Has Justin Trudeau destroyed Canada? His critics strongly believe so. They’ve recently accused him of damaging vital components of the country’s society. They’ve mentioned five pillars of nation-building that the teacher-turned-politician has tampered with through his liberal policies.
One leading voice criticizing the prime minister is Joe Oliver, former natural resources and finance minister. Using Art Laffer’s book “The Five Pillars of Prosperity,” Oliver has explained how much the nation has sunken under Trudeau.
So, what are these five pillars? They are free trade, sound money, government spending, minimal regulations, and taxation. Several public affairs commentators in Canada have seen the Five Pillars of Prosperity as suitable indicators of how well the country has fared under Trudeau’s government.
Many of them, like Oliver, have X-rayed the country’s state of affairs under the five pillars and have reached the sad conclusion that all is far from well with the North American nation.
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First among the five pillars is government spending. Canadians have been dismayed by the Trudeau administration’s increasing expenditures over the past few years. Experts have traced much of the increase in government spending to a prime suspect—an increase in government size, precisely the number of government staff.
From 2015 to 2023, the number of government employees rose by 274,000. This translates to a 40.4% rise in the period in question—a margin that has stirred objections among finance analysts.
Canada has long been regarded as one of the most taxed countries in the world. However, under Trudeau, taxation has reached a whole new level. The higher the tax, the less foreign investment the country enjoys. Critics have argued that Trudeau’s excessive taxes have hampered the economy.
If you zoom into the country, the tax rates in certain areas, such as Ontario, Newfoundland, Labrador, and Nova Scotia, stand out. These locations have the highest marginal income tax rates in Canada and all 61 U.S. jurisdictions.
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Minimal regulations are one of the five pillars under examination. Economic experts believe that a country with fewer regulations will perform better economically. However, critics have berated Trudeau and his party for imposing harsh regulations on various sectors of the country.
They attribute the country’s slow economic growth to these measures. Canada once enjoyed an enviable reputation for free trade. But that era is sadly over. The country has lost its place in trade-friendliness to Mexico as the U.S. biggest trade partner, indicating its decline in the Trudeau era.
Another contributory decision was the limit Trudeau had placed on oil and gas exports. According to Trudeau’s detractors and critics, Canada has fared poorly regarding sound money under his management.
Sound money refers to the stability of a country’s currency. However, the Canadian dollar has endured too many fluctuations in the past few years.
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Inflation has severely damaged the Canadian economy, and residents are spending more money on goods and services. Critics say the prime minister has performed below average in all five pillars. They also believe his low ratings in these areas stem from his party’s liberal policies.
In reality, these criticisms aren’t far from what’s on most people’s minds. Politico says Trudeau has lost lots of support, and “Canadians don’t like him anymore.” This damning assessment could spell doom for the prime minister, who faces a formidable opponent in the next election.
Initially, Trudeau’s camp had dismissed the chances of his fiery conservative opponent, Pierre Poilievre. But the challenger has managed to rally support and shoot himself to a 10-point lead at the polls.
Already, it is looking certain that Trudeau will pay a heavy price when the country goes to the ballot—except if, by miracle, he can restore Canada’s prosperity.
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