The Liberal Government Is Planning To Further Screw Canadians Over On Their Way Out Of Power
By Spencer Fernando, Exclusive to the National Citizens Coalition
Lower growth.
More spending.
More debt.
Higher unemployment.
According to the Parliamentary Budget Officer, that’s what is ahead for Canada.
Amid the ongoing reckless spending, the PBO noted that the cost of servicing our debt is rising:
“With the increase in interest rates, we project the debt service ratio (that is, public debt charges relative to total revenues) to rise from 7.8 per cent in 2022-23 to 10.2 cent in 2023-24 (Figure 1). As the effective interest rate on debt edges higher in 2024-25, we project the debt service ratio to increase further and average 10.7 per cent through 2028-29—well above its pre-pandemic record low of 7.0 per cent in 2018-19.”
Remember, years ago Chrystia Freeland said borrowing wasn’t a problem because interest rates were low, a statement that would have only been true if interest rates were locked in forever, which is of course impossible.
Now, we are paying the price.
Making matters worse, the PBO projection doesn’t even include the cost of the ‘pharmacare plan’ the Liberals are promising.
The state of Canada’s economy was summed up well by Scotiabank economist Derek Holt:
“In a bigger picture sense, I’m deeply worried about public policy in my country. Productivity is in a tailspin. A greater share of GDP is spent on here-today-gone-tomorrow current spending by governments and households than in decades. Tax policy is uncompetitive. Business bashing has become commonplace by people who’ve never spent two seconds working in private industry. Competition policy changes face serious criticisms. Changes to labour laws have benefited unions while collective bargaining exercises are driving wage growth to the moon despite collapsing productivity. Major sectors of the economy are literally being taken over by government with recent examples being child care, dental care, and now pharmacare. Do we get better quality outcomes in state-run health and education sectors? Tried visiting an ER lately? ‘nough said.”
At this point, the Liberals must realize that their policies have objectively failed.
And – as was emphasized in the Durham by-election – they must know they have very little chance of staying in power.
So, they face a choice.
They could start to lay a decent foundation for the next government by backing off some of their extreme policies, keeping the budget under control, and reducing political divisions.
They could take some real steps to address the out-of-control spread of anti-Semitism and finally stand up for Canadian values for once.
They could bring immigration down to a more historic norm to ease the pressure on the housing market and ease the pressure on our social programs and social cohesion.
They stop pushing divisive anti-freedom legislation like Bill C-63.
They could halt planned carbon tax increases, especially given most Canadians oppose the tax hikes.
They could end the soft-on-crime policies that are making our cities and communities more and more dangerous.
In short, even if they have little chance of winning the next election, they could ensure that they don’t hand over a complete disaster to the next government.
That’s what Trudeau would do if he was really in it for public service, if he really believed the country was more important than himself.
And that’s why it won’t happen.
Instead, all indications are that the Liberals will only accelerate the same nation-ruining policies that have turned Canada into such a broken, divided, and stagnating country.
Their next budget will almost certainly include even more reckless spending, even more tax hikes, and even more productivity-strangling regulations.
Out of a mix of desperation and a desire to ‘punish’ Canadians for daring to ‘turn against them,’ the Liberals appear determined to make sure the next government inherits as bad a situation as possible.
And while the Liberals may see this as screwing over their political opponents, they are really screwing over the Canadian people.
They are doing all they can to ensure that we are saddled with collapsing productivity, a declining standard of living, a massive debt burden, unaffordable housing, out-of-control crime, crumbling social cohesion, and a general sense of chaos and division.
Every day brings more evidence that we will spend a long time recovering from the damage the Trudeau government has done – and continues to do – to our country.
This is why we need to continue fighting them with everything we have. The more pressure we can put on them, the more we can hold them accountable, the more we can at least limit the damage they do in their remaining time in power.
Spencer Fernando is one of the most popular and prolific political voices in Canada. He is a writer and campaign fellow for the National Citizens Coalition. Join the mailing list to receive his exclusive weekly columns in your inbox.
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