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INTEREST RATE SHOCK

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Interest Rate Shock

Open Letter to The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

January 4, 2021

FOR IMMEDIATE RELEASE

Red Deer – Mountain View, AB

The economic collapse as a result of COVID-19 lockdown measures has pushed the real interest rate to record lows. This rate however, is very misleading given our current economic environment.

  1. Baby boomers are retiring and are reducing the pool of available investable funds.
  2. Reduced number of people in the workforce will result in higher wage demands.
  3. Inevitable higher taxes required to repay significant debt brought on by lockdowns.
  4. High likelihood of reduced outsourcing in order to protect domestic supply chains.
  5. An economic plan that focuses on “green” incentives and destroys Canada’s oil and gas industry.
  6. Inflated housing prices across Canada despite a poor economic outlook.
  7. High consumer debt levels pre-COVID-19.
  8. Long running Bank of Canada policy which encourages consumption over investment.

Your government has indicated that it is considering adding an additional $100 billion in stimulus spending once the “virus is under control”. As the Canadian economy is already flooded with record government spending, the potential for inflation is very real.

Considering the above, the return of high interest rates, as seen in the 1980’s, is entirely possible. While we may not see record high mortgage rates of 21.46% as posted in August 1981, even small increases in rates could result in significant interest rate shock for many Canadians.

Increases in inflation and interest rates would impact low-income families most adversely. Most notably, these individuals may struggle to pay for food, shelter and healthcare, all of which are basic necessities.

COVID-19 has already resulted in the biggest transfer of wealth in human history. I am strongly urging you to end the pursuit of a “green economy” and commit to a drastic reduction in red tape to allow the private sector to begin generating wealth, something the government is only able to redistribute.

Sincerely,

Jared Pilon

Candidate for Red Deer – Mountain View, AB

[email protected]

https://www.jaredpilon.com/

I have recently made the decision to seek nomination as a candidate in the federal electoral district of Red Deer - Mountain View. As a Chartered Professional Accountant (CPA), I directly see the negative impacts of government policy on business owners and most notably, their families. This has never been more evident than in 2020. Through a common sense focus and a passion for bringing people together on common ground, I will work to help bring prosperity to the riding of Red Deer – Mountain View and Canada. I am hoping to be able to share my election campaign with your viewers/readers. Feel free to touch base with me at the email listed below or at jaredpilon.com. Thanks.

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Highly touted policies the Liberal government didn’t actually implement

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From The Audit

State capacity is the measure of a government’s ability to get stuff done that benefits its population. There are many ways to quantify state capacity, including GDP per capita spent on health, education, and infrastructure versus outcomes; the tax-to-GDP ratio; judicial independence; enforcement of contracts; and crime rates.

But a government’s ability to actually implement its own policies has got to rank pretty high here, too. All the best intentions are worthless if, as I wrote in the context of the Liberal’s 2023 national action plan to end gender-based violence, your legislation just won’t work in the real world.

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So I thought I’d take a look at some examples of federal legislation from the past ten years that passed through Parliament but, for one reason or another, failed to do its job. We may agree or disagree with goals driving the various initiatives, but government’s failure to get the work done over and over again speaks to a striking lack of state capacity.


The 2018 Cannabis Act (Bill C-45). C-45 legalized recreational cannabis in Canada, with a larger goal of regulating production, distribution, and consumption while reducing illegal markets and protecting public health. However, research has shown that illegal sales persisted post-legalization due to high legal prices and taxation. Studies have also shown continued use among children despite regulations. And there are troubling indicators about the overall impact on public health.

The 2021 Canadian Net-Zero Emissions Accountability Act (Bill C-12). The legislation aimed to ensure Canada achieves net-zero greenhouse gas emissions by 2050 by setting five-year targets and requiring emissions reduction plans. However, critics argue it lacks enforceable mechanisms to guarantee results. A much-delayed progress report highlighted a lack of action and actual emissions reductions lagging far behind projections.

The First Nations Clean Water Act (Bill C-61) was introduced in late 2024 but, as of the recent dissolution of Parliament, not yet passed. This should be seen in the context of the Safe Drinking Water for First Nations Act (2013), which was repealed in 2021 after failing to deliver promised improvements in water quality due to inadequate funding and enforcement. The new bill aimed to address these shortcomings, but a decade and a half of inaction speaks to a special level of public impotence.

The 2019 Impact Assessment Act (Bill C-69). Passed in 2019, this legislation reformed environmental assessment processes for major projects. Many argue it failed to achieve its dual goals of streamlining approvals while enhancing environmental protection. Industry groups claim it created regulatory uncertainty (to put it mildly), while environmental groups argue it hasn’t adequately protected ecosystems. No one seems happy with this one.

The 2019 Firearms Act (Bill C-71). Parts of this firearms legislation were delayed in implementation, particularly the point-of-sale record keeping requirements for non-restricted firearms. Some provisions weren’t fully implemented until years after passage.

The 2013 First Nations Financial Transparency Act. – This legislation, while technically implemented, was not fully enforced after 2015 when the Liberal government stopped penalizing First Nations that didn’t comply with its financial disclosure requirements.

The 2019 National Housing Strategy Act. From the historical perspective of six years of hindsight, the law has manifestly failed to meaningfully address Canada’s housing affordability crisis. Housing prices and homelessness have continued their rise in major urban centers.

The 2019 Indigenous Languages Act (Bill C-91). Many Indigenous advocates have argued the funding and mechanisms have been insufficient to achieve its goal of revitalizing endangered Indigenous languages.

The 2007 Public Servants Disclosure Protection Act (PSDPA). Designed to protect whistleblowers within the federal public service, the PSDPA has been criticized for its ineffectiveness. During its first three years, the Office of the Public Sector Integrity Commissioner (OPSIC) astonishingly reported no findings of wrongdoing or reprisal, despite numerous submissions. A 2017 review by the Standing Committee on Government Operations and Estimates recommended significant reforms, but there’s been no visible progress.


There were, of course, many bills from the past ten years that were fully implemented.¹ But the failure rate is high enough that I’d argue it should be taken into account when measuring our state capacity.

Still, as a friend once noted, there’s a silver lining to all this: the one thing more frightening than an inefficient and ineffective government is an efficient and effective government. So there’s that.

1

The fact that we’re still living through the tail end of a massive bout of inflation provides clear testimony that Bill C-13 (COVID-19 Emergency Response Act) had an impact.

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Courageous Discourse

Europe Had 127,350 Cases of Measles in 2024

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By Peter A. McCullough, MD, MPH

US Mainstream Media Maintains Myopic Focus on Less than 1000 Cases

As the measles story in the US continues to unfold with reporting of a few cases here and there come in through mainstream media, I wondered about measles in Europe.

The WHO casually reported that the Europe Region had 127,350 cases in 2024.

According to an analysis by WHO and the United Nations Children’s Fund (UNICEF), 127 350 measles cases were reported in the European Region for 2024, double the number of cases reported for 2023 and the highest number since 1997.

Children under 5 accounted for more than 40% of reported cases in the Region – comprising 53 countries in Europe and central Asia. More than half of the reported cases required hospitalization. A total of 38 deaths have been reported, based on preliminary data received as of 6 March 2025.

Measles cases in the Region have generally been declining since 1997, when some 216 000 were reported, reaching a low of 4440 cases in 2016. However, a resurgence was seen in 2018 and 2019 – with 89 000 and 106 000 cases reported for the 2 years respectively. Following a backsliding in immunization coverage during the COVID-19 pandemic, cases rose significantly again in 2023 and 2024. Vaccination rates in many countries are yet to return to pre-pandemic levels, increasing the risk of outbreaks.

Many regions in Europe have lower rates of measles vaccination than the goal of 95%.

 

Less than 80% of eligible children in Bosnia and Herzegovina, Montenegro, North Macedonia and Romania were vaccinated with MCV1 in 2023 – far below the 95% coverage rate required to retain herd immunity. In both Bosnia and Herzegovina and Montenegro the coverage rate for MCV1 has remained below 70% and 50% respectively for the past 5 or more years. Romania reported the highest number of cases in the Region for 2024, with 30 692 cases, followed by Kazakhstan with 28 147 cases.

The WHO Report does not mention adjudication of hospitalizations or deaths. Presumably hospitalization of healthy kids is routine for contagion control. So if measles is so common and presumably well-handled by Europe, why is it such a big deal in the United States? Don’t look for Sanjay Gupta or Anderson Cooper to tell you that a similar size region and population handles >100K cases per year without much fanfare.

Peter A. McCullough, MD, MPH

President, McCullough Foundation

www.mcculloughfnd.org

 

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