Under Justin Trudeau’s ‘green’ policy of ‘growing the economy,’ Canada’s economy has fallen far behind other advanced nations. Mark Carney will continue these policies if Canadians don’t wake up
By Paul MacRae, Climate Realists of B.C., April 25, 2025
The pre-election polls show that many Canadian voters wish to reward Justin Trudeau’s ten years of disastrous Liberal economic policies with another four or more years of the same under new party leader Mark Carney.
While prime minister, Trudeau frequently claimed his policies were aimed at “growing the economy.” But by “growing the economy,” Trudeau didn’t mean the fossil-fuel economy; he meant the still non-existent, all-electric “green” economy. His record on “growing” the fossil-fuel economy was dismal by every measure.
For example, to reduce “carbon emissions,” Trudeau’s climate policies (like the Impact Assessment Act, or Bill C-69) hobbled Canada’s natural-resources sector, including oil and gas and mining.
But 20 per cent of Canada’s wealth comes from natural resources (see Figure 1), prompting one political commentator to note: “A war on fossil fuels, mining and industry presents serious drawbacks for a country whose chief exports are fossil fuels and raw materials.”[ii]
Even the Wall Street Journal took notice in an editorial titled “Has Canada Learned from Its Lost Decade?” The WSJ observed that from 2015 to 2025, Trudeau’s economic policies had doubled government spending, created massive deficits, reduced business investment by one-third, led to 30 per cent less productivity than the United States, and left the Canadian GDP per capita about the same as it was in 2014.[iii]
Canada’s GDP per capita in 2014 was US$51,000; the U.S. GDP/capita was US$55,000. In 2024, Canada’s GDP/capita was US$55,000, an increase of only 7.8 per cent and the same as the U.S.’s in 2014. The U.S. GDP/capita was US$87,000, up 58 per cent.[iv] Canada’s lack of economic growth is a remarkable achievement for a nation blessed with abundant natural resources.
Canada’s economy is currently among the worst of the developed nations. The Organization for Economic Cooperation and Development (OECD) reported that, at 0.6 per cent, Canada’s growth rate from 2014-2022 was 28th of 38 OECD economies (Figure 3).[v]
As for future growth, the OECD predicts that between 2030-2060 Canada’s economic growth will be dead last among its 38 member countries (Figure 4).[vi]
But, as the election comes up, many voters have yet to realize that the Liberals have made them poorer. Why? Because Canada’s dismal economic performance is buried under a cushion of yearly deficits and debt that will, eventually, have to be repaid, with interest, by us, our children and grandchildren.
Mark Carney promotes the same anti-carbon/anti-growth policies as Trudeau. As the United Nations “special envoy for climate action and finance,” Carney has been pushing banks to make the fight against “climate change” a key criterion in lending and investment decisions.
In his 2021 book Value(s), he writes:
To meet the 1.5 C [Net Zero by 2050] target, more than 80 per cent of current fossil-fuel reserves (including three-quarters of coal, half of gas, one-third of oil) would need to stay in the ground.[vii]
And, while he’s suspended the “consumer” carbon tax, he will continue aggressive carbon taxes on business and industry that can only increase prices for consumers. In short, it’s unlikely Carney will suddenly change his mind to promote economic “growth” that isn’t “green.”
Keeping natural resources in the ground to hamstring the Canadian economy is not the path to success in the dog-eat-dog, Trumpian world. If Canadians don’t pay attention and Carney’s party forms government, we can confidently expect another four (or more) years of economic decline.
So voters, beware. Fool us once, shame on you; fool us twice, shame on us.
Paul MacRae is a former Times Colonist editorial writer and instructor in writing at the University of Victoria. He has written two books and numerous articles critical of Canada’s anti-carbon climate policies.
Notes
[i] “10 Key Facts on Canada’s Natural Resources,” Natural Resources Canada.
[ii] Joel Kotkin, “Don’t emulate Europe.” National Post, April 7, 2025.
[iii] “Has Canada Learned from Its Lost Decade?” Editorial, WSJ, March 11, 2025.
[iv] Diane Francis, “The cost of the Liberals’ lost decade.” National Post, April 2, 2025.
[v] Fraser Institute, “Canada had the third-lowest growth in per person GDP among 30 advanced economies between 2014 and 2022.” July 23, 2024.
[vi] David Williams, “OECD predicts Canada will be the worst performing advanced economy over the next decade…and the three decades after that.” Business Council of B.C., Dec. 14, 2021.
[vii] Mark Carney, Value(s), Chapter 11.