Just The Facts: Canadian Economy Continues To Fall Behind Under Trudeau
Ottawa, ON – After nine years of Justin Trudeau, the Canadian economy has fallen far behind our American neighbors and things are only getting worse. Canadians are earning less, while paying more for nearly everything thanks to Justin Trudeau’s inflationary deficits and taxes. In fact, according to University of Calgary economist Trevor Tombe, the gap between the economies of Canada and the United States is at its widest point in nearly a century.
Last week, Statistics Canada reported that GDP per capita had fallen for the fifth consecutive quarter, falling by 3.6 percent since 2022. As a result of this, RBC stated that the economy under Trudeau was “recession-like.”
Things look even worse when Canada’s economy is compared to the United States’. America’s GDP per capita grew by 4.5 percent since 2022. As Trevor Tombe, noted in The Hub, “if Canada had simply kept pace with the U.S. over the past two years, our economy would be 8.5 percent larger.” This amounts to around $6,200 extra per Canadian per year.
Before Justin Trudeau, Canada was keeping up with the United States. Only 9 years ago, the New York Times found that Canada’s middle class was richer than America’s. But Trudeau destroyed Canada’s economy with his job-killing taxes and wasteful spending. As Tombe wrote, “this stunning divergence is unprecedented in modern history.”
On top of this, Trudeau has presided over a significant collapse in productivity. Just today, Statistics Canada reported that labour productivity had declined by 0.2 percent, which is the 8th decrease in 9 quarters. The productivity gap with the US now stands at about $20,000 per person a year. This means that Canadian workers are being equipped with worse tools and are receiving less investment than American workers. Despite being warned that his policies were harming Canada’s productivity, Trudeau decided to hike taxes on small businesses earlier this year. Only Common Sense Conservatives will end the economic destruction that Trudeau’s policies have caused and grow our economy to bring home powerful paycheques for our people.