The non conformer's Canadian Weblog

February 15, 2016

Hoodwinked

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PM Justin Trudeau back tracks on pledge to balance the federal government’s books before the next election, eliminating Canada’s deficit by 2019. The  Liberal campaign promise, to put Ottawa’s books in balance by 2019, is no longer operative.

We are too embarressed to admit that we have been lied to, taken as suckers, hood winked by  the new  federal Liberalgovernment and their now clearly empty promises.. After the election day, all those  liberal promises began to quickly broken. The Liberal party of Canada won a majority in parliament after the longest election campaign in modern Canadian history. Prime Minister elect Justin Trudeau with his lies, false promises was able to come back from a third place in polls at the beginning of the race to a win that seemed unlikely given the 2011 elections that left the party decimated. The Liberal platform was built on false promises of  working fiscal stimulus 0canada-2

The economic recovery in Canada was to be the main empahsis, and they now admit they do not know how to deal worth it. You could have elected anyone  for that job..

Canadians have lost faith in the economy in the wake of the oil price dropping some more so the economy is facing “real challenges.”   The price of oil, a major Canadian export, has fallen more than 70 percent since mid-2014.    A large part of Canada’s US dollar income comes from the sale of energy-based goods to the rest of the world and to the USA in particular. and the US has loads of oil.

Over the last 30 years, the Canadian dollar had  fallen below US$0.70 only once, from 1998 to 2002.

Also the   the real concern and the real story is going to be what’s going on in the global economy as the world economy is weak. Japan is struggling, as are parts of Europe. The European, Chinese and the Russian  economies are slowing. But we knew all that before the Liberal election.

The Trudeau government’s promised $60-billion infrastructure program will not, even solve Canada’s growth problems as it only will help the  selected rich to get richer.   It also will not deal with Canada’s record-high household debt load   https://thenonconformer.wordpress.com/2016/01/19/the-crime-that-is-repeated-in-every-canadian-city/

 

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And in the near-term, a small risk of a deeper  recession  still can not even be ruled ou. The past  low borrowing costs have already nearly doubled house prices over the past decade eliciting warnings of a housing crash .

Canada’s economic uncertainty is real but it’s leaders are not… The Canadian economy is facing real multiple headwinds.

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