Sunday, May 11, 2025

Broke Canada

Canada might literally not be worth it:
According to the Fraser Institute, a Canadian free market think tank, Trump should be careful what he wishes for. In its May 2024 report, Fraser wrote: "The experience following Q2 2019 is unlike any decline and recovery since 1985 because, though per person GDP recovered for one quarter in Q2 2022, it immediately began declining again and by Q4 2023 remains below the level in Q2 2019. "This lack of meaningful recovery suggests that since mid-2019, Canada has experienced one of the longest and deepest declines in real GDP per person since 1985, exceeded only by the decline and recovery from Q2 1989 to Q3 1994. "If per-capita GDP does not recover in 2024, this period may be the longest and largest decline in per-person GDP over the last four decades." In May 2024, the Canadian Financial Post wrote, "Measure Canada's gross domestic product by aggregate and it doesn't look so bad, but measure it by person or per capita and it's dismal. ... Not only does Canada lag most developed economies, Canadian provinces also fall far behind almost all U.S. states." The libertarian Mises Institute in July 2024 wrote: "... (I)ncomes (in Canada) are West Virginia level, house prices are Los Angeles level, and Canadian taxes are half way to the Soviet Union. It's not rare for a middle-class family in Canada to pay half their income in taxes. Meanwhile, since the pandemic, Canada's official food inflation is up 25%, and energy is up 30% ... sales tax in most Canadian provinces is 13 to 15 percent on everything you buy. "Canadian bankruptcy filings jumped 40% last year ... nearly half of Canadians have zero emergency savings. ... An Ipsos poll found 7 in 10 Canadians agree that 'Canada is broken,' -- rising to 8 in 10 of those between age 18 and 34. ... 42% of Canadians are considering moving to another country."
If they join, where will they go?

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