“I don’t get it.” This phrase comes to mind as I listen to senior Liberal politicians proposing to reverse a decade’s worth of Justin Trudeau’s policies that they willingly pushed while in power. Now they’re signing on to new oil pipelines, internal trade reforms and reversal of carbon and capital gains taxes. When you peel off the onion’s skin, however, you realize it’s still a stinky onion.

After nine years of deficits now totalling over $650 billion, are we to expect that a new Liberal government will balance the budget? Former finance minister Chrystia Freeland, now a contender for the leadership, rarely whispers the words “fiscal prudence.” The likely winner of the leadership race, Mark Carney, says he’ll balance the “operational” budget in three years except for any spending that “grows the economy.” Maybe he’s referring to capital spending, which is depreciated rather than expensed so as to show a smaller cash deficit, though it still runs up the debt. But 90 per cent of voters have no clue as to the distinction.

The Liberals love creating capitalized multi-year funds like the highly-conflicted Sustainability Development Technology Canada, whose multi-billion commitments don’t show up as expenditures until later years. It looks like this practice will continue in spades as Carney’s growth plan is based on using public, pension and private money to invest in politically driven projects — such as high-speed rail. As is the Liberal custom, there are bound to be conditions, including local content, diversity, equity, inclusion, unionized wages, and careful attention to climate considerations. Or are the Liberals genuinely changing their spots and doing away with such add-on costs?

There’s lots of talk about east-west oil pipelines and LNG exports. Chrystia Freeland wants Canada to be a superpower in clean energy and LNG — but not oil. Despite having cancelled not one but two pipelines in 2016-17, Minister of Energy and Natural Resources Jonathan Wilkinson now thinks an east-west oil pipeline might be a good idea. Mark Carney is even willing to use Canada’s emergency powers to force provincial compliance to build pipelines. At least that’s what he said before visiting Quebec, where he clarified that provincial agreement will be required. And now he has clarified further by saying he will work with First Nations and the provinces.

So far, no candidate proposes yanking policies that have discouraged investments in energy projects. The Impact Assessment Act (what former Alberta premier Jason Kenney called the “no pipelines act”) will stay. Since 2019, only one of 25 proposed complex energy and mining projects has received final approval despite, in some cases, years of consideration.

Neither do you hear senior Liberals proposing to drop oil and gas caps, clean electricity standards, EV mandates or clean-fuels regulations. With the United States rapidly deregulating and reversing its carbon policies, Canadian energy and mining investment will be drawn southward even without Trump tariffs. Enbridge and TCE have already indicated an east-west pipeline is off the table without a major shift in Canada’s treatment of resource projects.

With per capita GDP stalled since 2015 and business investment per worker falling, Canada has slipped so much that our per capita incomes are only two-thirds the U.S. average. For the first time in 65 years, we are down to the OECD average. If we were the 51st state, we would have the fourth largest GDP (after California, Texas and New York) but would be second-last in per capita GDP, edging out only Mississippi.

As mentioned, after introducing the capital gains tax hike to make the rich pay more, Freeland is now disavowing it. All the candidates now agree that the “consumer” carbon tax is too hot a political potato. Even Environment Minister Steven Guilbeault, who has done more than any Liberal to block oil and gas development, argues it could be dropped in favour of other carbon policies — in other words little change. Carney proposes a new carbon plan with new mandates and subsidies and a bigger industrial carbon tax to make oil and gas development even less competitive.

So, how will Liberal politicians grow the economy? With still more government intervention via industrial polices, of course. Freeland proposes a Christmas tree’s worth of shiny tax and subsidy baubles, ranging from free tuition for trades to accelerated depreciation tilted toward clean energy and advanced manufacturing. Carney will make Canada stronger than the U.S. by cutting government spending, building millions of new homes, developing trade corridors and providing yet another middle-class tax cut. In other words, same-old, same-old from the past nine years.

I still don’t get it. Do we have a new Liberal party with creative ideas or just the same old tax-and-spenders? The onion by any other name smells as bad.

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