Canada’s Economic Crisis: A Voter-Created Problem
As of today, it’s common to blame the federal government for Canada’s economic stagnation. But the truth is far deeper — the real responsibility lies with Canadian voters at every level: municipal, provincial, and federal.
For decades, voters have consistently chosen higher taxes, more regulations, and stricter price controls — policies that are now compounding into a national affordability and productivity crisis.
The “bill” is finally due. And that bill arrived when Canadians voted for a Prime Minister dedicated not to private-sector productivity, but to corporate welfare disguised as environmental progress.
Mark Carney’s Corporate Welfare Agenda
Endorsed by former Liberal Prime Minister Jean Chrétien, Mark Carney represents the continuation of Ottawa’s long-standing corporate welfare tradition. Chrétien’s government built much of its economic strategy on subsidies and government-backed projects — a formula Carney appears ready to replicate, this time under the banner of Net Zero and ESG (Environmental, Social, Governance) initiatives.
The issue? Carney has virtually no experience in the private sector. His background is rooted in central banking and public finance — environments where risk is managed politically, not competitively.
That’s why business leaders are uneasy. Carney’s vision relies heavily on industrial carbon taxes, federal redistribution, and bureaucratic oversight, which are driving investors and companies to friendlier jurisdictions like the United States.
Why America Looks Like a Better Option For Capital
Ironically, the U.S. under Donald Trump — despite his combative style — appears to be a more stable environment for entrepreneurs. On paper, Trump’s policies resemble those of a moderate Democrat from the 1990s: focused on energy independence, domestic manufacturing, and reducing corporate red tape.
While the U.S. is currently experiencing its own inflationary cycle, it remains a production-oriented economy, not one built on environmental compliance checklists. In contrast, Canada’s economic model under Carney has become dependent on taxation, bureaucracy, and regulation — not productivity or output.
The Provincial Contradiction: Ontario vs Alberta
In Ontario, Premier Doug Ford has promised to offset federal carbon taxes for large industrial employers. Yet, the province simultaneously maintains one of the highest minimum wages in the world, making it difficult for small businesses to compete.
Meanwhile, Alberta’s story tells a different tale. The province’s oil and gas industry has created one of Canada’s most robust middle-class wage structures:
- Entry-level oilfield workers often earn $60,000–$70,000 per year.
- Skilled professionals can make $120,000+ annually.
- Independent tradespeople and contractors can easily reach $300,000–$500,000 per year once established.
That wealth flows through Alberta’s economy, supporting restaurants, retail, and real estate — creating a self-sustaining ecosystem of prosperity that doesn’t depend on Ottawa handouts.
This is exactly why Australia — with its strong energy sector — can afford high wages and still maintain economic stability. In contrast, Canada’s federal government continues to penalize its resource industries, undermining its own tax base and long-term competitiveness.
The Flawed ESG Vision
Mark Carney’s pursuit of a “Voluntary Carbon Market” (VCM) has struggled from the start. Despite years of promotion, the market remains weak, opaque, and highly speculative.
To many in business and finance, Carney’s ESG narrative lacks any measurable return on investment. Unlike legitimate investments, ESG spending under Carney offers no defined timeline for returns, no market demand, and no clear accountability.
Globally, ESG has been losing momentum. Even President Joe Biden’s administration — arguably the most ESG-friendly in U.S. history — failed to revive it. If Biden couldn’t make ESG profitable, the odds of Carney doing so are slim to none.
As a result, Carney’s Canada looks deflationary, bureaucratic, and dependent on money printing to fund government salaries and “green” projects that produce no tangible output.
The Economic Outlook: Decline and Deflation
With productivity stagnating, investment fleeing, and industrial projects stalled, Canada is entering what economists might call a policy-induced deflation.
When fewer businesses produce taxable income, the federal government will be forced to borrow and print money to maintain its spending programs. That cycle eventually erodes purchasing power, increases debt loads, and weakens the currency — all while driving more entrepreneurs to the United States.
Conclusion: Canada’s Crossroads
Mark Carney’s Net Zero and ESG ambitions may sound visionary, but in practice, they are structurally incoherent. His model depends on burning upfront capital with no proven path to profit — a philosophy no private investor would endorse.
Unless Canada reverses course and embraces production over bureaucracy, its economy will continue to decline, and its best talent will keep leaving for freer, more profitable markets abroad.
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