We have seen a complete reversal of fortunes between Canada and the US since Trudeau replaced Harper and Trump replaced Obama.
By Lorne Gunter of Sun News Media
The latest numbers on economic productivity in Canada are extremely disappointing. And with the Liberals back in power, the numbers are about to get worse, especially considering that the Trudeau government is now held in office by three anti-development parties — the NDP, Greens and Bloc Quebecois.
Even our “have” provinces fall far behind the top American states. And Canada’s poorest — the three Maritime provinces — are at or below the lowest state, Mississippi.
According to work done by Trevor Tombe, a University of Calgary economist, Alberta is Canada’s wealthiest province with a per capita GDP of $64,000 US. Yet that is behind 16 American states. Indeed, Alberta is a full 25% below the richest American jurisdiction— New York state at $86,000.
Perhaps more concerning, though, is the plight of Ontario. Once the economic engine of the country and home to 40% of our national population, Ontario’s annual, per capita GDP is just $48,000 US. That’s only $1,000 better than Kentucky and just 12% above West Virginia — coal-mining, mountain-people West Virginia!
Ontario is producing only slightly more than half the per capital GDP of New York. Indeed, our heartland is closer to Mississippi than to California, Washington state, Alaska and North Dakota.
This is largely the result of the Liberals “green” obsession — first in Ontario under premiers Dalton Mcguinty and Kathleen Wynne and now federally under Justin Trudeau.
This should surprise no one since many of the same people who thought up Ontario’s “green” energy strategy are now devising federal policy.
And it matters far less to these eco-zealots what happens to people’s jobs and standard of living than making expensive, symbolic, useless environmental gestures.
For instance, Ontario Liberal policies gave that province the highest electricity costs on the continent, which contributed to the loss of 200,000 manufacturing jobs in the past 15 years. That should make the architects of Ontario’s “green” energy policies contrite and apologetic. Instead, they are now trying to duplicate their disaster on a national scale.
Instead of trying to revive our economy with more pipelines and manufacturing plants, attracted by loosened regulations and lower taxes, the Liberals in Ottawa are giving every indication of going the opposite direction — more “green” impediments to growth, plus even higher taxes and bigger deficits.
Consider that half a dozen years ago, Alberta was one of the top 5 jurisdictions in North America for attractiveness to international oil and gas investors. Now, thanks to the Liberal-government’s WWGD (What Would Greta Do?) mentality, Alberta is 16 out of 20 according to the latest survey by Vancouver’s Fraser Institute.
Since the Liberals came to office in 2015, over $100 billion in energy-sector investment has been lost.
And the decline of our energy sector is not geological, it’s political. The oil is there. We know how to extract it. Yet thanks to our “green” federal government, there is inadequate ability to get that oil to market, so investors now see Canada as one of the least reliable places to put their money.
And the indications are the Trudeau Liberals will be even more anti-oil in their second term. They wouldn’t stand up to the B.C. provincial NDP’S obstructionism on Trans Mountain during their first term. What do you think the chances are they will stand up to the Bloc (or Greens or NDP) this term, when they need those parties’ votes in the Commons and they hope to steal their voters in the next election?
On Thursday, the Montreal Economic Institute estimated that interprovincial trade barriers cost the national economy between $50 billion and $130 billion a year. That’s between $1,400 and $3,700 per person.
Will the Trudeau government then try to solve its economic and fiscal problems by, among other things, breaking down internal trade barriers and unleashing the oil industry? Unlikely. Quebec is the most protectionist of the provinces and the most antioil.
Going green doesn't mean destroying industry. I can't believe what Canada is doing.