Canadian workers and families aren’t doing well in the Trudeau economy. Wage growth is terrible, taxes are going up, and when we adjust for inflation, Canadians are actually getting poorer.
But there’s one industry that seems to be doing great with Trudeau in power: Canadian banks.
They’re making record profits, and when it was revealed that they were systematically ripping off Canadians with unethical practices, Trudeau’s response was… Nothing at all.
According to Bloomberg, TD bank is even looking to buy more office space – up to 550,000 square feet in downtown Toronto.
This follows news that CIBC is moving to a new Toronto-based HQ, while BMO is also looking to expand. Additionally, RBC has built two new offices in the past eight years.
No boom for the middle class
I don’t mind if Canada’s banks succeed. We need strong banks for a strong overall economy. But an economy where the middle class and low-income struggle with stagnant wages while banks get richer is not sustainable.
It’s no surprise that the banks are doing better than everyone else. Trudeau serves the elites, and has no real interest in helping Canadian families or workers.
And it’s only going to get worse.
The banks won’t be hurt by the rising carbon tax, but the rest of us will be.
That’s life in Trudeau’s economy: One set of rules for those at the top, another set of rules for everyone else.