Posts Tagged ‘Economy’

The Stephen Harper economic disaster is still unfolding and the latest wrinkle is a projected surplus of $1.9 Billion for the 2014/15 fiscal year.

Oh baby, you better believe the Conservatives are going to beat this one for all its worth. They will try to convince Canadians what great economic managers they are because they did not do the jobs they were supposed to and instead returned the money.

Stephen Harper’s impact on the Canadian economy remains as it has been: a disaster that continues to unfold. A disaster that put all of the eggs in the tar sands basket and neglected everything else, particularly innovation and green technologies.

We don’t have the details on how this surplus was achieved and we won’t have the details until after the election of course.

What we do know is there is billions of dollars in unspent program dollars that were returned to the coffers from various government ministries and departments. What does this mean? It means the government did not deliver services and programs that they would normally deliver to Canadians.

We know that Veterans Affairs returned a hefty amount of dollars that were not spent in support of our veterans. The only questions that remain regarding this surplus is what was not delivered to Canadians? Who did not spend the programming budget they were given?

Regardless of the surplus Stephen Harper remains and economic disaster.


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We have known this for a long time:  Stephen Harper is really bad for the Canadian economy.  Actually he is the worst, read the whole article here.

Here are his scores in 6 key areas.

1. Stephen Harper has steered Canada’s economy to its lowest levels of growth in 69 years

With an average annual real GDP growth rate of 1.6%, under Stephen Harper’s tenure the Canadian economy grew by nearly half the rate it did for his predecessors in the decade before he took office. It was nearly three times worse than Canada’s growth rate during the 1950s and 1960s.

Under Harper, real GDP grew “barely enough to keep up with population growth,” says Stanford. “And by early 2015, real GDP actually began shrinking.”


2. Harper has the worst job creation record of any Prime Minister since 1946

Harper’s 1% annual average growth in employment is “significantly slower than the rate of population growth,” Stanford says, adding it is “the slowest job creation of any Prime Ministers since World War II.”


3. Harper is the first Prime Minister since the 1950s to oversee a decline in the employment rate

Remember Louis St. Laurent?

As job creation failed to keep pace with population growth, for the very first time since St. Laurent left office in 1957, Canada saw the employment rate decline under Harper.


4. Stephen Harper is kind of a lousy salesman

Since being elected in 2006, Canada’s exports have grown by a measly 0.3%, “by far the worst in post-war history.”

No wonder Canada keeps experiencing huge trade deficits.


5. It has been good times for Canada’s richest 1% under Stephen Harper

Not as good as the days under Paul Martin when the share of total income for the top 1% of earners was 12.9%, but Harper places just behind his predecessor at a 12.7% share.


6. Meanwhile, the standard of living of everyone else has never risen so slowly

As Stanford explains, assuming wealth is distributed fairly, when GDP grows faster than population growth, then GDP per capita increases and, in theory, that increases everyone’s living standards.

Not so much under Harper. On 14 separate occasions since the end of the Second World War, real GDP per capita grew more in one single year than it has during Harper’s entire time as Prime Minister.


According to Stanford, Lester B. Pearson’s economic performance (1963-68) ranks highest while Canada’s three Conservative Prime Ministers in the postwar era (Harper, Mulroney and Diefenbaker) ranked among the four lowest.

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