Federal budget 2022: When a government\u0027s long\u002Dstanding priorities suddenly become misaligned with those of electors, it invariably spells la fin du régime
Trudeau takes aim at foreign home buyers, promises supports for young Canadians in federal budget 2022
This government’s interference with supply in the labour, housing and energy markets while stoking demand was guaranteed to raise prices. The largest distortion is in the labour market. Lavishing people with money to not work inevitably created shortages in an aging labour force. Upward pressures on wages initially were in industries hardest hit by COVID, but now higher labour costs risk spreading throughout the economy.
Reconciling energy and the environment has constantly vexed this government. It endlessly preens its green energy agenda while oil and gas output and greenhouse gas emissions rise steadily. It just published sectoral emissions targets without clarifying how a 42 per cent drop in just eight years is possible after no progress before 2020, especially after yesterday’s approval of a project off Newfoundland. Its showcase policy of a carbon tax looks redundant and even punitive as oil prices surge.
Only higher economic growth can sustainably help the middle class. Redistributing income alone cannot improve the middle class because its massive size makes significant transfers prohibitively expensive without solid growth. However, the best pro-growth policies involve raising business investment and productivity and lowering taxes, all anathema to this government.
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