Opinion
Canada’s Financial Freefall: When Rosy Rhetoric Meets Hard Reality

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This article is from The Opposition With Dan Knight substack.
The Trudeau Government’s Economic Alchemy: Turning Gold Hopes Into Lead Numbers
Good morning, my fellow Canadians. It’s September 3, 2023, and if you’re expecting to wake up to a bright, financially secure Canada, well, I have some sobering news for you. The latest figures from Statistics Canada are in, and they confirm what many of us have suspected: the Canadian economy is not on the up-and-up. Despite the rosy pictures painted by Prime Minister Justin Trudeau and Finance Minster Chrystia Freeland, the real numbers don’t lie, and they point to an economic landscape in turmoil. Allow me to break it down for you.
The new Statistics Canada data is in, and it paints a rather bleak picture of the Canadian economy under the watchful eyes of the federal government and Justin Trudeau. Let’s delve into some numbers, shall we? A staggering $16.5 billion in debt was added by Canadian households in the first quarter of this year alone, with $11.2 billion being in mortgage debt. In an environment of 5% interest rates, a rate we haven’t seen for over a decade, this is a financial bomb waiting to explode.
And let’s not forget inflation. Since 2021, we’ve seen a cumulative inflation rate of around 16.5%. Now, remember, these aren’t just abstract numbers on a ledger somewhere; these are realities hitting your grocery bills, your gas prices, your rents, and slowly emptying your wallets. But it’s not just households feeling the pinch. The economy as a whole is stalling, with real GDP nearly unchanged in the second quarter of 2023, following a measly 0.6% rise in the first quarter.
Amidst all this, Justin Trudeau and the federal government seem content piling on debt like there’s no tomorrow. The Parliamentary Budget Officer’s March 2023 report shows Canada’s deficit is expected to rise to $43.1 billion in 2023-24, up from $36.5 billion in 2022-23. And let’s not forget that 1 out of every 5 dollars in this debt spree didn’t even exist pre-pandemic. Essentially, we’re spending money we don’t have, to solve problems we’re not solving, all while making new ones.
So, where has all this spending gone? Not into securing a robust future for Canadians, I can tell you that. Despite the monumental deficits and the reckless spending, housing investment fell 2.1% in the second quarter,marking its fifth consecutive quarterly decrease. Canadians are struggling to make ends meet, and the government’s financial imprudence is exacerbating, not alleviating, the situation.
But here’s a twist to the story: while investments in housing decline, Justin Trudeau decided it was prime time to open the floodgates of immigration. There’s an aspect of governance called planning, something that seems foreign to this administration. How does one justify allowing over a million immigrants into Canada without even hinting at a solution for housing them? The result is basic economics – demand outstrips supply, and prices soar.
Remember the days before Trudeau’s reign, when the average home in Canada cost around $400,000? Eight years under his watch and that figure has doubled. Trudeau’s policies seem like a cruel jest to young families, professionals, and, frankly, anyone aspiring to own a piece of the Canadian dream. It’s almost as if he expected the housing market to “balance itself”.
And before you think this is just a ‘rough patch,’ let me remind you that household spending is also slowing. So not only are Canadians going into debt, but they’re also cutting back on spending. They’re being hit from both sides, and there’s no end in sight. The government’s promises of prosperity seem increasingly hollow when we see that per capita household spending has declined in three of the last four quarters.
The Trudeau administration’s approach to governing appears to be in a parallel universe, one where debt is limitless, and financial responsibilities are for the next government or even the next generation to sort out. And don’t even get me started on the higher taxes lurking around the corner to pay off this bonanza of spending. This isn’t governance; it’s financial negligence.
When Canadians were told that this level of inflationary spending could turn our country into something akin to Venezuela, many scoffed at the idea. But let’s face it: the signs are becoming hard to ignore. The truth is, many Canadians have been led to believe they can have gold-plated social services without paying an ounce of gold in taxes. Prime Minister Justin Trudeau seemed more than happy to sell that narrative. He promised a utopia, a social safety net woven from dreams and aspirations. But what has that net caught? Rising costs, crippling debt, and a harder life for everyday Canadians.
Trudeau has turned out to be less a responsible steward of the economy and more of a Pied Piper, leading us all off a fiscal cliff while playing a cheerful tune. Or perhaps he’s more like the Cheshire Cat from “Alice in Wonderland,” grinning broadly as he disappears, leaving behind only his grin and a trail of false promises.
As we approach the pivotal year of 2025, don’t forget who sold you this bill of goods. Remember the skyrocketing costs of living, the unmanageable debt, and the empty words that were supposed to make everything better. I, for one, certainly won’t forget. And I suspect, come election time, neither will you.
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Business
Dallas mayor invites NYers to first ‘sanctuary city from socialism’

From The Center Square
By
After the self-described socialist Zohran Mamdani won the Democratic primary for mayor in New York, Dallas Mayor Eric Johnson invited New Yorkers and others to move to Dallas.
Mamdani has vowed to implement a wide range of tax increases on corporations and property and to “shift the tax burden” to “richer and whiter neighborhoods.”
New York businesses and individuals have already been relocating to states like Texas, which has no corporate or personal income taxes.
Johnson, a Black mayor and former Democrat, switched parties to become a Republican in 2023 after opposing a city council tax hike, The Center Square reported.
“Dear Concerned New York City Resident or Business Owner: Don’t panic,” Johnson said. “Just move to Dallas, where we strongly support our police, value our partners in the business community, embrace free markets, shun excessive regulation, and protect the American Dream!”
Fortune 500 companies and others in recent years continue to relocate their headquarters to Dallas; it’s also home to the new Texas Stock Exchange (TXSE). The TXSE will provide an alternative to the New York Stock Exchange and Nasdaq and there are already more finance professionals in Texas than in New York, TXSE Group Inc. founder and CEO James Lee argues.
From 2020-2023, the Dallas-Fort Worth-Arlington MSA reported the greatest percentage of growth in the country of 34%, The Center Square reported.
Johnson on Thursday continued his invitation to New Yorkers and others living in “socialist” sanctuary cities, saying on social media, “If your city is (or is about to be) a sanctuary for criminals, mayhem, job-killing regulations, and failed socialist experiments, I have a modest invitation for you: MOVE TO DALLAS. You can call us the nation’s first official ‘Sanctuary City from Socialism.’”
“We value free enterprise, law and order, and our first responders. Common sense and the American Dream still reside here. We have all your big-city comforts and conveniences without the suffocating vice grip of government bureaucrats.”
As many Democratic-led cities joined a movement to defund their police departments, Johnson prioritized police funding and supporting law and order.
“Back in the 1800s, people moving to Texas for greater opportunities would etch ‘GTT’ for ‘Gone to Texas’ on their doors moving to the Mexican colony of Tejas,” Johnson continued, referring to Americans who moved to the Mexican colony of Tejas to acquire land grants from the Mexican government.
“If you’re a New Yorker heading to Dallas, maybe try ‘GTD’ to let fellow lovers of law and order know where you’ve gone,” Johnson said.
Modern-day GTT movers, including a large number of New Yorkers, cite high personal income taxes, high property taxes, high costs of living, high crime, and other factors as their reasons for leaving their states and moving to Texas, according to multiple reports over the last few years.
In response to Johnson’s invitation, Gov. Greg Abbott said, “Dallas is the first self-declared “Sanctuary City from Socialism. The State of Texas will provide whatever support is needed to fulfill that mission.”
The governor has already been doing this by signing pro-business bills into law and awarding Texas Enterprise Grants to businesses that relocate or expand operations in Texas, many of which are doing so in the Dallas area.
“Texas truly is the Best State for Business and stands as a model for the nation,” Abbott said. “Freedom is a magnet, and Texas offers entrepreneurs and hardworking Texans the freedom to succeed. When choosing where to relocate or expand their businesses, more innovative industry leaders recognize the competitive advantages found only in Texas. The nation’s leading CEOs continually cite our pro-growth economic policies – with no corporate income tax and no personal income tax – along with our young, skilled, diverse, and growing workforce, easy access to global markets, robust infrastructure, and predictable business-friendly regulations.”
conflict
US airstrike on Iran’s nuclear facilities. Was it obliteration?

A satellite image of the Isfahan nuclear research center in Iran shows visible damage to structures and nearby tunnel entrances from recent US airstrikes. / Satellite image (c) 2025 Maxar Technologies.
Seymour Hersh
The US attack on Iran may not have wiped out its nuclear ambitions but it did set them back years
I started my career in journalism during the early 1960s as a reporter for the City News Bureau of Chicago, a now long-gone local news agency that was set up by the Chicago newspapers in the 1890s to cover the police and fire departments, City Hall, the courts, the morgue, and so on. It was a training ground, and the essential message for its aspiring reporters was: “If your mother says she loves you, check it out.”
It was a message I wish our cable networks would take to heart. CNN and MSNBC, basing their reporting on an alleged Defense Intelligence Agency analysis, have consistently reported that the Air Force raids in Iran on June 22 did not accomplish their primary goal: total destruction of Iran’s nuclear-weapons capacity. US newspapers also joined in, but it was the two nominally liberal cable channels, with their dislike—make that contempt—for President Donald Trump, that drove the early coverage.
There was no DIA analysis per se. All US units that engage in combat must file an “after-action report” to the DIA after a military engagement. In this case, the report would have come from the US Central Command, located at MacDill Air Force base in Tampa, Florida. CENTCOM is responsible for all US military operations in the Middle East, Egypt, Central Asia, Afghanistan, and Pakistan. One US official involved in the process told me that “the first thing out of the box is you have to tell your boss what happened.” It was that initial report of the bombing attack that was forwarded to DIA headquarters along the Potomac River in Washington and copied or summarized by someone not authorized to do so and sent to the various media outlets.
The view of many who were involved in the planning and execution of the mission is that the report was summarized and leaked “for political purposes”—to cast immediate doubt on the success of the mission. The early reports went so far as to suggest that Iran’s nuclear program has survived incapacitation by the attack. Seven US B-2 “Spirit” bombers, each carrying two deep-penetration “bunker-busters” weighing 30,000 pounds, had flown without challenge from their base in Missouri to the primary target: Iran’s Fordo nuclear facility, concealed deep inside a mountain twenty miles north of the city of Qom.
The planning for the attack began with the knowledge that the main target—the working area of the nuclear program—was buried at least 260 feet below the rocky surface at Fordo. The gas centrifuges spinning there were repeatedly enriching uranium, in what is known as a cascade, not to weapons-grade level—uranium-235 isotopes enriched to 90 percent—but to 60 percent. Further processing to create weapons grade uranium, if Iran chose to do so, could be done in a matter of weeks, or less. The Air Force planning group had also been informed before the bombing raid, most likely by the Israelis, who have a vast spy network in Iran, that more than 450 pounds of the enriched gas stored at Fordo had been shipped to safety at another vital Iranian nuclear site at Isfahan, 215 miles south of Tehran. Isfahan was the only known facility in Iran capable of converting the Fordo gas into a highly enriched metal—a critical early stage of building the bomb. Isfahan also was a separate target of the US attack on Fordo, and was pulverized by Tomahawk missiles fired by a U.S. submarine operating in the Gulf of Aden, off Yemen.
As a journalist who for decades has covered the nascent nuclear crisis in the Middle East, it seemed clear to me and to informed friends I have in Washington and Israel that if Fordo somehow survived its bunker-buster attack, as was initially suggested, and continued to enrich more uranium, Isfahan would not. No enrichment, no Iranian bomb.
I’ve been frustrated and angry at cable news coverage for years, and that includes Fox News, too, and decided to try and find the real story. If your mother says she loves you, check it out. And I checked out enough of it to share.
I was told that “the first question for the American planners was how big was the actual workspace at Fordo? Was it a structure? We had to find that out before we got rid of it.” Some of the planners estimated that the working space “was the size of two hockey rinks: 200 feet long and 85 feet wide.” It came to 34,000 square feet. The height of the underground working space was assumed to be ten-and-a-half feet—I was not told the genesis of that assumption—and the size of the target was determined to be 357,000 cubic feet.
The next step was to measure the power of the dozen or more bunker-busters that were planned to be “carefully spaced and dropped” by the US B-2 bombers, using the most advanced guidance systems. (During one high-level session in Washington, one of the Air Force planners was asked what would happen if the B-2’s guidance systems were corrupted by an outside signal. “We’d miss the target” was the answer.)
I was assured that even if the rough estimate of the working space at Fordo was far off, the bombers targeting Fordo each carried a 30,000-pound bomb with an explosive payload of as much as five thousand pounds, which was more than enough to pulverize the mythical hockey rinks, or even a much larger working space.
Some of the bombs were also outfitted with what is known as a hard target void sensing fuze, which enabled the bombs to penetrate multiple layers of a site like Fordo before detonating. This would maximize the destructive effect. Each bomb, dropped in sequence, would create a force of rubble that would cause increasing havoc in the working areas deep inside the mountain.
“The bombs made their own hole. We built a 30,000-pound steel bullet,” the official told me, referring with pride to the bunker-busters.
Most important, he said, was that there were no post-strike hints detected of radioactivity—more evidence that the 450 pounds of enriched uranium had been moved from Fordo to the reprocessing site at Isfahan prior to the US attack there, which was code-named “Midnight Hammer.” That operation included a third US strike at yet another nuclear facility at Natanz.
“The Air Force got everything on the hit list,” the official told me. “Even if Iran rebuilds some centrifuges, it will still need Isfahan. There is no conversion capability without it.”
Why not, I asked, tell the public about the success of the raid and the fact that Iran no longer has a potential nuclear weapon?
The answer: “There will be a top-secret report about all of this, but we don’t tell people how hard we work. We tell the public what we think it wants to hear.”
The US official, asked about the future of the Iranian nuclear program, quickly acknowledged that “there is a communication problem” when it comes to the fate of the program.
The intent of the strike planners, he said, “was to prevent the Iranians from building a nuclear weapon in the near term—a year or so—with the hope they would not try again. The clear understanding was that there was no expectation to ‘obliterate’ every aspect of their nuclear program. We don’t even know what that is.
“Obliteration means the glass—[eliminating] Iran’s nuclear program—is full. The planning and the results are the glass is half-full. For Trump critics, the results are the glass is half-empty—the centrifuges may have survived and four hundred pounds of 60 percent enriched uranium are missing. The bombs could not be assured to penetrate the centrifuge chamber . . . too deep, but they could cover them up [with rocks and other bomb debris] and in the process cause unknown damage to them.
“Whether the 60 percent [enriched uranium] was there or not is irrelevant because without centrifuges they cannot refine it to weapons grade. Add to this the research and refinement and conversion from gas to metal—required for a bomb—at Isfahan are also gone.
“Results? Glass is half-full . . . a couple of years of respite and uncertain future. So now Trump’s defense is Full Glass. Critics? Half-empty. Reality? Half-full. There you are.”
The immediate beneficiary of the use of US force in Iran will not be a more placid Middle East, but Israel, and Prime Minister Benjamin Netanyahu. The Israeli Air Force and army are still killing massive numbers of Palestinians in Gaza.
There remains no evidence that Iran was on the cusp of becoming a nuclear power. But as the world has known for decades, Israel maintains a significant nuclear arsenal that it officially claims does not exist.
This is a story not about the bigger picture, which is muddled, but about a successful US mission that was the subject of a lot of sloppy reporting because of a reviled president. It would have been a breakthrough had anyone in the mainstream press spoken or written about the double standard that benefits Israel and its nuclear umbrella, but in America that remains a taboo.
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