More disastrous news for the Canadian economy.
There’s more devastating economic news in Canada.
According to multiple reports, General Motors is set to announce that they are ending all operations in Oshawa Ontario, closing down a plant that has been in operation since 1953, and potentially throwing thousands of people out of work.
Almost 3,000 jobs could be lost as GM leaves.
It’s a disgraceful move, especially considering the billions of taxpayer dollars that Canada spent helping bail out GM when it was heading towards oblivion.
It also comes after the Trudeau government agreed to the USMCA, a trade deal they claimed would help the auto sector. Clearly, it has totally failed to do so.
Here’s what Oshawa MP Jennifer French said in a statement:
GM didn't build #Oshawa. Oshawa built GM. If it is true that @GMcanada is abandoning us, then they are in for a fight. Autoworkers & families deserve better than rumours. The Govt better be figuring out a plan… #MadeInOshawaMatters #community pic.twitter.com/wVELqWO7oe
— Jennifer French (@jennkfrench) November 26, 2018
Unfortunately, the job losses and economic damage could go beyond the direct losses from GM abandoning Oshawa. Numerous other jobs in the surrounding area, and jobs connected to the auto industry could also be lost.
This news is devastating for Oshawa, for Ontario, and for all of Canada. And it comes as three of Canada’s large industries are struggling.
The oil industry is in crisis, in large part because of Trudeau’s anti-oil agenda.
Bombardier is doing terribly, despite repeated taxpayer-funded bailouts.
And now the auto industry in Canada is facing a serious loss.
On top of all this, real wage growth has been stagnant in 2018, and investment is fleeing the country.
Regarding the Oshawa announcement, more details will be shared tomorrow at a widely-expected announcement by the company.
Photo – Twitter