Instead of crashing in 2008, countries like Canada, Australia, New Zealand, and the U.K. decided we just needed more money. The result? Soaring real estate prices, stagnating incomes, mounting household debt and lowered economic output have sent four of the largest economies in the realm into a massive bubble.
Like many diagnoses of slow growth, the effects of bad government policies often get overlooked. This matters because unlike commodity swings or global forces, governments can actually influence the direction of policy. But in recent years, we've seen an onslaught of growth-hindering policies in Canada such as spending-induced debt increases, higher taxes and increased regulation.
There is no look at intellectual property rights and what the deal means for drug prices or the potential for setting up a much-needed Pharmacare program in this country. The impact on supply management, and what that means for dairy farmers, processors and the milk we drink is only partially addressed.
There is no other way to describe it -- Justin Trudeau has been a public relations superstar from the very moment he took office as prime minister almost a year ago. However, just as September has shorter days and produces a tinge of frost in the evening air, this prolonged period of public basking in the sun may soon be coming to an end for our prime minister.
Ottawa's most important policy response to lagging growth has been a return to that great theme of Canadian history: building. Sixty per cent of Canada's GDP depends on trade. Canadians need to build now to get our goods and services to the growing global middle class, projected to grow from 1.8 billion today to five billion by 2030.