The Liberal Party of Canada has, throughout its time in office, presented itself as a leader in progressive policy and economic expansion. Despite campaign pledges to do so, Canada’s current Liberal government has delivered just cosmetic improvements. Instead, the Liberal administration has implemented a slew of policies that are bad for business and bad for Canadians, and that are killing the nation.
The expenditure and deficit statistics shown here are only the beginning of the Liberal government’s economic ignorance and waste. The federal government has ran a massive budget deficit in the past year, both in absolute terms and as a percentage of GDP. We anticipate a deficit of $381.5 Billion for only this year. When in office, this administration made pledges to eliminate deficits and “modernise” the economy, thus this development comes as somewhat of a surprise. The federal debt, which is already at an all-time high as a percentage of GDP, has also been steadily rising during the Liberal administration.
The Liberal administration has also underinvested in badly needed sectors of the economy and infrastructure. The widespread coverage of the lack of action on climate change is emblematic of this failing. Despite the severity of the environmental situation, the Liberal administration has prioritised spending money elsewhere rather than on renewable energy, clean technology, and energy efficiency. Canada’s efforts to shift to a greener economy have been hindered by a lack of investment.
Various corporate assistance schemes cost billions of dollars annually, and the Liberal administration has been a strong proponent of corporate tax reduction and deregulation of business and industry. This is worrisome since Canada has reduced its generally applied corporate tax rate by nearly 30% in recent years, after having one of the highest rates in the industrialised world. Wage increases for workers have not materialised despite these corporate tax cuts. Instead, they have provided more money to huge firms while doing less to aid regular people.
Furthermore, the Liberal government’s lack of economic prudence is seen as a primary factor for “destroying” Canada by many. Instead of taking a firm stand on government spending, the Liberal administration has gone well beyond its means to fund several pet projects. The acquisition of the Trans Mountain Pipeline Expansion (TMX), which was misnamed, cost $10.5 billion. Aside from being emblematic of Liberal privatisation and cost-cutting, this acquisition also runs against to the wishes of the vast majority of Canadians, making it very unpopular.
In conclusion, it’s quite evident that Canada’s Liberal government is to blame for the country’s demise. Government has caved to corporate lobbyists who do not have Canada’s best interests at heart rather than establishing economically and ecologically progressive measures that would benefit all Canadians. Canadians must fulfil their civic duties and demand that their government put their interests ahead of those of special interests. To “build back better” after the damage done by the present Liberal government, we need to actively and strategically invest in policies that aid small companies and employees throughout Canada.