In the wake of a weak economic report showing the worst wage growth since 1997, there’s even more bad news for Canada’s economy.
The Canadian dollar is the worst performing major currency on earth so far this year.
The Loonie is down 1.55% vs the US dollar in 2017.
By contrast, the Mexican Peso is up 10.13%, the British Pound is up 4.95%, and even the Euro is up 2.45%.
Taken together, recent economic data paints a very concerning picture of our economy. Our currency is losing value, wages are low, more people are giving up on entering the job market, and our debt and deficit continue to rise.
The high-tax, high-spending policies of the federal government are not working, and the falling Loonie is a warning sign that confidence in our economy is being lost. Since an economy functions in large part on the confidence of consumers and investors, any loss of belief in Canada’s economic strength can have serious negative consequences.
Add to that the government plans for even higher taxes, and growing trade disputes with the United States, and it is clear Canada’s economy needs a completely new approach to ensure our people can achieve prosperity and financial security.