GOLDSTEIN: Trudeau’s polices are killing economic growth, report says

Activate your Online Access NowCross says that “rather than encouraging capitalism and market competition, Canada’s political leaders tout their pro-business credentials by citing the host of laws and regulations they craft to cater to special interests.”

The problem, he warns, is that “regulations and subsidies for specific firms or industries are the antithesis of support for capitalism and undermine public confidence in competition … cultivating dependence and a culture of rent seeking instead of encouraging innovation in the business community” resulting in a track record of “persistent budget deficits and chronic slow growth.”

One of the greatest policy failures, Cross says, has been the Trudeau government’s claims its climate change policies would not compromise Canada’s economic growth and that green energy projects would provide the jobs of tomorrow.failing to meet its greenhouse gas emission targets while “actively discouraging the development of the oil sands and pipeline projects” that “limited the growth of the energy industry, which could have spearheaded growth in Canada as it did in the U.S.

Interestingly, the Trudeau government doesn’t disagree with Cross’ analysis that low economic growth, productivity and innovation are the “Achilles heel of the Canadian economy” as Finance Minister Chrystia Freeland described them in her 2022 budget, which also the cited the OECD report that Canada’s projected per capita GDP growth would be well below the OECD average from 2020 to 2060.

The difference is Freeland said the Trudeau government was pursuing policies to close the gap, while Cross argues its policies are making it worse.

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