Episode
Canadian economy dying slowly, painfully and in darkness
- Published
- Jun 6, 2026
- Duration seconds
- 7018
- Processing state
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Summary
►The PBO has cut Canada's 2026 growth forecast to 1.1%, with Scotiabank projecting 0.8% and BMO projecting 0.5%, as real GDP per capita remains below pre-pandemic levels, labour productivity has been flat or negative since 2021 and business investment has fallen for 5 consecutive quarters►Statistics Canada reports Canada added 88,000 jobs in May and unemployment fell to 6.6%, driven entirely by full-time work, but critics note the surge coincides with FIFA World Cup hiring in Vancouver and Toronto, raising questions about whether the gain reflects structural improvement or a temporary spike that will reverse in August►Ontario recorded its worst non-pandemic quarterly job losses since the mid-1970s as Canada enters a technical recession, with the only consistent employment growth coming from government payrolls rather than private sector hiring►Finance Minister Champagne is accused of misleading Canadians on the 2025 deficit after the Parliamentary Budget Office revealed the true shortfall was $71.8 billion versus his claimed $66.9 billion, with analysts calculating a 99% chance the government will miss its ongoing fiscal targets►Parliament has not balanced a budget since 2007, with ongoing deficits now the largest in Canadian history outside the pandemic and the PBO estimating less than 1% chance the deficit-to-GDP ratio will decline every year through 2031►Over 12 million Canadians receive a one-time top-up payment today under the Canada Groceries and Essentials Benefit, which the CRA confirms is simply the existing GST rebate renamed and increased by 25%►Abacus Data finds 43% of Canadians have cut back on home heating or cooling to save money, while 38% say they have been forced to choose between paying energy bills and covering other household expenses►Canadian vehi…