Economy remains weak under Trudeau as US thrives - The Post Millennial | Canada News Media
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Economy remains weak under Trudeau as US thrives – The Post Millennial

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The establishment media and political class have long worked together to pull the veil over the eyes of the Canadian People.

They’ve tried to convince us that Canada has “stature” in the world and is ‘respected’ internationally.

They’ve talked about “soft-power,” and the strength of our ‘example’ to other countries.

They’ve even claimed that raw military strength and economic leverage no longer really mattered and that by taking a “progressive” position on every possible issue Canada would become a “moral superpower.”

It was all lies.

For some time, Canadians have been realizing how badly the foreign policy elites and political establishment has failed.

In the most recent election, Justin Trudeau even skipped the foreign policy debate, realizing that avoiding the issue altogether was far better for him than the risk of having the elitist consensus demolished on live television.

He managed to narrowly escape in the campaign, barely holding on to power.

And yet, Trudeau is unable to escape the consequences of his weakness, and the weakness of Canada’s foreign policy establishment.

Michael Kovrig and Michael Spavor are still being held hostage by China.

Trudeau’s latest attempt to secure their release was to ask the United States to make the freedom of Kovrig and Spavor a condition of the Trump Administration signing a phase 1 trade deal with China.

Surely, if “soft-power” mattered and Canada was a “moral superpower,” then Trudeau’s request would be taken seriously, right?

Not so much.

China has openly mocked Trudeau, saying his request was “doomed to fail.” An advisor to China’s State Council said: “Frankly speaking, what Trudeau is saying is nonsense.”

China sees Trudeau and his request as a joke.

U.S. President Donald Trump recently Tweeted about the upcoming U.S.-China phase 1 deal, saying this:

“Had a very good talk with President Xi of China concerning our giant Trade Deal. China has already started large scale purchaes [sic] of agricultural product & more. Formal signing being arranged. Also talked about North Korea, where we are working with China, & Hong Kong (progress!).”

At this point, it appears Trudeau’s request isn’t on the radar for the United States.

After being caught on tape mocking Trump at the recent NATO meeting, Trudeau likely has little leverage with the Trump Administration at this point in time.

The key problem here is that Justin Trudeau, many of Canada’s corporate elites, and the Canadian political class are in thrall to the conventional “wisdom” of the foreign policy establishment.

That establishment has decided to make weakness into a virtue, allowed our military power to evaporate, and seek endless compromise while selling out our national sovereignty.

As a result, our nation is left adrift in a world that has decisively rejected “soft-power,” leaving us as a weak, naïve, and frankly irrelevant presence to other nations who actually have real power.

The fact is that many countries around the world are run like ruthless criminal syndicates, and until Canada realizes that, and until our foreign policy establishment is replaced by people who actually understand ruthlessness and understand how dangerous the world is, Canada will continue to suffer the consequences.

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Economy

Federal money and sales taxes help pump up New Brunswick budget surplus

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FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.

Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.

The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.

Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.

Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.

Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.

Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Economy

Liberals announce expansion to mortgage eligibility, draft rights for renters, buyers

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OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.

She says the changes will come into force in December and better reflect the housing market.

The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.

Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.

Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.

The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.

The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says manufacturing sales up 1.4% in July at $71B

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OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.

The increase followed a 1.7 per cent decrease in June.

The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.

Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.

Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.

In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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