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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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Dan Knight

Trudeau’s $191 Million Scandal – Auditor General Exposes Rampant Cronyism with McKinsey Contracts

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Auditor General’s Scathing Report Reveals Rampant Cronyism and Security Breaches—Conservatives Demands Accountability from Trudeau’s Inner Circle

In a stunning display of government largesse, Auditor General Karen Hogan dropped a bombshell at Meeting No. 128 of the Standing Committee on Government Operations and Estimates. Her report pulled back the curtain on a festering pit of crony capitalism under the Trudeau administration. Brace yourselves, folks, because what you’re about to hear is jaw-dropping.

Since 2015, contracts with the consulting firm McKinsey have skyrocketed to an eye-popping $191 million. Let that sink in for a moment. That’s a meteoric rise from a measly one million dollars in the years prior under Harper. So, what changed? Did McKinsey suddenly become a hundred times more competent, or does it have to do with whose in power?

Hogan’s report doesn’t dance around the issue. Oh no, it dives headfirst into the cesspool of corruption swirling around Trudeau’s inner circle. A staggering 70% of contracts with McKinsey were handed out non-competitively, totaling a mind-boggling $118 million. And if that wasn’t enough to make your blood boil, get this: almost half of these contracts lacked the necessary documentation to justify their existence. That’s right, folks, your tax dollars are being thrown around like confetti at a Liberal fundraiser, with little to no accountability.

But wait, it gets worse. Hogan’s audit uncovered a disturbing pattern of government departments using Crown corporations as their personal piggy banks to avoid pesky things like competitive procurement requirements. It’s crony capitalism 101, folks, and Trudeau’s minions are playing the game with gusto.

And as if all that wasn’t enough to make you reach for the pitchforks, Hogan also exposed shocking security breaches within government networks. Contractors were given access to sensitive information without the proper security clearances, putting the privacy of Canadians at risk. It’s a blatant disregard for basic security protocols that would make even the most amateur hacker blush.

But here’s the kicker, folks: despite all the damning evidence laid bare by Hogan’s report, there’s been nary a peep from Trudeau or his cronies about taking responsibility. It’s the same old song and dance we’ve come to expect from this government – sweeping corruption under the rug while hardworking Canadians foot the bill.

It’s high time for some accountability, and thankfully, not everyone in Ottawa is willing to let this scandal slide. Enter Conservative MP Stephanie Kusie. In a bold move to expose the deep-seated corruption within the Trudeau government, Kusie introduced a motion that promises to peel back the layers of deceit and cronyism surrounding the Prime Minister’s cozy relationship with McKinsey. This motion aims to call forth a comprehensive list of witnesses to further investigate the damning issues highlighted in Auditor General Karen Hogan’s recent report.

Here’s the rundown of the motion: Kusie is calling for appearances from:

  • Dominic Barton, former Global Managing Partner of McKinsey
  • Bob Sternfeld, current Global Managing Partner of McKinsey
  • Boyan Gerasimov, former Engagement Manager at McKinsey and former Director of Policy to the Minister of Public Services and Procurement Canada
  • McKinsey Canada officials responsible for securing government contracts
  • The President of the Treasury Board and relevant department officials
  • The Minister of Public Services and Procurement and relevant department officials
  • Officials from the Department of National Defense, Immigration, Business Development Bank of Canada, Export Development Canada, Public Sector Pension Investment Board, Trans Mountain Corporation, and Canada Infrastructure Bank

Kusie’s motion is a clear message to Trudeau’s swamp dwellers: your time is up. The proposed list of witnesses is set to shine a light on the rampant favoritism and misuse of taxpayer dollars that have come to define Trudeau’s tenure. This move is not just about McKinsey, but about unearthing the broader patterns of misconduct and lack of transparency that permeate this administration.

But what did the Liberals do in response? They filibustered the motion by running out the clock of the committee. Typical. However, fret not, my dear readers. This motion is set to be debated on Wednesday. The Liberals can delay, they can obfuscate, but they can’t hide from the truth forever.

The stage is set for a monumental showdown that could finally bring Trudeau and his cronies to justice for their actions. This is about more than just contracts and dollars—it’s about the very soul of our nation. Canadians deserve a government that upholds the highest standards of integrity and transparency, not one that constantly betrays public trust.

The stage is set for a showdown that could finally hold Trudeau and his cronies accountable for their actions. Stay tuned, folks, because the battle for transparency and integrity in government is just heating up. The swamp-sucking Laurentian elite, led by Trudeau himself, might try to run, but they can’t hide forever. Come Wednesday, the Trudeau Liberals will face the music and answer for their rampant cronyism and corruption. It’s time for these elitists to pay the piper and for Canadians to reclaim their government.

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Brownstone Institute

How Did a Small Group Do This?

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From the Brownstone Institute

By JEFFREY A. TUCKER

“You know, it’s kind of our own science experiment that we’re doing in real time.”

A very interesting study appeared last week by two researchers looking into the pandemic policy response around the world. They are Drs. Eran Bendavid and Chirag Patel of Stanford and Harvard, respectively. Their ambition was straightforward. They wanted to examine the effects of government policy on the virus.

In this ambition, after all, researchers have access to an unprecedented amount of information. We have global data on strategies and stringencies. We have global data on infections and mortality. We can look at it all according to the timeline. We have precise dating of stay-at-home orders, business closures, meeting bans, masking, and every other physical intervention you can imagine.

The researchers merely wanted to track what worked and what did not, as a way of informing future responses to viral outbreaks so that public health can learn lessons and do better next time. They presumed from the outset they would discover that at least some mitigation tactics achieved the aim.

It is hardly the first such study. I’ve seen dozens of such efforts, and there are probably hundreds or thousands of these. The data is like catnip to anyone in this field who is empirically minded. So far, not even one empirical examination has shown any effect of anything but that seems like a hard conclusion to swallow. So these two decided to take a look for themselves.

They even went to the next step. They assembled and reassembled all existing data in every conceivable way, running fully 100,000 possible combinations of tests that all future researchers could run. They found some correlations in some policies but the problem is that every time they found one, they found another instance in which the reverse seemed to be true.

You cannot infer causation if the effects are not stable.

After vast data manipulation and looking at every conceivable policy and outcome, the researchers reluctantly come to an incredible conclusion. They conclude that nothing that governments did had any effect. There was only cost, no benefit. Everywhere in the world.

Please just let that sink in.

The policy response destroyed countless millions of small businesses, ruined a generation in learning losses, spread ill health with substance abuse, wrecked churches that could not hold holiday services, decimated arts and cultural institutions, broke trade, unleashed inflation that is nowhere near done with us yet, provoked new forms of online censorship, built government power in a way without precedent, led to new levels of surveillance, spread vaccine injury and death, and otherwise shattered liberties and laws the world over, not to mention leading to frightening levels of political instability.

And for what?

Apparently, it was all for nought.

Nor has there been any sort of serious reckoning. The European Commission elections are perhaps a start, and heavily influenced by public opposition to Covid controls, in addition to other policies that are robbing nations of their histories and identities. The major media can call the victors “far right” all they want but this is really about common people simply wanting their lives back.

It’s interesting to speculate about precisely how many people were involved in setting the world on fire. We know the paradigm was tried first in Wuhan, then blessed by the World Health Organization. As regards the rest of the world, we know some names, and there were many cohorts in public health and gain-of-function research.

Let’s say there are 300 of them, plus many national security and intelligence officials plus their sister agencies around the world. Let’s just add a zero plus multiply that by the large countries, presuming that so many others were copycats.

What are we talking about here? Maybe 3,000 to 5,000 people total in a decision-making capacity? That might be far too high. Regardless, compared with the sheer number of people around the world affected, we are talking about a tiny number, a mico-percent of the world’s population or less making new rules for the whole of humanity.

The experiment was without precedent on this scale. Even Deborah Birx admitted it. “You know, it’s kind of our own science experiment that we’re doing in real time.” The experiment was on whole societies.

How in the world did this come to be? There are explanations that rely on mass psychology, the influence of pharma, the role of the intelligence services, and other theories of cabals and conspiracies. Even with every explanation, the whole thing seems wildly implausible. Surely it would have been impossible without global communications and media, which amplified the entire agenda in every respect.

Because of this, kids could not go to school. People in public parks had to stay within circles. Businesses could not open at full capacity. We developed insane rituals like masking when walking and unmasking when sitting. Oceans of sanitizer would be dumped on all people and things. People were made to be afraid of leaving their homes and clicked buttons to make groceries arrive on their doorsteps.

It was a global science experiment without any foundation in evidence. And the experience utterly transformed our legal systems and lives, introducing uncertainties and anxieties as never before and unleashing a level of crime in major cities that provoked residential, business, and capital flight.

This is a scandal for the ages. And yet hardly anyone in major media seems to be interested in getting to the bottom of it. That’s because, for bizarre reasons, looking too carefully at the culprits and policies here is regarded as being for Trump. And the hate and fear of Trump is so beyond reason at this point that whole institutions have decided to sit back and watch the world burn rather than be curious about what provoked this in the first place.

Instead of an honest accounting of the global upheaval, we are getting the truth in dribs and drabs. Anthony Fauci continues to testify for Congressional hearings and this extremely clever man threw his longtime collaborator under the bus, acting like David Morens was a rogue employee. That action seemed to provoke ex-CDC director Robert Redfield to go public, saying that it was a lab leak from a US-funded lab doing “dual purpose” research into vaccines and viruses, and strongly suggesting that Fauci himself was involved in the cover-up.

Among this group, we are quickly approaching the point of “Every man for himself.” It is fascinating to watch, for those of us who are deeply interested in this question. But for the mainstream media, none of this gets any coverage at all. They act like we should just accept what happened and not think anything about it.

This great game of pretend is not sustainable. To be sure, maybe the world is more broken than we know but something about cosmic justice suggests that when a global policy this egregious, this damaging, this preposterously wrongheaded, does all harm and no good, there are going to be consequences.

Not immediately but eventually.

When will the whole truth emerge? It could be decades from now but we already know this much for sure. Nothing we were promised about the great mitigation efforts by governments turned out to achieve anything remotely what they promised. And yet even now, the World Health Organization continues to uphold such interventions as the only way forward.

Meanwhile, the paradigm of bad science backed by force pervades nearly everything these days, from climate change to medical services to information controls.

When will evidence matter again?


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Author

  • Jeffrey A. Tucker

    Jeffrey Tucker is Founder, Author, and President at Brownstone Institute. He is also Senior Economics Columnist for Epoch Times, author of 10 books, including Life After Lockdown, and many thousands of articles in the scholarly and popular press. He speaks widely on topics of economics, technology, social philosophy, and culture.

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