High tax, low growth agenda threatens Canadian standard of living
In my first speech in Parliament (and a few times since), I cited a study by the Organization for Economic Co-operation and Development (OECD) which found that Canada will record the lowest level of per-person GDP growth among the 32 advanced economies in the world for the next three decades. Worse than Italy and Greece — allowing other economies in the industrialized world to vault past us.
At the same time, we know that most of the job growth during the pandemic and since has been in the public sector – with a 9.4% leap from 2020 to mid-2022 compared to 0.4% job growth in the private sector.
What’s concerning is that business investment in Canada fell 17.6% between 2014 and 2022 while it grew by 23.5% in the United States. Similarly, Canada has lagged behind Australia – a peer country with many similar health and social programs.
Why? Because Canada is one of the most highly taxed economies on the planet. This dissuades business investment in our economy which is needed to create more well-paying jobs and grow. On top of it, layers of regulation, permits, and red tape mean that Canada is the slowest country in the G7 to get anything built.
It doesn’t have to be this way! Canada has everything the world wants – agriculture, energy, critical minerals, nuclear expertise, technology, smart and good people. The Germans and Japanese came looking for our LNG and Trudeau sent them away empty handed.
Food inflation is sky high. Rents and mortgages have doubled. The last thing we need is to scare away business investment with high tax, low growth policies.
Conservatives are working to turn this hurt into hope. We will bring home powerful paycheques by cutting taxes and clawbacks that punish work so you keep more of each dollar you earn.
We’ll greenlight green projects like nuclear, hydro, carbon capture, and mining of battery-making materials. And, we’ll remove taxes, red tape, and gatekeepers that are choking investment in our economy – businesses, factories, pipelines, resources, and technology.
Canada can again be a country where everyone who works hard can bring home a good living and great life. The very reason my Opas and Omas came to Canada and why people from all over the world have sought Canada for generations.