Ottawa-October 19, 2018
Today’s Finance Canada report confirms Justin Trudeau is running another deficit twice the size he promised and there is no end in sight.
In fact, the Liberals are set to smash through their promise of a balanced budget by next year. According to the government’s latest projection, this will not happen for another quarter century.
These deficits are even more spectacular given that they come on top of massive increases in revenue from higher taxes on middle class families and small business owners. These tax increases, along with new government red tape are driving billions of dollars and thousands of jobs into the hands of Donald Trump.
The result of Trudeau’s high-tax, anti-development policies is that Canadian investment in the U.S. jumped two-thirds ($36b to $60b) last year, while U.S. investment in Canada fell from by more than half ($22b to $10b). Canadians invested six times as much in the U.S. as Americans invested in Canada last year. As of September 2018, the American S&P 500 outperformed the Canadian TSX60 by 11 per cent annually – a multibillion-dollar loss of investment that esteemed finance professor George Athanassakos called the “Trudeau effect”.
Don’t believe him?
Ask Finance Minister Bill Morneau’s old think tank, The CD Howe Institute, which calculated that “…Canadian business will invest about $13,900 per worker this year, while in the United States the commensurate figure is $23,200.” And where money goes, so go jobs: In the first nine months of this year, the U.S. has been generating jobs three times as fast as Canada on a per capita basis.
Conservatives will rein in out of control spending, debt and taxes to make life affordable for Canadians, and bring jobs and money back home from the United States.
-30-
For more information please contact:
Office of Pierre Poilievre, MP
House of Commons
Pierre.poilievre.a2@parl.gc.ca
613-992-2772