Things are getting worse in Canada, with a slowing economy, rising taxes, and a continued fall in confidence.
Confidence is a key lifeblood of any economy, and a drop in confidence among consumers is usually a sign that things aren’t going well.
And that’s what we’re seeing right now in Canada.
Despite the deceptive attempts by the Trudeau government to claim that the economy is ‘strong’ the data, and our feeling on the ground, shows the opposite.
GDP growth has been either low or negative in recent reports, and Canadians are being crushed in between the ever-increasing burden of debt on one end, and the rising burden of taxes on the other. Stuck between this economically damaging pincer movement, Canadians have less and less left over for everything else.
Unsurprisingly, that reality is now damaging consumer confidence.
According to the ‘Bloomberg Nanos Canadian Confidence Index,’ consumer confidence fell from 55.4 to 54.9. Bloomberg notes that this recent fall follows small gains in the previous two months. However, those small gains didn’t come close to offsetting the trend from 2018, which was an almost uninterrupted fall in confidence.
Now, with the most recent decline, the trend from 2018 appears to be reasserting itself – just as the carbon tax is imposed more widely throughout the nation.
And in a sign that the doubts about the economy are widespread, the survey found just 13.1% who believe the economy is going to improve. BNN Bloomberg said that was “near record lows for this question.”
Record lows indeed.