Canada. Some journalists assumed clobbering the energy industry in the west was a good thing because it would mitigate climate change. They were either unaware of or uninterested in the people who lost jobs and the damage being done to the Canadian economy.

No less influential is the mainstream media’s laser like focus on issues primarily relevant to Toronto and Montreal. Problems on the prairies typically escape notice. As a result some low information voters in the regions where Canadian elections are decided are unclear as to whether Saskatchewan is a city or a province.

Supporting evidence

On May 2 of 2024 an article appeared in EnergyNow which used published research and the actual scientific reports issued by the inter-governmental Panel on Climate Change (IPCC) to demonstrate that the mainstream media in North America and Europe have bought into hyperbolic misinterpretations of climate science. The column showed how Journalists have taken as truth the false claims of overly zealous environmental activists about the pace of global warming and how the green transition will supposedly have little to no adverse impact on most people’s livelihoods and economic well-being.

The article explains how journalists, climate alarmists and environmental activists inhabit the same corner of the social media universe. The research shows many journalists are more likely adopt the opinions and information they encounter on Twitter (Now X) and other online forums to inform their stories than the scientific research published by organizations like the IPCC.

May 2, 2024, Opinion: How social Media and Sloppy Journalism Misrepresent Climate Science

The fact is too many Canadian journalists have bought into the environmental zealotry of an online tribe which both shares and shapes their beliefs in relation to climate science and their views about oil and gas. This has been the case since the mid to late 2000s.

To repeat. The Liberals did not need to subsidize journalists to get them to buy into their environmental and energy policies—they were already onside.

The real reason for the subsidy programs was to prevent media employers from laying off journalists. Times have been tough for the mainstream news media. The solvency of many newspapers in particular is tenuous. Network television has also been suffering. The CBC goes $1.2 billion into the red each year, which is explained by the fact it attracts just 4.4% of Canada’s viewing audience during prime time. Streaming has radically changed North Americans viewing preferences and the sources they subscribe to.

Mainstream media is in palliative care. Plowing government grant money into it is like investing in the buggy whip business well after Henry Ford had cranked out tens of thousands of Model Ts.

There may be some mainstream journalists who will suffer a pang or two of common sense or integrity and criticize Liberal environment and energy policy during the election campaign. But it seems highly unlikely mainstream media outlets will desert the Liberals and get behind the Conservatives. Anyone betting the farm on that sort of outcome needs to set down the crack pipe.

For CBC to come out swinging against Mark Carney would require one of those proverbial “caught him in the act and thrown in jail” moments.

All that being said, we might take a bit of faint hope from an older tendency among journalists. Some of them still have an underlying psychological need to pounce on gotcha moments.

These brand of journalists are on the lookout for evidence exposing malfeasance, errors, and unexplained flip flops which make politicians look bad, and simultaneously help journalists look like smart and fearless champions of the truth. Some journalists hope to be viewed like reincarnations of Woodward and Bernstein of Watergate fame and become legends for taking down the powerful.

However, the gotcha urge is not what it once was. For many younger journalists the catechism of all things woke and progressive encourages them to ignore gotcha ammunition which might embarrass environmentally sanctimonious Liberals.

In the final analysis, the election hopes of supporters of the western energy sector will depend largely on election coverage in the nonconventional, mostly online, media.

Add to that a Conservative campaign focused on building back Canada and elminating Liberal anti-resource development red-tape and bureaucracy, to move away from reliance on the US, which is what the election should be focused on.

*In March 2024 the Liberals added $58 million to cover three years of support for one just one of their three subsidy funds for journalists, the Local Journalism Initiative.
This fund provides media outlets with a 35% tax credit for every journalist they have on staff.

NOTE: The opinions expressed in this commentary are those expressed the author and do not necessarily reflect the views, positions, or policies of Enerpoint iMedia Corp. o/a EnergyNow.

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