What the Liberals’ Fall Economic Statement Does and Doesn’t Deliver

Published on November 22, 2023

Commentary  Finance Minister Chrystia Freeland released the fall economic update on Nov. 21. In normal times, this would not be a major event, but these are not normal times. The Liberals are lagging badly in the polls behind Pierre Poilievre’s Conservatives. According to the oddsmakers, if an election was held today there’s a strong probability that the Tories would form a majority government with about 200 seats in the House of Commons. The Liberals would lose half their sitting members.   In the budget update, the government needed to address both cyclical and systemic economic issues. From the beginning of her speech, Freeland emphasized improved public transit, EV battery factories, and green energy projects. The finance minister went so far as to compare these programs to John A. Macdonald’s transcontinental railway. She also mentioned that under her government, Canada has attracted considerable foreign direct investment. Of course, there was no mention that Canadian taxpayers are heavily subsidizing these investments which will offset much, if not all, of the net economic benefits, and very well may end up being a net negative. ...

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