Monday, August 18, 2025

The Carpet-bagger Chronicles

You can put your elbows up all you like but Carney is as bad (if not worse) than the last guy, the village idiot.

But don't take my word for it: 

Mark Carney’s first 100 days as prime minister are over, and according to the electorate he’s doing a fine job. An Abacus Data poll from this week found that the approval ratings for both Carney and his government are in comfortably positive territory. A Leger poll on Friday showed much the same trend: 56 per cent of respondents approved of Carney, and would readily grant his Liberals a majority if given the chance.

What’s less clear is precisely what voters think Carney is doing well. That same Abacus Data survey found that just 36 per cent of Canadians think the country is headed in the right direction.

Not only has Carney made little to no material progress on any of his core campaign promises, but many of Canada’s economic fundamentals have been getting worse. ...

One of Carney’s last actions in the private sector before entering politics was to champion his company, Brookfield Asset Management, moving their head office from Toronto to New York. The move was seen as a bid to shield Brookfield from a wave of protectionist economic measures promised by the incoming administration of U.S. President Donald Trump.

Plenty of other investors — both Canadian and non-Canadian — have been taking a similar tack. Statistics Canada’s most recent figures on securities transactions show that Canada is in the midst of full-blown capital flight. In just the first four months of 2025, $84 billion in capital left the country. That’s the equivalent of $30 million leaving the country every single hour. ...

Raw Canadian tax rates have actually gone down since Carney took power. He ended the consumer carbon tax and pushed through a promised “middle class tax cut” in the first session of Parliament.

So it’s all the more notable that the percentage of GDP being collected as tax is hitting 20-year highs.

According to recent figures tallied up by economist Richard Dias, the feds are now collecting enough tax to equal 15.2 per cent of Canadian GDP, with an additional 16.4 per cent of GDP being consumed by provincial and local taxes.

The Canadian “tax take” is now higher than at any point since the early 2000s, when Canada was still paying down the sovereign debt crisis of the mid-1990s. And given that this is all happening while taxes are ostensibly going down, it’s a sign that the tax base is being hollowed out, as Canada is requiring an ever-increasing share of national wealth to run the government. ...

Canada has a Superintendent of Bankruptcies that keeps regular stats on just how many Canadians are going under each month. And according to data compiled by the site Better Dwelling, consumer insolvencies hit 11,464 in June. That’s higher than any point since 2010, when the last cohort of victims from the 2008 Great Recession were finally throwing in the towel.

More concerning is that the most severe type of insolvency — bankruptcy — is growing at an outsized rate. This is where we should mention that Canadian household debt is one of the highest in the developed world, with total consumer debt in Canada hitting a historic high of $2.5 trillion in February, according to a report by the financial analyst firm TransUnion. ...

It’s been widely reported that youth unemployment is hitting highs not seen in a generation. But Canada’s overall employment rate is also getting steadily worse. The share of Canadians 15 years or older who have a job is now down to just 60.9 per cent. When omitting the temporary job losses caused by COVID lockdowns, that’s the lowest sustained employment rate Canada has seen since the 1990s.

With job losses occurring way faster in the private sector than in the public sector, the share of government jobs in the Canadian economy has now hit a high of 21.7 per cent. In other words, there is now a civil servant for every four Canadians employed in the private sector.

 

These pesky little problems:

Roughly half of young renters and a third of tenants at all ages are spending the majority of their after-tax income on rent, according to a new report. ...

Mr. Ladas said 49 per cent of people aged 18 to 24 and 34 per cent of all renters indicated that they spent more than half their income on rent. Fifty-seven per cent of all respondents said they were considering moving to a new city because of high rent costs.

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A leading free-market think tank is calling on Ottawa to stop playing landlord to major airports, arguing that exorbitant land rental fees are driving up the cost of domestic air travel.

“Using airports as cash cows instead of treating them as critical infrastructure hurts families, workers, and patients who depend on reliable air service for treatment access,” says Samantha Dagres, the communications manager at the Montreal Economic Institute (MEI).

 

Also driving up ticket costs, gas prices:

Increases in the price of jet fuel directly affect airline operational expenses, which in turn affects airfares. Airlines such as WestJet and Air Canada have been modifying their ticket pricing to offset rising fuel costs. Passenger tickets have increased as a result of this trend, and some airlines have chosen to pass along a large amount of the increased expenses to customers.
 

I wonder if the ever-irritable Liberals will factor that in when they demand that Air Canada continue fleecing the proles

 

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The Canadian flag being removed from the front entrance of the Prime Minister’s Office in Ottawa and replaced with the intersex-inclusive Pride flag raised eyebrows of people walking by Friday 

As captured in video by Dacey Media, you can hear some expressing displeasure as crews on top of a small construction lift on the back of a truck, took down the Maple Leaf on a small flagpole and replaced it with the multi-coloured flag.  

Until then, there had been a Canadian flag on each side of the front door of the most powerful office in the land, on Wellington St., across the Parliament Hill. Today, there is a Canadian flag on the left side and the Pride flag on the right.  

There is no record of Canadians voting to share the spotlight of the country with Pride or any other activist or charity organization. There certainly has not been a vote by MPs in the House of Commons to make another flag equal to Canada’s outside the Prime Minister’s Office (PMO).  

 

Because Canada is not Canada anymore and it hasn't been in a long time. 

 

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