The failures of the liberals just keep mounting while they continue to sink this country into a self-made recession thanks to their complete fiscal ineptness, weak leadership on key trade issues that have damaged Canada’s strength, particularly in agriculture as of late, failure to stand behind federally approved projects that has cost the country billions in lost investment, jobs, and revenue, along with numerous scandals and issues that have permanently damaged Canada’s reputation over the past three plus years. Their time in office has long past its expiry date, has become rotten and fouling up the air throughout the country, time for them to be put out with the rest of the trash, buried and forgotten.
The central bank’s noninflationary speed limit would be faster if Canada’s productivity growth wasn’t so chronically weak. As the population ages, there will be fewer workers to help generate GDP. So unless those of us left working produce more, wealth will diminish. Economic output has been propped up recently by a surge in immigration, not efficiency and competitiveness. “Current levels of productivity growth are insufficient to sustain long-term growth,” the IMF said.
It might be asking too much to expect Trudeau to have done anything about this in four years. However, he abandoned his promise to balance the budget this year in order to spend tens of billions of dollars on infrastructure that would make the economy more productive. The federal government has struggled to spend the money, in part because provinces and municipalities haven’t always played along. That was predictable and suggests the Trudeau administration put more effort into announcing than it did into administering.
The IMF is most discouraged by the Canadian federation’s obsession with doing a trade agreement with Donald Trump instead of pursuing one with itself. There might be no faster way to jolt productivity than to erase the ridiculous barriers to trade that make it easier for an Alberta-based maker of electronic gadgets to sell in Arizona than Ontario. The IMF estimated that internal free trade would boost GDP by almost four per cent. The positive economic shock from the new North American free-trade agreement is an end to uncertainty; initial estimates predict it will have little affect on GDP.