Our economy is on the brink of recession, and the mainstream media has been too busy with Trudeau’s scandals to notice. You have to read about it in the Wall Street Journal:
Canada’s Economy Delivers Worst Quarterly Growth in Two Years
Whereas I predicted this would happen, on my February 4 show.
That night, I told you about another story that the Canadian media was ignoring:
President Donald Trump's new "Buy American" executive order, shutting out Canadian companies from hundreds of billions, probably trillions of dollars worth of U.S. construction projects.
Now add that on top of the three pipelines Trudeau has killed.
But the Canadian media, even the Financial Post, is still shocked that we're on the brink of a recession:
Canada’s economy slows a lot more than expected
Really? A lot more than who expected?
Let's look at what's been driving our economy. Not oil and gas — that’s shrinking. On purpose — Notley and Trudeau and Butts all want to phase it out.
Scratch the auto industry, too. So what’s left? The overpriced housing market in Vancouver and Toronto?
Sure, it’s great for those who already own their home and paid it off. But that’s sort of the opposite of growth, isn’t it?
And according to police, it’s not people in Vancouver saying, “I’d like to pay 2 million dollars for a starter home”. What's happening is that mainland Chinese are getting their money out of China, using the city’s real estate inventory to stash money away from the Communist Party. That, and massive criminal money-laundering, too. Lots of Russians doing the same in Toronto for the same reason.
My point is: what’s left? Public sector growth? Those are the takers, not the makers.
Who would invest here, rather than in Donald Trump’s America?
Alberta is broke — and heading back into a second NDP recession. The rest of the country is tipping into one. Trudeau and Morneau had already been spending tens of billion of dollars in deficits. What will they do now? And here come Donald Trump’s trade barriers.
Let me close with a few lines from the Financial Post's “Who could have seen this coming?” story:
After talking about all the business sectors in Canada where growth is "dropping" and "contracting" and "falling," we get to this:
Household spending on marijuana, at an annual rate, totalled $5.9 billion in the fourth quarter — with illegal pot accounting for $4.7 billion of the total and legal weed representing $1.2 billion.
“Cannabis accounted for 0.5 per cent of total household spending,” the report said of the quarterly numbers. “And non-medical cannabis accounted for 11.2 per cent of spending on alcohol, tobacco and cannabis.”
Real work is declining. Real things — construction, oil, gas, building cars.
But don’t worry, my dudes. Just smoke some pot, and it'll all be ok...
NEXT: This afternoon came the stunning announcement that Treasury Board President Jane Philpott had resigned from Trudeau's cabinet, "citing loss of 'confidence' over government's handling of SNC-Lavalin."
As it turns out, one of our favourite guests, lawyer Manny Montegegrino, predicted a while ago that she would do just that. Tonight Manny joins me to discuss this dramatic development.
FINALLY: Your messages to me!