This morning, to much fanfare, Prime Minister Justin Trudeau shuffled his cabinet. But while the shuffle might create a temporary distraction from negative economic news, absent real policy reform no superficial moves will reverse Canada’s full-blown economic growth crisis.
Consider that Canada is one of the only high-income countries yet to rebound economically from the COVID recession. Adjusted for inflation, average income per person was $55,677 in the first three months of this year compared with $56,183 at the end of 2019. We’re poorer today than we were 40 months ago despite the avalanche of federal government spending and borrowing.
