David Dodge says Canada has been doing things “to shoot ourselves in the foot” when it comes to economic competitiveness.
The former governor of the Bank of Canada David Dodge is concerned about Canada’s falling economic competitiveness, and says much of that weakness is because of things being done within the country.
As Dodge told BNN in an interview, “There are two issues here: One, we in Canada have been doing a number of things to shoot ourselves in the foot. Number two, the world outside is changing and creating a number of uncertainties for investment in Canada, both public and private investment. This is an issue for us … we do have to be concerned.”
Dodge is correct that both internal and external factors impact Canada’s competitiveness. The problem is that the government is doing the exact opposite of what we should be doing to respond to competitive pressure. With the US becoming a better place for investment due to reduced regulations and lower taxes, the Trudeau government is adding taxes and adding regulations – which is pushing investment to the south.
So, instead of taking action to mitigate external competitiveness challenges, the government is making things worse. And even as warnings pile up and investment flees, the Trudeau Liberals keep pushing the same big-government approach, driving us further towards serious economic problems.