The consequences of Justin Trudeau’s failed economic policies are adding up, and the evidence of a weakening Canadian economy is piling up.
The Bank of Canada has held interest rates at 1.75%, seeming much less bullish about the economy than in previous statements.
The Bank tried to sound somewhat balanced, saying they expect “Business investment outside the energy sector is expected to strengthen with the signing of the USMCA, new federal government tax measures, and ongoing capacity constraints.”
However, they also said “activity in Canada’s energy sector will likely be materially weaker than expected.”
Notably, the decline in business investment in Canada has been a steady feature of Trudeau’s time in office, even before the uncertainty surrounding trade with the U.S.
Trudeau has piled on tons of new regulations, is imposing a widely-opposed and economically destructive carbon tax, and shows little willingness to support the Canadian economy, instead preferring to hurt the pocketbooks of Canadians in an effort to garner praise from the global elites.
And while the Bank of Canada will never say any of that, the fact that they have held interest rates steady, and are seemingly growing more concerned about economic weakness, shows that they are beginning to recognize the damage from Justin Trudeau’s policies.