Arrogant politicians destroy confidence in economic future
Often, the best thing a politician can do is nothing at all.
Those in power love to stick their noses into things they don’t understand, and nowhere do we see that more than when it comes to the economy.
Despite the massive complexity of our modern economy, and despite the obvious truth that attempting to control that complexity inevitably ends in failure, the arrogant elites continue their efforts to “guide” and dominate our economic future.
You can see that in the suffering being inflicted upon the Alberta Oil Patch.
As reported by Bloomberg, drillers and equipment providers are having a tough time recruiting workers who have been let go in previous years. As Mark Salked – President of the Petroleum Services Association of Canada said, “We’re firing up more rigs, we’re firing up more frack spreads, and we need more crews and more equipment, but those extra people aren’t coming back.”
On Calgary firm – Trican Well Service Ltd., says they have lost up to $15 million in potential revenue so far this year, because workers aren’t coming back.
Job security fears
Many workers are reluctant to return, since they recently experienced being laid off. Understandably, there are fears over whether it will happen again.
However, there is a factor that is being overlooked: Confidence.
Our economy functions in large part on confidence in the future. Confidence drives investment and consumption, and without it, an economy quickly fails.
Notley’s carbon tax sent a clear signal that energy production would be deliberately made more difficult and more cost-intensive. Her party has shown a consistent reluctance to truly support the oil industry, only grudgingly doing the bare minimum – and often far less – to project any kind of supportive image.
Trudeau has done significant damage as well. By musing about the “need” to “phase out the oil sands,” he created massive doubt about the future of the Canadian oil industry. Combined with his previous insults towards Albertans, his push for increased regulations, and his imposition of a nationwide carbon tax, it is clear that having Trudeau in power is a massive blow to the confidence of the Canadian oil industry.
Both Justin Trudeau and Rachel Notley have acted in ways that severely reduce confidence in the near-term future of the oil patch. They have chosen to massively interfere in the oil sector, and that interference has had a significantly negative impact.
The loss of confidence caused by Trudeau and Notley may not show up directly in statistics, but it insidiously weaves its way through the oil sector, creating a cloud of doubt and mistrust that has a deeply damaging impact. Consider the fact that these hiring troubles are happening even as Alberta has a high unemployment rate. Clearly, something is going on behind the statistics.
Trudeau and Notley show no signs of reversing their damaging policies. To the contrary – they are doubling down on them.
As a result, we can expect the oil patch to struggle much more than prices would dictate, and that struggle will not change until both Notley and Trudeau have been replaced with leaders who will get out of the way and let the oil patch flourish once again.
The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth. That’s why I write.
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