Back in late October of 2016 Finance Minister Bill “there’s no future for you” Morneau made comments at a meeting of the Liberal Party’s Ontario wing basically telling Canadians there’s no future you. When asked to clarify these comments a few days later at a youth labour forum Prime Minister Trust Fund Man-Child reinforced what his finance Minister said unwittingly giving a verbal middle-finger to the economic futures of the youth across the country. Their comments reveal that they’re aware of the weak labour market today and into the years to come yet the governing Liberal Party has set immigration targets at a base of 300,000 while indicating intentions of increasing it into the foreseeable future. This is worrying as there are indicators that would compel a more prudent government to exercise a conservative approach to immigration.
For starters, around 66% of tax filings reported incomes of $45,000 or less.
Canadians are at record levels of debt, pushing past the $2 trillion mark in December of 2016, masking our debt driven economy with the illusion of prosperity.
Need I say anything about the housing market? If interest rates were to rise, as they inevitably will since there’s almost nowhere else to go but up, how will that affect it? How can Canadians carry these mortgages if they need to amass a burdensome debt-load just to get by? How will this affect the service sector, some 70% Canada's GDP of which retail employs 12% of Canadians, if Canadians are forced to cut back on consumption so that they can keep their house?
The poor performance of men in the job market should sound alarm bells. Men are typically attracted to higher paying jobs whereas women tend to concentrate in lower paying occupations (which is why there is a wage gap). If men are performing poorly it means well paying occupations are disappearing.
Automation and advances in A.I. may eliminate 40% of jobs within the next few years with even more job losses to come as the technology becomes more advanced. Now, I’m enough of a skeptic to take these dire predictions with a grain of salt since we’re not clairvoyants and we can’t predict the future. And they’ve been saying this for decades. Remember the predictions of the paperless office? For years immigration proponents have been making apocalyptic predictions about job shortages in the labour market , and still do, yet here we are in 2017 and it’s just as tough to find decent employment as it’s ever been. The great flood of retiring boomers is set to happen
ten years ago, five
years ago, two years ago, this year, last month, any day now. But the predictions about A.I. may be truer
than most predictions about the future. An insurance company in Japan replaced 34 of its employees with A.I. technology and self-driving vehicles may very well
put truck-drivers out of work.
What's more is that Bill Morneau is aware of a possible low-growth future of continued deficits until mid century and where the national debt reaches one trillion in the next fifteen years. It's not exactly "sunny ways" which is why he quietly published the report hoping it wouldn't draw much attention.
Mass immigration may have worked at particular times in the nation’s history but as PM Potato Head likes to remind us “it’s current year.” Times are different. We're living in a period of low growth, low income, record debt, high unemployment, and high deficits. Mass immigration is a twentieth century program that hasn’t been updated to reflect the realities of the twenty-first. After all, if the Prime Minister and his finance Minister know the labour market is weak and precarious employment is the new norm then what future do they think these immigrants will have in Canada if they essentially told Canadians they don’t have economic futures themselves?