Canadians’ standard of living is on decline, report says

[Brent]

I did not need a report to know that living standards are heading in the wrong direction under Trudeau.

Canadians are currently experiencing one of the worst and longest declines in their standard of living in decades, according to a new report by the Fraser Institute.

"Despite claims to the contrary, living standards are declining in Canada," study co-author Grady Munro says in the report by the fiscally conservative think tank, "Changes in Per-Person GDP (Income): 1985 to 2023."

The study says that from April 2019 to the end of 2023, inflation-adjusted, per-person GDP in Canada, a broad measure of living standards, fell from $59,905 annually to $58,111 — a 3% loss and the third-steepest decline in almost 40 years.

Only a 5.3% drop in real GDP Canadians experienced from 1989 to 1992 and a 5.2% drop from 2008 to 2009 were more severe.

The study also says the latest decline in living standards which lasted for 18 fiscal quarters from 2019 to 2023 is already the second-longest in almost 40 years, surpassed only by one that lasted 21 fiscal quarters from1989 to 1994, "and if not stabilized in 2024, this decline could be the steepest and longest in four decades."

A chart in the Liberals' 2022 budget projected that Canada was in danger of experiencing the lowest annual growth in real GDP per capita between 2020 and 2060 among 16 comparable countries that are members of the Organization for Economic Co-operation and Development, as well as lower growth than the OECD average and lower than every other member of the G7 — U.S., U.K., Germany, France, Italy and Japan.

"Most Canadian businesses have not invested at the same rate as their U.S. counterparts. Unless this changes, the OECD projects that Canada will have the lowest per-capita GDP growth among its member countries."

The problem, critics say, is that in the Liberals' 2024 budget released last month, its major themes — higher spending, higher deficits, higher debt and higher capital gains taxes — are all sure-fire ways to reduce business confidence in the economy, discouraging private sector investment aimed at increasing productivity and innovation.

https://torontosun.com/opinion/columnists/goldstein-canadians-standard-of-living-is-on-decline-report-says

[Thiel]

I did not need a report to know that living standards are heading in the wrong direction under Trudeau.
https://torontosun.com/opinion/columnists/goldstein-canadians-standard-of-living-is-on-decline-report-says

One might assume Trudeau used Hugo Chavez as his governing template.

[Herman]

One might assume Trudeau used Hugo Chavez as his governing template.

Or Josef Stalin.

[Shen Li]

I did not need a report to know that living standards are heading in the wrong direction under Trudeau.
https://torontosun.com/opinion/columnists/goldstein-canadians-standard-of-living-is-on-decline-report-says

I'll be back for a holiday next month and to take my sons back with me. I doubt the country has improved or will either.