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Canada’s Bankers Blame Trudeau’s Immigration for Bad Economy

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Canadian bankers have criticized Prime Minister Justin Trudeau’s immigration strategy, stating that it has negatively impacted the nation’s economy and contributed to the rise of political populism.

They argue that the influx of migrants has led to housing shortages, inflation, and reduced productivity, while also benefiting investors.

Trudeau’s policies have caused a shift in public opinion, with more Canadians now calling for reduced immigration levels.

The Conservative Party and the People’s Party of Canada have also expressed conflicting views on immigration.

The bankers emphasized the need for a more thoughtful approach to immigration and better alignment with social structures.

“We’ve screwed it up,” TD Bank Group’s Chief Economist Beata Caranci said. “We took what we thought is a good thing and thought, ‘Well, if it’s a good thing, then more is a better thing, and now we’re realizing, no, that’s not the case.’”

“They lost control on immigration policy,” National Bank of Canada Chief Economist and Strategist Stefane Marion said.

“We have to start thinking more intelligently” Caranci said.

“I think the social contract has been completely ruptured for younger generations,” Maynooth University associate professor Rory Hearne said.

“I spoke with my counterparts in Canada, in Spain. Their [immigration] systems are designed to match their [employers’] labor needs with a potential supply of personnel who want to work and build a better life. We are stuck in an antiquated system that can’t match the two. It is just so incredibly sad,” Alejandro Mayorkas said.

They also highlighted the importance of increasing productivity through high-tech investments and realigning the economy to optimize productivity.

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