Not a ‘vibecession’ — Canadian living standards are declining

[Brent]

Trudeau and Freeland are tone deaf and out of touch. Just like all progtards.

During a recent press conference about the Trudeau government's plan to send $250 cheques to many Canadians and suspend the GST on certain goods and services for two months, federal Finance Minister Chrystia Freeland said Canadians are experiencing a "vibecession," which is creating negative feelings about the economy despite "really positive economic news." According to Freeland, these two proposals, which will cost billions, will "help Canadians get past that vibecession."

In reality, the economic woes of Canadians are real and new data from Statistics Canada shows that Canadian living standards are declining.
Let's look at the numbers. From July to September 2024, after adjusting for inflation, the Canadian economy (as measured by Gross Domestic Product) grew by 0.3%, yet per-person GDP (an indicator of living standards and incomes) actually fell by 0.4%.

How can the economy grow while living standards decline?
Canada's rapid population growth, fuelled by high levels of immigration, means the overall economy has increased in size but per-person GDP has not. During the same three-month period (July to September), Canada's population increased by 0.6% (or 250,229 people), outpacing the rate of economic growth.

Despite any claims of a "vibecession," Canadians remain mired in an actual recession in their standard of living. Freeland's comments once again prove this government is disconnected from the reality many Canadians face. It's not just bad vibes — the data shows Canadians are actually worse off today than they were in 2019.

https://torontosun.com/opinion/columnists/opinion-not-a-vibecession-canadian-living-standards-are-declining

[Thiel]

Trudeau and Freeland are tone deaf and out of touch. Just like all progtards.
https://torontosun.com/opinion/columnists/opinion-not-a-vibecession-canadian-living-standards-are-declining

In Canada the GDP is growing slightly, but not on a per capita basis. This is due to unprecedented levels of immigrants under Trudeau.

In Japan, the GDP is not growing. This is due to their demographic death spiral of few births and negligible immigration. But, on a per capita basis living standards are not dropping.

[Brent]

In Canada the GDP is growing slightly, but not on a per capita basis. This is due to unprecedented levels of immigrants under Trudeau.

In Japan, the GDP is not growing. This is due to their demographic death spiral of few births and negligible immigration. But, on a per capita basis living standards are not dropping.

Canadians know they have become poorer in the last ten years.

[Thiel]

"I would say we're in a recession, I wouldn't even call it a technical one," Stephen Poloz, Bank of Canada governor from 2013 to 2020, said during a webinar on Tuesday, reported by the Financial Post.

Statistics Canada reported last week that our economy grew at an annualized rate of 1% in the third quarter of 2024, down from 2.2% in the second quarter.

But Poloz said this was largely due to the high immigration policies of the Trudeau government — more people means the production of more goods and services.

On a per-capita basis, Canada's economy has contracted for six consecutive quarters — the latest decline was 0.4% and for eight quarters of the past nine.

That means that while Canada's economic pie has been inflated by high immigration, the slice every Canadian gets is getting smaller.

Poloz said Canadians endured a 30% increase in the cost of living during the recent bout of high inflation and that big government spending, including the Trudeau government's two-month GST holiday on some consumer goods, is "not the sort of thing to build your recovery on."

Meanwhile, Canada's annual food price report compiled by four Canadian universities estimated this week that grocery prices will rise by 3% to 5% in 2025, meaning families will be spending up to $800 more on groceries compared to this year.

The Fraser Institute reported that since the Trudeau government came to power in 2015, it has expanded the size of the federal civil service by 26.1%, almost three times the rate of population growth at 9.1%