November 29, 2024
FOR IMMEDIATE RELEASE
Ottawa, ON – After nine years, the NDP-Liberal government has made Canadians poorer. Today, Statistics Canada reported that Canada’s GDP per capita has declined for six consecutive quarters while our third quarter GDP slowed sharply to 1 percent annualized, well below the Bank of Canada’s 1.5 percent forecast. This is the eighth quarterly decrease in the last nine quarters, meaning the per-person income of Canadians has now fallen back to the level it was at a decade ago.
On top of this, Canada’s annualized GDP increased only by 1 percent, while the United States’ growth stood at 2.8 percent. Before Justin Trudeau, Canada’s economic growth matched America’s, with the New York Times declaring in 2015 that Canada was home to “the world’s most affluent middle class.” Now, after nine years of Justin Trudeau, the per-person economic output in most of our provinces has fallen behind states like Alabama and Mississippi, and there is now nearly $33,000 difference in income per person between Canada and the US according to the IMF.
Yesterday, Statistics Canada also reported that Canada’s payroll employment fell by 0.3 percent in September. Canada’s unemployment rate also reached 6.5 percent in September, as the population dramatically increased. This means that there are fewer jobs, for more Canadians, who have to buy more expensive products on weaker incomes.
Canada’s economy is already weak and shrinking, made worse by President Trump’s threat of a 25 percent tariff. If these tariffs are applied to Canada, the University of Calgary economist, Trevor Tombe, has predicted that the Canadian economy would take a 2.6 percent hit to our GDP. Half a trillion investment dollars have already fled Canada for the US under Justin Trudeau. But Trudeau still plans to do even more economic vandalism, with his plan to quadruple his carbon tax to 61 cents a litre.
The NDP-Liberal government is not worth the cost. Only Common Sense Conservatives will axe the tax and cap the spending to bring home a strong economy for all Canadians.
