Canada’s economy is in a free fall

42 per cent of Canadian firms are looking at moving to the US

By Ian Connerty

Canada had the worst economic  growth in 63 years in Carney’s first year in office.

The economy completely flatlined recently at 0 per cent GDP and the unemployment rate is at a brutal 6.6 per cent.

Meanwhile, nearly 80 per cent of Canadians are postponing spending plans right now just to survive this cost of living crisis.

And almost 60 per cent of all Canadian mortgages are up for renewal with skyrocketing payments up by an average of 24 per cent.

As a direct result, CMHC just confirmed that mortgage defaults have exploded by 45 per cent.

Compared to Canada, the U.S. economy is booming with a 2.1 per cent growth rate and unemployment at 4.2 per cent which Stats Canada calls full employment while people are just moving between jobs.

While the Iran war has caused some ups and downs in the US stock market  it always recovers – higher than before.

And as millions of illegals are removed from the US, Americans are getting their jobs and coming off welfare.

As well, hundreds of regulations are being eliminated creating many more jobs.

Factories are also returning to the US because of tariffs on foreign products including illegal trans shipment of cheap Chinese goods from Canada and Mexico.

Legendary Canadian economist David Rosenberg has sounded the alarm, warning that Canada’s economy is on life support.

And Carney was finally forced to admit that Canada fell into a “technical” recession although there is no such thing. A recession is a recession.

Rosenberg also predicts that  the Loonie could drop down to 62 cents US.

This would make everything that Canadians buy from anywhere in the world more expensive.

That may be good for exporters but its very bad for average Canadians, as the cost of every imported product will increase.

Canada doesn’t  grow bananas or oranges.

Even worse, now that the US- Canada Trade deal is a one year renewable agreement no foreign investors will open factories in Canada.

They only come here to get guaranteed access to 400 million US customers and a one year agreement doesn’t do that.

Honda has already said there will be no more investments in Canada without the ability to sell their cars in the US.

Other companies around the world will say the same thing.

For over a year, Carney has been travelling the world trying to entice  foreign investors to come to Canada.

Now that pipedream is over.

The United Arab Emirates that Carney said would invest $70 Billion in Canada have now said that won’t happen.

On top of that, 42 per cent of Canadian firms are looking at moving to the US because of Carney’s failed trade negotiations.

Only Canada and China of all the countries in the world have refused to negotiate in good faith with the US.

And they will both be left out in the cold.

Without policy changes by Carney or a change in government things will only get worse.