With the resignation of finance minister Chrystia Freeland, Canada may follow in the footsteps of troubled France, South Korea and Germany
Prime Minister Justin Trudeau speaks at the federal Liberal caucus holiday party, the day after Finance Minister Chrystia Freeland unexpectedly resigned, in Ottawa, on Dec. 17.A couple of weeks ago, the French government, unable to get its budget through parliament, fell in a vote of confidence. Over the past week, South Korea’s President was impeached and the German government fell.
The truth is that across the developed world, voters are in a sullen mood and turning quickly on governments they judge to be falling short – which, by their current standards, appears to be all of them. In every major democratic country to have held an election in 2024, the incumbent party was punished by voters, either losing power altogether or seeing its parliamentary representation fall.
Things came to a head during the pandemic, when Western economies went into free fall. To stave off collapse, governments borrowed hugely to sustain their citizens during the lockdowns. While these spending programs did prevent the worst, economies nonetheless contracted and countries were left with large debts .
Any of these solutions hurts one political constituency or another. Rather than seek mandates to do that, politicians instead promise they’ll magic away the problem by making the economy grow faster, usually with anodyne changes – finding “efficiencies,” cutting the odd tax, reducing immigration, that sort of thing. That’s how Labour got its big win in the U.K. in July: promising to restore growth and repair public services while still freezing income taxes.
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