Show all postsOne of my nieces sent me an email linking to a You Tube video by Kevin O'Leary. She and her older sister have a hate on for Prime Minister Justin Trudeau. I am not sure why. I know Trudeau made some big mistakes, immigration and the quickly growing national debt, immediately come to mind.
He was in power for nine years. Sure, he did something right.What really bothers me is the nasty tone of much of the criticism. The title of the You Tube post is:
Kevin O’Leary: Trudeau, the ‘Idiot King,’ is Gone—But ‘Dante’s Hell’ Awaits Next Leader
Before I post my reply to my nieces email, I will admit that I am disappointed in Justin
Trudeau. With no newspapers, perhaps it is harder today to get the word
out but clearly he failed to deliver his message to the Canadian
electorate. No one seems to recall all that he accomplished. Now, to Kevin.
The following is from my email to my niece:
Some of the statements made by O'Leary are correct but I doubt a lot of folk would pick-up on the complexities colouring these statements. But when O'Leary claims foreign investment per capita in Canada has collapsed under Trudeau he is wrong. During Trudeau's time in office the foreign investment per capita grew almost 7% more than it did under the previous PM, Stephen Harper. This may reflect a more favorable environment for foreign investors under Trudeau.When O'Leary attacks Trudeau on his energy policies, he repeats attacks told by Pierre Poilievre and repeated by others. For instance, O'Leary claims that interest in pipelines collapsed under Trudeau. Any investor knows this is not true.
Quoting the National Observer, a left of centre news source, "While Canada was (said to be) “closed” for oil and gas business, the industry increased its oil production by more than a million barrels per day. Its biggest companies posted record profits in 2022, and then almost did it again in 2023. Meanwhile, in 2024 the federal government completed the construction of the first pipeline to Pacific tidewater in decades, one that immediately (and significantly) increased oil prices received by the same companies complaining so bitterly about Trudeau’s reign. LNG Canada, meanwhile, is set to begin operations in 2025, and will have a similarly beneficial impact on the price of natural gas in Canada and the companies that sell it.
As a Canadian investor, I follow pipeline companies like Enbridge. I have appreciated the solid, unwavering support the federal government gave when it came to the Enbridge Line Three problems. Another quote: " Justin Trudeau has been the best prime minister their industry has seen in decades. He has done more to advance their interests, often at the cost of his own political capital, than any of his living predecessors. In addition to TMX and LNG Canada it also fought successfully for Line 3, a major expansion project that faced significant political resistance from the Democratic governor and other politicians in Michigan. Oh, and it also threw more than a billion dollars at the oil and gas industry to help it clean up its old oil and gas wells."Has Trudeay any black marks against him when it comes to pipelines. Depends on whether you are into saving the planet or not. Trudeau's administration canceled the Northern Gateway project shortly after taking office, fulfilling a campaign promise to ban oil tanker traffic on British Columbia's northern coast. This decision was seen as a clear signal of shifting priorities towards environmental concern.O'Leary attacks Trudeau for the change in how energy and mining permits are granted. With energy permits, Trudeau advanced a process containing a lot of environmental scrutiny. With mining permits Trudeau slowed approvals by moving emphasis to sustainability. Those who like Trudeau like to say he has focused on balancing environmental concerns with industry needs. This has not made industry happy and clearly has not pleased either O'Leary or Poilievre. Me? I'm pleased.O'Leary states what most of us already know: Canada's wealth is heavily tied up in its natural resources. But which party is better at guiding Canada into the future? Personally, I am not a big fan of Trudeau and have taken a strong dislike to Pierre Poilivre.The Canadian economy needs diversification and better resource management to ensure long-term prosperity and resilience against market fluctuations.For this I pick Mark Carney. Carney has quite the resume. He cares about the environment and he has business smarts that no one can doubt.I'd go on but the truth is just as I said at the beginning. Trudeau has failed to beat his own drum and he has made mistakes that have often been blown out of proportion by the opposition but they are still mistakes. It is time for a change. I'd vote for Carney and Freeland in a flash. I am very suspicious of anyone who refuses to get security clearance while making insulting, childish, personal attacks on the other party, as Pierre Poilievre likes to do. O'Leary takes the same rude approach, an approach that is being emulated by more and more people, when he refers to the prime minister as an "Idiot King".Canada's debt is far too big and growing far too fast. The Liberals have not run a workable budget. When Freeland resigned she made it clear she could no longer go along with a "costly political gimmick". For that reason and others, I like Mark Carney and Freeland. They are bright, Carney has an especially strong background in government finance, and they might find ways of making the difficult decisions palatable.P.S. One last thing, I am very proud of the way Justin Trudeau treated Canada's indigenous people. As of January 2025, 132 long-term boil water advisories have been lifted in Canada, while 33 advisories remain active across 28 indigenous communities. Compare the Trudeau response to the problem to that of Stephen Harper. Harper's government did not implement binding regulations for water quality on First Nations reserves, which contributed to ongoing water crises. The absence of such regulations meant that First Nations lacked the same protections that non-Indigenous communities enjoyed.Why everyone is listening to people like Kevin O'Leary and Pierre Poilevre is mind boggling to me. The world is a complex place and requires adult discussion between the opposing sides. Repeating "axe the tax' is simplistic. Get rid of the carbon tax. Fine. But what are you, Pierre, and your party going to do about the carbon problem?I could write a lot more but enough, Betty. I think you can see I am not swayed by the linked video.Cheers,Kenp.s.I look forward to a short comment.
