Turnbull says “Canada is doing well.” Canadians appear to disagree with that assessment.
Liberal MP Ryan Turnbull thinks everything is just fine.
On Twitter, Turnbull quote-tweeted a post about the 3.1% inflation reading for October, and said “Canada is doing well #notbroken.”
https://twitter.com/turnbullwhitby/status/1726968122429849608
Of course, most Canadians would disagree with that assessment. Canada is not doing well at all.
Our per capita GDP is declining month after month, which means Canadians are getting poorer in real terms.
Crime is surging.
Rabid anti-Semites roam the streets.
Housing is unaffordable.
Billions of taxpayer dollars are going to EV battery plant subsidies even as the industry slows, leaving Canadians on the hook for a horrible bet by the government.
But Turnbull thinks things are just fine.
Notably – but unsurprisingly given the lack of economic/monetary wisdom in the Liberal government – Turnbull seems unaware that inflation is cumulative.
When inflation ‘slows,’ it is still being measured based on prices that reflect all past inflation increases. This means ‘lower’ inflation can actually result in a larger price increase than a ‘lower’ number in the past.
For example, if the price of something rises from $100 to $200, 5% inflation based upon the $200 price would represent a $10 price increase.
Meanwhile, 8% inflation on the original $100 price would represent a price increase of $8.
So, the ‘lower’ inflation number obscures the fact that price increases may be larger.
This is why many Canadians don’t feel that inflation is actually going down. Even though the inflation number is getting smaller, the prices being inflated are themselves much higher due to the cumulative effect of high inflation.
So, when Turnbull shares a chart and starts doing victory laps about inflation coming down, he only demonstrates how out of touch he and many Liberal MPs are with the experiences of Canadians.
Spencer Fernando
Photo – YouTube
