After nine years of this NDP-Liberal government, Canadians are poorer. Statistics Canada has reported that Canada’s GDP per capita has declined again, marking the sixth consecutive quarter of decline. Our third quarter GDP growth has slowed sharply to just 1 percent annualized, well below the Bank of Canada’s forecast of 1.5 percent. This marks the eighth quarterly decrease in the last nine quarters, creating a $33,000 per year difference in income per person between Canada and the U.S. according to the International Monetary Fund (IMF), bringing our per-person income back to levels not seen since a decade ago.
This decline is a direct result of the NDP-Liberal government’s economic policies.
OUR GDP CONTINUES TO FALL COMPARED TO U.S.
While Canada’s annualized third-quarter GDP increased by only 1 percent, the United States saw a growth rate of 2.8 percent. This disparity is significant, especially considering that in 2015, Canada was recognized for having the world’s most affluent middle class. Today, the economic output per person in many of our provinces lags behind states like Alabama and Mississippi. In fact, overall, our GDP per person is worse in Canada than in every single U.S. state.
UNEMPLOYMENT CONTINUES TO RISE
In September, Statistics Canada reported a 0.3 percent decline in payroll employment. Our unemployment rate has reached 6.5 percent, coinciding with a dramatic increase in population which has resulted from the Liberal’s complete mismanagement of immigration and our border. This means more Canadians are competing for fewer jobs, and many are struggling with higher costs of living on weaker incomes. Particularly concerning is the rise in youth unemployment.
Youth unemployment has seen a significant increase, with the rate for those aged 15 to 24 rising to 12.8 percent in October 2024. This marks a 2.9 percentage point increase from the previous year, making it the highest youth unemployment rate since July 2016, excluding the pandemic years! The unemployment rate for young men has risen to 14.3 percent, while for young women it stands at 11.1 percent.
Young Canadians are finding it increasingly difficult to enter the job market, facing higher competition and fewer opportunities. This trend is not only affecting their immediate financial stability but also has long-term implications for their careers, dreams of home ownership, or starting a family.
THE THREAT OF TARIFFS
Our economic challenges are further compounded by external factors, such as the potential threat of a 25 percent tariff from the United States. University of Calgary economist Trevor Tombe has predicted that such tariffs could result in a 2.6 percent hit to our GDP. Additionally, significant investment dollars have already moved from Canada to the US. The Trudeau government’s inability to foster a competitive economic environment has driven away investment and weakened our economy. Half a trillion investment dollars have already fled Canada for the US under Justin Trudeau. But Trudeau still plans to do even more economic vandalism, with his plan to quadruple his carbon tax to 61 cents a litre.
HOPE IS ON THE HORIZON
As I keep reminding and encouraging folks everywhere I go: it doesn’t have to be this way in Canada! We have everything the world wants – resources, technology, and good, smart people – which means that Canada can succeed with the right policies and lower taxes under a new government.
We will axe the carbon tax that is driving up the cost of everything. We will also fix the budget by capping spending and introducing a dollar-for-dollar rule that forces the government to find a dollar in savings for each new dollar of spending, to bring home a strong economy and powerful paycheques for all Canadians.