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Inflation

Trudeau’s carbon tax rebrand lipstick on a pig

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From the Canadian Taxpayers Federation

Author: Franco Terrazzano

the Liberals are now calling it the ‘Canada Carbon Rebate.’

The Canadian Taxpayers Federation is criticizing the federal government for rebranding its carbon tax rebate instead of providing relief by scrapping the tax altogether.

“Prime Minister Justin Trudeau’s carbon tax rebrand is just lipstick on a pig,” said Franco Terrazzano, CTF Federal Director. “Canadians need tax relief, not a snappy new slogan that won’t do anything to make life more affordable.”

“The federal government is rebranding the carbon tax rebate,” reported CTV News today. “Previously known as the Climate Action Incentive Payment, the Liberals are now calling it the ‘Canada Carbon Rebate.’

“The change does not come with any adjustments to how the federal fuel charge system and corresponding refund actually works.”

The carbon tax will cost the average family up to $710 this year even after the rebates, according to the Parliamentary Budget Officer.

The federal government is increasing the carbon tax again on April 1. After the hike, the carbon tax will cost 17 cents per litre of gasoline, 21 cents per litre of diesel and 15 cents per cubic metre of natural gas.

“Trudeau’s real problem isn’t that Canadians don’t know what his government is doing, Trudeau’s real problem is that Canadians know his carbon tax is making life more expensive,” Terrazzano said. “Instead of a rebrand, Trudeau should scrap the carbon tax to provide real relief.”

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Economy

Trudeau accused of lacking leadership after refusing to meet with premiers about carbon tax

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From LifeSiteNews

By Anthony Murdoch

Ontario Premier Doug Ford called the prime minister’s answer ‘snarky.’

Prime Minister Justin Trudeau’s refusal to meet with five Canadian premiers, who have demanded a meeting with him to discuss the ever-escalating carbon tax that shot up 23 percent on April 1, shows he lacks any true “leadership,” quipped Saskatchewan Premier Scott Moe.

Last Thursday during an interview with the CBC’s Matt Galloway for an episode that aired-on April 4, Trudeau said he already “had” a meeting with the premiers in 2016 and will “continue to talk with premiers” about the carbon tax but will not meet with them soon.

Moe said Trudeau’s refusal to meet with the premiers is “not leadership.”

“Premiers have respectfully asked the Prime Minister for a meeting to discuss the carbon tax. Here is the snarky answer that we got,” Moe wrote Monday on X, with a link to a CBC report regarding Trudeau dismissing a full-out meeting with the premiers.

“That’s not leadership,” he added.

Shortly after the Trudeau government raised the carbon tax by 23 percent on April 1, the premiers of AlbertaSaskatchewanOntario,  and New Brunswick all wrote letters to Trudeau asking him to convene an emergency first ministers meeting, to discuss the carbon tax’s detrimental effect on Canadians finances.

The first premier to write to Trudeau was Newfoundland and Labrador’s Andrew Furey, who wrote to him before April 1 demanding a meeting.

Last Thursday, Alberta Premier Danielle Smith in her letter to Trudeau wrote, “Albertans and Canadians are facing a cost-of-living crisis not seen in decades.”

“In March, natural gas was selling at less than $1.80 a gigajoule. Now that the carbon tax has increased to $4.09 per gigajoule, the tax alone is more than double what it costs Albertans to heat their homes. This is not just reckless, it is immoral and inhumane,” she wrote.

Last Friday at a press conference, Ford said, “Taxing people doesn’t reduce emissions, and that’s what they’re doing. They’re hurting the economy. They’re hurting people. Unacceptable.”

Protests against Trudeau have been increasing in recent months due to the unpopularity of higher carbon taxes as well as other governmental policies.

LifeSiteNews reported last week that protesters let Trudeau know their true feelings about his tanking in the polls by heckling him with loud drum beats and screams during a press conference.

On April 1, Canada’s carbon tax, which was introduced by the government of Prime Minister Justin Trudeau in 2019, increased from $65 to $85 per tonne despite seven of 10 provincial premiers objecting to the increase and 70% of Canadians saying they are against it.

Trudeau has remained adamant that he will not pause the hikes.

As it stands, Canadians living in provinces under the federal carbon pricing scheme pay $65 per tonne, but the Trudeau government wants to increase this to $170 per tonne by 2030.

Recent polls show that the scandal-plagued government has sent the Liberals into a nosedive with no end in sight. Per a recent LifeSiteNews report, according to polls, in a Canadian federal election held today, Conservatives under leader Pierre Poilievre would win a majority in the House of Commons over Trudeau’s Liberals.

Trudeau’s government is trying to force net-zero regulations on all Canadian provinces, notably on electricity generation, as early as 2035. The provinces of Alberta and Saskatchewan are adamantly opposed to Trudeau’s 2035 goals.

The Trudeau government’s current environmental goals, which are in lockstep with the United Nations’ 2030 Agenda for Sustainable Development, include phasing out coal-fired power plants, reducing fertilizer usage, and curbing natural gas use over the coming decades.

The reduction and eventual elimination of the use of so-called “fossil fuels” and a transition to unreliable “green” energy has been pushed by the World Economic Forum (WEF) – the globalist group behind the socialist “Great Reset” agenda in which Trudeau and some of his cabinet are involved.

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Brownstone Institute

Fiscal Collapse Accelerates

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From the Brownstone Institute

BY Peter St OngePETER ST ONGE 

In case you thought anybody in Washington was driving this thing, they are not.

It’s official: the Department of Treasury is now issuing debt at pandemic levels. It’s worth noting the pandemic record was double the previous record, which had stood for 231 years.

In raw numbers, the latest numbers for Q4 2023 show Treasury issued $7 trillion in new debt. For the entire year, it came to $23 trillion.

This has bloated the Treasury market to $27 trillion — up 60% since the pandemic. In other words, one third of Treasuries have fresh ink on them. And it’s up roughly sixfold since the 2008 crisis.

Meaning if we hit another crash, it could be a lot bigger.

Sending US Economy to Defaults

At this point, federal debt is rising by $1 trillion every 90 days, and US government spending as a percent of GDP is at World War II levels.

Given we’re not in a World War — in theory — nor are we in a pandemic, why so much debt? Easy: it’s buying growth.

Or as Balaji Srinivasan puts it: “The economy isn’t real. It’s propped up by debt. They will fake it till they break it.”

Even the Wall Street Journal, which loves debt, is sounding the alarm, writing that rapid growth in debt often ends badly, and given the enormous size and alleged safety of the Treasury market any “instability” could be catastrophic.

Why catastrophic? Because US Treasuries are treated like cash by everything from banks to pension funds to large corporations and individual 401k’s. A Treasury is seen as cash that pays interest.

This is false, of course: A Treasury is a promise from Uncle Sam to pay you back someday, perhaps 20 or 30 years in the future.

Meaning that, unlike cash, any concerns investors might have about Uncle Sam’s ability — or willingness — to pay can crash Treasuries.

If that happens it immediately sends the entire banking system, pension system, and hundreds of corporations into default.

Trillions in Fake Debt

Indeed, it could break the payments plumbing in the entire financial system — you wouldn’t be able to get money.

If that sounds dire, recall that all of these are sustained by the gossamir thin belief that Uncle Sam will pay back every penny with interest.

This is curious given that neither voters, who in theory run the government, nor Congress — who actually does run the government — seem to think the debt is real.

You can actually try this at home: tell a voter that student loan bailouts will cost a trillion — meaning $10,000 out of their pocket. Or that another war will cost $30,000 out of pocket. Most don’t care. Because it’s not real.

So the voters don’t think it’s real. Congress doesn’t think it’s real. But literally everything depends on the illusion that every penny of federal debt will be repaid in full, with interest.

What could go wrong.

Conclusion

Every fiscal trend is in the wrong direction. We’re already at a $2 trillion deficit, it will soar by trillions when recession hits.

And it will keep churning with Social Security, Medicare, and spending on everything from illegal immigrants to fresh wars.

At this point there is nothing standing between us and fiscal collapse. The only question is when.

Republished from the author’s Substack

Author

  • Peter St Onge

    Peter is an economist, a Fellow at the Mises Institute, and a former MBA professor.

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