Massive population increases combined with rapidly declining per capita GDP are leading to predictable outcomes: The escalating impoverishment of Canadians.
Justin Trudeau once said “you’ll forgive me if I don’t think about monetary policy,” and that is one of the few statements he’s made that contained a lot of truth.
Not only is the Prime Minister not concerned about the impact of things like massive budget deficits and rampant money creation by the Bank of Canada, he also appears to be ignorant of even basic economic concepts like per capita GDP.
The entire ‘economic policy’ of the Liberal government appears to be to flood the country with new arrivals while ramping up taxes and deficit spending.
Unsurprisingly, it isn’t working.
The supply of goods can’t keep up with the supply of people and money. So, money is worth less (which manifests as inflation), and people are poorer on a per capita basis.
And the evidence of this growing impoverishment of Canadians continues to pile up.
According to the “Who’s Hungry Report” from the Daily Bread Food Bank, the number of food bank users has doubled in the past year alone in Toronto.
In the previous 12 month period, 1 in 20 Toronto residents relied on food banks. In the past 12 months, that number is 1 in 10.
For the first time, over 2 million visits to food banks have been recorded, itself breaking a record of over 1 million surpassed two years ago.
The 51% year-over-year increase is the largest ever recorded, and Toronto food banks are projected to end up with over 3 million visits by the end of the year.
Think about that for a moment.
From over 1 million visits a year for the first time just two years ago, to over 2 million in the past 12 months, and potentially 3 million by the end of the year.
We are watching the collapse of affordability in Canada in real-time.
At this point, there really isn’t any debate to be had here. The economic policies of the Liberal government have been an abject failure. Canadians are poorer, we are falling behind other nations, our living standards are rapidly falling, and the government flooding the country with newcomers to generate raw GDP growth is doing absolutely nothing to actually improve the situation of individual Canadians.
Canada is a nation in an undeniable state of decline, and only a dramatic shift in economic policies – including big tax cuts, eliminating the carbon tax, unleashing the energy sector, and reducing government spending – will begin to get things back on track. Every day the Liberal-NDP Pact remains in power is another day in which those needed policy changes don’t happen, and another day of deepening suffering for Canadians.