Without being able to get the basics right, small tweaking around the edges doesn’t really matter.
Finance Minister Chrystia Freeland is unveiling the Liberal economic statement.
It will be like most other economic statements, a rehashing of already-known government programs, and a few targeted announcements in an attempt to win votes.
But a focus on the small tweaks the statement amounts to ends up missing the big picture:
No economic can change the fact that the Liberals fundamental approach on the economy is deeply flawed.
And that flawed, overly ideological approach means that even the few things the Liberals get right are diluted.
For example, the move towards securing and building up Canada’s precious minerals sector is wise, as is the idea of ‘friend-shoring’ to strengthen trade and supply chains between fellow democracies.
However, the one thing our democratic allies are asking for most of all – and what they need right now – is oil & gas. But the Liberals put their far-left ‘green’ ideology ahead of common-sense, and our energy sector has been restrained. The German Chancellor even came to Canada practically begging for more LNG, yet was rebuffed.
And that is the more fundamental problem here.
The Liberals have embraced an economic vision that puts the state at the centre of everything, pushes taxes higher and higher, and increases the debt year-after-year.
As a result, we produce less, tax more, and flood the economy with borrowed money. Thus, more money chases fewer goods, and taxes drive up prices.
That has led to inflation, and could not have led to anything else.
The Liberal economic statement – which includes giving out even more borrowed money to ‘help’ people deal with inflation – will simply worsen the current inflationary environment.
Only by lowering production costs to incentivize the production of real, tangible things, lowering taxes, and moving towards fiscal responsibility can we find our way out of the crisis we face, yet the Liberals continue to do the exact opposite.
As long as these policies remain in place, Canada’s economy will continue to weaken.
Spencer Fernando
Photo – YouTube
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