First, average Canadian incomes (measured by per-person GDP) are lower today than three years ago and have essentially stagnated since 2019. Over a longer period, and when comparing Canada with the United States, an even more troubling trend emerges. In 1999, per-person GDP in Canada was $48,076 compared to $58,842 in the U.S., a gap of $10,766. Fast-forward to 2024 and that gap has increased to $23,757, with per-person GDP in the U.S. ($83,286) towering over Canada’s (C$59,529). All figures are adjusted for inflation, in Canadian dollars.
Perhaps even more concerning is Canada’s relatively low level of business investment, the lifeblood of our economy and key driver of middle-class prosperity. Investment means new equipment, innovation, new products and, ultimately, employment for Canadians. Unfortunately, from 2014 to 2024 (the latest year of available data), business investment per worker in Canada declined by 18.8 per cent—from $20,310 to $16,493—yet increased by 31.3 per cent—from $23,263 to $30,555—in the U.S. (again, all figures adjusted for inflation, in Canadian dollars).
Canada’s tax system remains uncompetitive, with relatively high tax rates on personal and business income. Our federal government is neck-deep in deficits with mounting debt (which portends the possibility of even higher taxes in the future). We continue to burden investors and businesses with unnecessary and punitive regulations. We have major problems with our transportation system and other key infrastructure including electricity due to rising demand and serious vulnerabilities in our electrical grids.
We can’t fix a decades-long collapse in business investment with an elite investor summit. Capital goes where it’s welcome, and right now, Canada's uncompetitive taxes, reckless budget deficits and regulatory burden are telling it to look elsewhere. Until Ottawa fixes the investment climate, no temporary quarterly “rebound” will change the fact that Canada is steadily falling behind.
AND SO i have been telling gogoboom to worry whats up at home instead of being a peabrain
