For years, Canadians have sensed that something is amiss. The governing Liberals continued as though former Prime Minister Justin Trudeau's 'sunny ways' still defined the nation's politics. When Prime Minister Mark Carney took office, he admitted that his predecessor had misled Canadians, claiming only he could fix the mess. However, the hole is deep, and Carney's first year did not deliver the rapid results he promised. How much worse have things become? Join us as we explore Canada's lost decade through charts.
Teetering Economy
Between 2011 and 2015, per capita GDP in Canada and the United States rose together. But after 2015, Canada's per capita GDP stagnated while America's continued upward. Both countries dropped during the pandemic, but afterward, the U.S. economy grew while Canada's stagnated and began declining in 2022. Canadians have become richer over the past 11 years, but would be far better off if our economy had kept pace with our southern neighbors.
Business Failures Surge
Business insolvencies dropped during the pandemic due to government supports. When funding dried up and interest rates rose, insolvencies increased 150%, reaching a 10-year high in 2024. They stabilized somewhat in 2025 but remained above pre-pandemic norms. Fewer Canadians are starting businesses. The number of self-employed Canadians with employees declined since the 2008 financial crisis, rebounded in 2016, then dropped sharply in 2018. A 2023 BDC report found 100,000 fewer entrepreneurs than 20 years earlier, despite 10 million more residents.
Investment Per Worker Plummets
Investment per worker was strong between 2000 and 2014, driven by energy and mining. Oil prices collapsed in 2014, and investment dried up due to Liberal environmental policies. By 2024, real investment per worker was 84% of 2014 levels, while it increased 26% in the U.S., 13% in the U.K., and 9% in the Euro area.
Everything Costs More
Inflation peaked at 6.8% in 2022, above the Bank of Canada's 2% target. An item costing $100 in 2015 now costs over $132. Record government spending during the pandemic and measures like the alcohol escalator tax ($1.6 billion since 2017) and carbon tax contributed. Housing costs skyrocketed: a detached house in Metro Vancouver that sold for $1.4 million in 2015 now costs nearly $1.9 million. The average home cost 5 times after-tax salary in 1994; today it's nearly 8.5 times.
Government Grows
The federal public service swelled from 257,034 in 2015 to 357,965 in 2025. Including all levels, public-sector employees increased over 29% from 2015 to 2025, outpacing private-sector jobs (18%) and population growth (17%). The Harper government left a $1.9 billion surplus in 2014-15. Trudeau promised modest deficits but posted an $18 billion deficit in 2016-17, and $39 billion in 2019-20. The pandemic deficit hit $328 billion in 2020-21. Carney's first budget estimated a $78 billion deficit for 2025-26, and a study predicts $100 billion by 2035. The national debt doubled from $687 billion in 2014-15 to nearly $1.5 trillion in 2025-26, costing each Canadian $2,000 a year in servicing.
Health Care Wait Times Worsen
According to the Fraser Institute, the average wait from referral to treatment was 28.6 weeks in 2025, up from 18.3 weeks a decade prior.
Cavalcade of Criminals
Crime rates increased under the Liberals after a decline from 1991 to 2014. The Violent Crime Severity Index rose 33% since 2015. Police-reported hate crimes increased 258% between 2015 and 2024, with Jews targeted more frequently than Muslims despite a smaller population.
