The Loft
This morning, the Canadian government reported that our unemployment rate jumped to 6.8%, the highest in almost eight years. Earlier in the week, the former Governor of the Bank of Canada, Stephen Poloz, said in a speech that he believes we are in a recession, either technically or real. Meanwhile, our Deputy Finance Minister, Chrystia Freeland, believes that we are in a “Vibecession”—people feel their financial situation is worse than the actual economy. The government also reported that Canada’s GDP per capita sank for the sixth consecutive quarter—fantastic! Either the statistics are wrong, or Freeland is out of touch with the country and Canadian taxpayers. Maybe giving people a GST break for two months is really going to help! I have an idea: reduce government spending, eliminate carbon taxes, reduce regulations that cost consumers money, and increase competition through tax legislation that promotes economic growth and allows us to compete. Then the Vibecession will disappear!