Higher taxes, skyrocketing debt, and restrictive regulations will keep our economy weak for at least half a decade.
Details from an internal memo to Finance Minister Bill Morneau have been revealed in a recent report.
It suggest that the Canadian economy – already not working for the vast majority of our people – is heading towards years of weakness:
“The note for Finance Minister Bill Morneau, obtained by CBC News under the Access to Information Act, forecasts average annual growth of just 1.7 per cent this year through to 2022. That slower-growth number has big implications for federal tax revenues and annual deficits, and suggests Morneau has little wiggle room for spending in Budget 2018.”
This is a serious problem, because once you consider the impact of rising inflation (probably going up far more than the government reports), and population growth, the economy may well shrink in practical terms over the next five years under current government policies.
The combo of a weak economy, record high household debt, large government budget deficits, and rising interest rates will be disastrous.
Of course, this is something I’ve been saying for some time. The government is taking more money out of our pockets, which makes it even tougher to pay off debt. Increased bureaucratic regulations stifle growth and creativity in the economy, and weaker growth makes the burden of debt even worse.
Meanwhile, the country loses up to $15 billion per year from the disloyal elites using foreign offshore tax havens, money that could go towards building our country and lowering taxes for working class and middle class Canadians. Yet the government does nothing.
Now, it’s clear that even within the government the truth is being revealed: The terrible economic impact of the Trudeau government’s dangerously failed approach will not remain hidden.