Business
Justin Trudeau’s legacy—record-high spending and massive debt

From the Fraser Institute
By Jake Fuss and Grady Munro
On Monday, after weeks of turmoil and speculation, Prime Minister Justin Trudeau told Canadians he’ll resign after the Liberal Party choses a new leader. There will be much talk about Trudeau’s legacy, but the modern Trudeau era was distinguished—among other things—by unprecedented levels of government spending.
The numbers don’t lie.
For example, from 2018 to 2023 Justin Trudeau recorded the six-highest levels of spending (on a per-person basis, after adjusting for inflation) in Canadian history, even after excluding emergency spending during the pandemic. For context, that means the Trudeau government spent more per person during those six years than the federal government spent during the Great Depression, both world wars and the height of the Global Financial Crisis in 2008-09.
Unsurprisingly, the Trudeau government was unable to balance the budget during his nine years in power. After first being elected in 2015, Trudeau promised to balance the budget by 2019—then ran nine consecutive deficits including an astonishing $61.9 billion deficit for the 2023/24 fiscal year, the largest deficit of any year outside of COVID.
The result? Historically high levels of government debt compared to previous prime ministers. From 2020 to 2023, the government racked up the four highest years of total federal debt per person (inflation-adjusted) in Canadian history. Compared to 2014/15 (the last full year under Prime Minister Harper), federal debt per person had increased by $14,127 (as of 2023/24).
While a portion of this debt accumulation took place during the pandemic, a sizable chunk of federal COVID-related spending was wasteful. And federal debt increased significantly before, during and after the pandemic. In short, you can’t blame COVID for the Trudeau government’s wild spending and borrowing spree.
This fiscal record, marked by record-high levels, defines Prime Minister Trudeau’s fiscal legacy, which will burden Canadians for years to come. Spending-driven deficits and debt accumulation impose costs on Canadians—largely in the form of higher debt interest costs, which will hit $53.7 billion in 2024/25 or $1,301 per person. That’s more than all revenue collected via the federal GST.
And because government borrowing pushes the responsibility of paying for today’s spending into the future, today’s debt burden will fall disproportionately on younger generations of Canadians who will face higher taxes to finance today’s borrowing. And a growing tax burden (due to debt accumulation) can hurt future economic performance and the country’s ability to compete with other jurisdictions worldwide for business investment and high-skilled workers.
Under Trudeau, Canada has had an abysmal investment record. From 2014 to 2022 (the latest year of available data), inflation-adjusted total business investment (in plants, machinery, equipment and new technologies but excluding residential construction) in Canada declined by $34 billion. During the same period, after adjusting for inflation, business investment declined by $3,748 per worker—from $20,264 per worker in 2014 to $16,515 per worker in 2022. Due in part to Canada’s collapsing business investment, incomes and living standards have stagnated in recent years.
At the same time, Trudeau raised taxes on top-earners who help drive job-creation and prosperity across the income spectrum, and increased the tax burden on middle-class Canadians. Indeed, 86 per cent of middle-income Canadian families pay more in taxes than they did in 2015.
After approximately a decade in office, Prime Minister Justin Trudeau is stepping down. In his wake, he leaves behind a record of unprecedented spending, a mountain of debt, and higher taxes. It’s no wonder many Canadians are looking for change.
Business
Carney’s European pivot could quietly reshape Canada’s sovereignty

This article supplied by Troy Media.
Canadians must consider how closer EU ties could erode national control and economic sovereignty
As Prime Minister Mark Carney attempts to deepen Canada’s relationship with the European Union and other supranational institutions, Canadians should be asking a hard question: how much of our national independence are we prepared to give away? If you want a glimpse of what happens when a country loses control over its currency, trade and democratic accountability, you need only look to Bulgaria.
On June 8, 2025, thousands of Bulgarians took to the streets in front of the country’s National Bank. Their message was clear: they want to keep the lev and stop the forced adoption of the euro, scheduled for Jan. 1, 2026.
Bulgaria, a southeastern European country and EU member since 2007, is preparing to join the eurozone—a bloc of 20 countries that share the euro as a common currency. The move would bind Bulgaria to the economic decisions of the European Central Bank, replacing its national currency with one managed from Brussels and Frankfurt.
The protest movement is a vivid example of the tensions that arise when national identity collides with centralized policy-making. It was organized by Vazrazdane, a nationalist, eurosceptic political party that has gained support by opposing what it sees as the erosion of Bulgarian sovereignty through European integration. Similar demonstrations took place in cities across the country.
At the heart of the unrest is a call for democratic accountability. Vazrazdane leader Konstantin Kostadinov appealed directly to EU leaders, arguing that Bulgarians should not be forced into the eurozone without a public vote. He noted that in Italy, referendums on the euro were allowed with support from less than one per cent of citizens, while in Bulgaria, more than 10 per cent calling for a referendum have been ignored.
Protesters warned that abandoning the lev without a public vote would amount to a betrayal of democracy. “If there is no lev, there is no Bulgaria,” some chanted. For them, the lev is not just a currency: it is a symbol of national independence.
Their fears are not unfounded. Across the eurozone, several countries have experienced higher prices and reduced purchasing power after adopting the euro. The loss of domestic control over monetary policy has led to economic decisions being dictated from afar. Inflation, declining living standards and external dependency are real concerns.
Canada is not Bulgaria. But it is not immune to the same dynamics. Through trade agreements, regulatory convergence and global commitments, Canada has already surrendered meaningful control over its economy and borders. Canadians rarely debate these trade-offs publicly, and almost never vote on them directly.
Carney, a former central banker with deep ties to global finance, has made clear his intention to align more closely with the European Union on economic and security matters. While partnership is not inherently wrong, it must come with strong democratic oversight. Canadians should not allow fundamental shifts in sovereignty to be handed off quietly to international bodies or technocratic elites.
What’s happening in Bulgaria is not just about the euro—it’s about a people demanding the right to chart their own course. Canadians should take note. Sovereignty is not lost in one dramatic act. It erodes incrementally: through treaties we don’t read, agreements we don’t question, and decisions made without our consent.
If democracy and national control still matter to Canadians, they would do well to pay attention.
Isidoros Karderinis was born in Athens, Greece. He is a journalist, foreign press correspondent, economist, novelist and poet. He is accredited by the Greek Ministry of Foreign Affairs as a foreign press correspondent and has built a distinguished career in journalism and literature.
Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.
Business
EU investigates major pornographic site over failure to protect children

From LifeSiteNews
Pornhub has taken down 91% of its images and videos and a huge portion of the last 9% will be gone by June 30 because it never verified the age or consent of those in the videos.
Despite an aggressive PR operation to persuade lawmakers that they have reformed, Pornhub is having a very bad year.
On May 29, it was reported that the European Commission is investigating the pornography giant and three other sites for failing to verify the ages of users.
The investigation, which comes after a letter sent to the companies last June asking what measures they have taken to protect minors, is being carried out under the Digital Services Act. The DSA came into effect in November 2022 and directs platforms to ensure “appropriate and proportionate measures to ensure a high level of privacy, safety, and security of minors, on their service” and implement “targeted measures to protect the rights of the child, including age verification and parental control tools, tools aimed at helping minors signal abuse or obtain support, as appropriate.”
According to France24: “The commission, the EU’s tech regulator, accused the platforms of not having ‘appropriate; age verification tools to prevent children from being exposed to pornography. An AFP correspondent only had to click a button on Tuesday stating they were older than 18 without any further checks to gain access to each of the four platforms.”
Indeed, Pornhub’s alleged safety mechanisms are a sick joke, and Pornhub executives have often revealed the real reason behind their opposition to safeguards: It limits their traffic.
Meanwhile, Pornhub — and other sites owned by parent company Aylo — are blocking their content in France in response to a new age verification law that came into effect on June 7. Solomon Friedman, Aylo’s point man in the Pornhub propaganda war, stated that the French law was “potentially privacy infringing” and “dangerous,” earning a scathing rebuke from France’s deputy minister for digital technology Clara Chappaz.
“We’re not stigmatizing adults who want to consume this content, but we mustn’t do so at the expense of protecting our children,” she said, adding later, “Lying when one does not want to comply with the law and holding others hostage is unacceptable. If Aylo would rather leave France than apply our law, they are free to do so.” According to the French media regulator Arcom, 2.3 million French minors visit pornographic sites every month.
Incidentally, anti-Pornhub activist Laila Mickelwait reported another major breakthrough on June 7. “P*rnhub is deleting much of what’s left of the of the site by June 30,” she wrote on X. “Together we have collectively forced this sex trafficking and rape crime scene to take down 91% of the entire site, totaling 50+ million videos and images. Now a significant portion of the remaining 9% will be GONE this month in what will be the second biggest takedown of P*rnhub content since December 2020.”
“The reason for the mass deletion is that they never verified the age or consent of the individuals depicted in the images and videos, and therefore the site is still awash with real sexual crime,” she added. “Since the fight began in 2020, 91% of P*rnhub has been taken down — over 50 million images and videos. Now a huge portion of the last 9% will be gone by June 30 because P*rnhub never verified the age or consent of those in the videos and the site is a crime scene.”
Mickelwait has long called for the shutdown of Pornhub and the prosecution of those involved in its operation. This second mass deletion of content, as welcome as it is, reeks of a desperate attempt to eliminate the evidence of Pornhub’s crimes.
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