David Rosenberg says Canada would have a stronger currency if we were actually competitive.
Respected economist David Rosenberg is pushing back against Bill Morneau’s claim that Canada doesn’t have a competitiveness problem.
In an interview with BNN Bloomberg, Rosenberg said “Look, if I was a politician in Ottawa, and I was in power, I’d be saying the same thing. Who is ever going to go in front of the cameras and admit failure?”
‘“But the data are the data,” Rosenberg added, pointing to stagnant Canadian business productivity growth and capital investment-to-GDP ratios as examples.”
Rosenberg notes that Canada is reliant upon our weak currency – which artificially boosts the competitiveness of our exports and masks serious underlying problems:
“I guess you can manufacture other data to fit your viewpoint, but let’s just face facts. If we were truly competitive, we wouldn’t have to be relying on a 70-cent Canadian dollar to act as a competitive crutch, artificially, for domestic industry,” said Rosenberg.
He said that if Canada were “actually a competitive powerhouse,” we would have a strong currency.
If this article feels familiar, it’s because there is an ever-expanding list of people warning about Canada’s competitive weakness. Just earlier, I wrote about the CEO of Magna, who says the US is becoming a better place for investment.
Billions in investment has already left our country, and billions more is headed out the door.
This is what happens when a government puts virtue-signalling ahead of basic economic common sense. Trudeau and Morneau think they can just say the right words and people will magically overlook rising taxes, rising regulations, and the rising cost of doing business in this country.
Of course, it’s not working, and Canadians can’t pay our bills with politically correct talking points.
Photo – YouTube