In contrast to the “sunny” vision Justin Trudeau is trying to create around the economy, the economic reality facing Canadians is far worse.
Wage growth is at its lowest in two decades, debt is piling up, and now we have serious trade tensions with the United States.
Trudeau has been a failure on the economy, and it’s only getting worse.
Great-West Lifeco has announced that they will be cutting 1,500 jobs – a full 13% of their entire Canadian workforce.
The cuts will take place over the next two years.
While Great-West Life says the cuts are part of a “business transformation,” this is the type of thing we see in a struggling economy.
This is also what happens when confidence in the future of the economy is reduced. In a statement, Great-West Life said “To ensure we remain competitive and drive future growth, we are reducing costs and becoming more efficient, while at the same time investing more in customer-focused innovations and service offerings.”
That sounds great, but laying off 13% of their workforce clearly shows Great-West Life is concerned about future prospects.
When a large – and profitable – insurance company makes these kinds of job cuts, it doesn’t bode well for the rest of the Canadian economy.
Unfortunately, as debt rises and economic stagnation continues, we can expect more job losses across the economy. The Trudeau approach of high taxes and a massive bureaucracy is not working, and more Canadian workers will pay the price for his failures.
While Trudeau is not directly responsible for specific job cuts, the economic environment he creates through policy impacts every business, family, and consumer in this country. When jobs are lost, we must look beyond the headlines and see the underlying forces at work. Right now in Canada, those underlying forces are harmful and misguided economic policies, pushed by Trudeau and his out-of-touch government.