TRUDEAU ECONOMY: Excessive Regulation & High-Taxes Cause Suncor To Cut Investment In Canada

The Trudeau government is destroying our ability to compete, and leading Canada down a path of more debt and more poverty.

The gigantic job losses in the latest jobs report aren’t the only recent bad news for Canada’s economy under Justin Trudeau.

Suncor – one of Canada’s largest energy companies – is planning to cut investment in Canada.

As reported by the Financial Post, “Suncor Energy Inc. president and CEO Steve Williams said during an earnings call Thursday that his company would pare back spending in future years partly because Canada is not as competitive as other countries. “We’re having to look at Canada quite hard. The cumulative impact of regulation and higher taxation than other jurisdictions is making Canada a more difficult jurisdiction to allocate capital in,” Williams said.”

In what seems to be a reference to the big tax cuts in the US, “Williams told financial analysts Thursday that Suncor is actively discussing Canada’s lack of competitiveness with various levels of government here because “other jurisdictions are doing much more to attract business, so Canada needs to do much more to up its game.”’

More evidence that Canada’s competitive position is deteriorating

As many have been saying for some time, Canada is moving in exactly the wrong economic direction under Trudeau. As other countries – particularly our neighbours to the south – make themselves more competitive, the Trudeau government is hitting Canadians with a carbon tax, and increasing regulatory burdens.

This is having the predictable effect of causing companies to look elsewhere when they decide where to invest. Tens of billions have already been lost as projects are stalled and cancelled across the country – especially in the energy sector.

As those losses mount, the price is paid by the Canadians not hired for jobs, the money not earned, and the revenue that individuals, families, and communities are deprived of.

Economic freedom in our country is in decline, and more money and power is being centralized in the federal government. The carbon tax is crippling our ability to compete, taking money out of the pockets of Canadians, and doing absolutely nothing for the environment.

And yet, despite the mounting evidence that Trudeau’s economic policies are failing miserably, the government continues doubling down, pushing their ideological agenda ahead of what’s good for the country.

As long as that keeps happening, more and more companies will be following Suncor’s lead and cutting their investments in our nation.

Meanwhile, more of our companies are being taken by foreign countries, so in addition to lost investment, we are losing national sovereignty.

As a result, we are being led down the path of more debt, more poverty, and more national weakness.

Spencer Fernando

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