Canada’s GDP stagnated in July, with 0% “growth” recorded during that time period.
The economic stagnation was due in large part to a decline in both manufacturing and oil extraction.
Manufacturing was down 0.4%, as both vehicle and transportation equipment fell. Construction fell 0.5% as home construction declined.
The mining, quarrying, and oil sector declined by 1.2% overall. Oil extraction and petroleum/mining support services fell the most.
So much for that economic “boom” all the elites tried to convince us was happening.
The escalating failure of “Trudeaunomics”
Justin Trudeau was handed a balanced budget. He decided to run massive deficits in an effort to boost “growth.” Yet, also simultaneously raised taxes, imposed new regulations, and took actions that are destroying business confidence. He continues to bow down to the elitist “free trade” orthodoxy as our manufacturing jobs are ripped out of the country and sent to cheap labour nations. Household debt is at record levels, and a new tax attack on Canadian small businesses would make things even worse.
This isn’t the middle class agenda Canadians thought they were getting. While Trudeau’s buddies and his fellow elites keep getting richer, the rest of us are paying the price of failed Trudeaunomics.