Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Canada’s standard of living is on track for its worst decline in 40 years, according to a new study by Canada’s Fraser Institute.
The study compared the three worst periods of decline in Canada in the last 40 years—1989, 2008, and today. They found that unlike the previous recessions, Canada is not recovering this time. Something broke.
In fact, according to the Financial Post, since 2019, Canada’s had the worst growth out of 50 developed economies.
On the ground, that means inflation-adjusted Canadian wages have been flat since 2016.
So, yes, something broke.
And it’s nowhere near over: Canada’s per-person real gross domestic product is still falling, and with a looming U.S. recession—the U.S. takes 75% of Canada’s exports—Canada…
