It's Just An Economy

During the 2015 election campaign, Justin (well-versed, so it is said, in snowboarding but not much else) declared that budgets balance themselves and that he would run deficits if elected prime minister.

Not heeding the obvious warnings that Justin would tank the economy, the Canadian electorate took leave of its senses and voted him in.

Twice.

Elections have consequences, as one is currently witnessing:

On Tuesday Parliamentary Budget Officer Yves Giroux told the House of Commons finance committee that his office cannot keep track of the Trudeau government’s record-breaking spending.

This spending:

According to Canada’s Parliamentary Budget Officer (PBO), there is a possibility that the country’s federal debt could reach $1 trillion this fiscal year. 

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“Canadians in every sector have faced challenges,” Prime Minister Justin Trudeau said during a press conference on Friday morning. “Far too many Canadians have lost their jobs during the COVID-19 pandemic.”

(Sidebar: and whose fault is that, Justin?)

Thus, he announced that the Canada Emergency Wage Subsidy (CEWS) would be extended from June 6 to Aug. 29.

Announced nearly two months ago, the CEWS covers 75 per cent of eligible employers’ payrolls — up to a weekly maximum of $847 per employee — for up to 12 weeks starting March 15.

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 Finance Minister Bill Morneau yesterday said fraud is a problem in a pandemic relief program that pays $2,000 to the jobless. “It’s not acceptable,” Morneau told the Commons finance committee: “We’re going to have to deal with that.”

You get right on that, Bill.


What does that mean for the average Canadian who mortgaged his kids' future for three more months of Netflix and sitting on the couch?

It's not good:

The carbon tax - a way to stick it to Canadians because the government can:

Agriculture Minister Marie-Claude Bibeau yesterday said a secret briefing note on the carbon tax was in fact publicly available, though no one could find it. Staff explained Bibeau was referring to a different report published two years ago: “We looked everywhere last night.”

Liar.

It's as bad as blaming banks for your idiocy.




How could this have gone wrong?:

Canadian retail investors spent the majority of March watching in terror as their portfolios crumbled alongside the stock market, but they weren’t alone: It’s now clear that the professionals who handle billions of dollars in investments for Canada’s largest pension plans were not immune from the pain either.

The Canada Pension Plan Investment Board, for one, appears to be sitting on a loss of more than $1 billion on an ill-timed investment in Royal Caribbean Cruises Ltd., a cruise line whose share price collapsed following the outbreak of COVID-19, regulatory filings released on Wednesday suggest.

Canada’s largest pension plan, which has more than $420 billion in assets under management, discloses its portfolio of U.S.-listed stocks every quarter to the U.S. Securities and Exchange Commission.

Where would you like one to buy something produced in Canada, Mr. I-Love-China-Post-National-State-No-Core-Identity?:

Prime Minister Justin Trudeau is urging people to “buy Canadian” as domestic food producers feel the strain of global restrictions put in place to limit the spread of the novel coronavirus.

You can run to Harrington Lake but you can't run away from the truth and that truth is that you love China, the same China that screwed over the entire world. Oh, sure, you can pretend that you are super-miffed with China at the moment but no one believes. Not even Canadians and they still believe that the Tooth Fairy will relieve them of their enormous debt.