Even the “good” economic news of 2017 was tempered by the fact that the gains are going to a small elite, while the vast majority of Canadians continue to struggle.
The elites have tried to make our economy look like a success story.
The fact that Canada has the highest household debt on earth has received very little attention – even as the supposed “growth” of our economy is based upon unsustainable debt.
And yet, it’s going to be far harder for the elites to hide the truth in 2018.
Canada’s economy is already slowing down, and now faces a new serious challenge since the U.S. has approved large tax cuts.
The big problem is that Canada and the U.S. are moving in opposite directions when it comes to policies that encourage job creation.
The U.S. has been reducing bureaucratic regulations, lowering taxes for about 80% of the population, and bringing their business tax rate to a level that is competitive with Canada – eroding our previous advantage.
At the same time, the Trudeau government has been increasing regulations and imposing a carbon tax that increases the cost of living and makes everything more expensive – which is not good for business growth.
Additionally, high energy costs – particularly in Ontario – are pushing businesses south of the border, something that could increasingly take place as time goes on.
This doesn’t bode well for 2018. As the Bank of Canada continues to increase interest rates, and our massive household debt burden continues to grow, escalating carbon taxes and excessive regulations will reduce our competitiveness and put our citizens in even tougher financial circumstances.
Unfortunately, rather than do what’s best for Canadians, our ‘leaders’ are more focused on serving the global elites and virtue-signalling, and this is leading Canada into serious trouble ahead.