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Dear Friends,
Canada in a recession (two consecutive quarters of negative economic growth). The Canadian economy posted negative growth in both Q4 2025 and Q1 2026—marking declines in three of the last four quarters. Canada is the only G7 country in a recession.
Canada also has the second-highest unemployment rate in the G7 with 45,800 more Canadians unemployed today comparted with when Prime Minister Mark Carney took office last year. Overall unemployment is nearly 7% and youth unemployment is 14% while the cost of living continues to punish families. More than one in three Canadians are going into debt just to pay for food, with weekly staples like meat and vegetables climbing another 3.8% in April alone.
This Spring I questioned the Finance Minister on several occasions about his continuing deficits, increasing interest payment costs, lack of a plan to balance the budget, and deteriorating fiscal credibility (the Parliamentary Budget Officer says there is less than a 1% chance that the government will meet its primary fiscal anchor of a declining deficit-to-GDP ratio). He consistently refused answer and of my questions.
This recession cannot be blamed on global or outside factors which affect all Canada’s peer economies; it is the direct result of the Liberal government's inflationary spending, layers of red tape, and anti-development laws over the past ten years that have stalled our economy and left Canadians to pay the price and ever-increasing interest on the national debt. My Conservative colleagues and I will continue to aggressively call on the Prime Minister to reverse the costly policies that triggered this recession. |
