Queen Elizabeth I, a ruler renowned for her political acumen, held a single, unwavering priority: finance. This wasn’t merely a matter of fiscal prudence; it was the bedrock of her power, enshrined as the first of her nine principles. Her reign, beginning in 1558, coincided with the dawn of modern accounting, yet she instinctively understood the vital importance of wealth creation.
Imagine the astonishment of this Renaissance queen if she were to witness Canada’s current economic landscape. A nation brimming with potential, yet seemingly adrift in a sea of unchecked spending and mounting debt. The scale of the financial missteps is almost too large to comprehend, a constant erosion of opportunity.
Recent revelations paint a disturbing picture. A staggering $190 million squandered on dysfunctional call centres within the Canada Revenue Agency. A secretive $15-billion subsidy agreement with an automaker, followed by the loss of 3,000 jobs to the United States. And over two decades, $645 million in aid directed towards sustainable development in China.
These aren’t isolated incidents, but symptoms of a deeper malaise. As the federal budget looms, the projected deficit already exceeds targets by 60%, estimated to reach a staggering $80 billion. Experts warn of an unsustainable trajectory, predicting an inevitable breaking point.
The details are, frankly, bewildering. Over $1 billion in grants allocated to diversity, equity, and inclusion initiatives, including funding for “cultural vegetables” and support for Congolese war veterans. Billions more channeled into academic research exploring topics like Peruvian rock music and gender equity bicycles.
A $1.6 billion program designed to address “ecological grief” is deemed “insufficient,” while $10 billion committed to other initiatives lacks transparency and accountability. The sheer volume of questionable spending is overwhelming, a testament to a system operating with alarming inefficiency.
Consultant spending across government has ballooned to $25 billion, with one department tripling its expenditure to gain “in-depth understanding” of its own student hiring program. An unused youth volunteerism program has already cost $204 million, and COVID-era ventilators, purchased for $1 billion, are now being sold for scrap.
The ArriveCAN app, plagued by fraud and mismanagement, remains a cautionary tale, while a defunct “sustainable development” fund failed to adhere to even basic financial safeguards. The Department of Justice spent $38 million on legal battles related to the 2022 Freedom Convoy, and a benefits website launched in 2017 has already cost taxpayers $6.6 billion.
Even initiatives with noble intentions fall prey to mismanagement. The Women Entrepreneurship Fund, launched with $130 million, has yet to result in a single new start-up. The core principle of “opening opportunities to create wealth” feels tragically distant, overshadowed by reckless spending and stifling regulations.
Beyond the financial waste, Canada faces a deeper challenge: an environment hostile to investment and innovation. Ideological pressures on the financial sector, coupled with low levels of research and development, productivity, and entrepreneurialism, are hindering economic growth. A thorough overhaul is desperately needed.
The wisdom of Elizabeth I resonates across the centuries. Canada needs an economic renaissance, a decisive reckoning with wasteful spending, and a renewed commitment to fostering wealth creation. The time for decisive action is now.
