Cory Morgan: More Educated Voters Lead to Improved Government Policies

Commentary

Tax cuts took center stage during the first week of the federal election, with both Pierre Poilievre and Mark Carney pledging to reduce income taxes, carbon taxes, and GST on new home purchases. Recognizing the cost-of-living challenges facing Canadians, the parties are addressing these concerns as people are directly impacted by policies affecting their finances.

However, the focus on individual tax cuts overlooks broader economic issues plaguing Canada, such as mounting debt, stagnant GDP per capita growth, and declining productivity compared to other developed nations. Despite these concerns among those knowledgeable about economics, public financial literacy is decreasing, and only a minority of citizens pay attention to macroeconomic trends. Politicians cater to the economically uninformed majority rather than addressing these critical economic challenges, which may provide short-term electoral gains but harm Canada in the long run.

In contrast to the situation in the 1990s when fiscal responsibility was a key campaign theme, today’s mainstream politicians shy away from austerity measures. Instead, they promise increased spending while advocating for tax cuts, without facing scrutiny on the feasibility or sustainability of such economic policies.

The decline in economic literacy and public indifference contribute to this trend, as attention spans dwindle in the era of quick, simplified communication dominated by social media. Basic financial education initiatives by legislators have not yielded significant results, highlighting the need to embed economic literacy into school curricula to empower individuals in managing their finances and making informed electoral decisions.

To bridge the gap in economic understanding, influencers in various fields must find innovative ways to communicate economic concepts effectively to the public. Collaborating with engaging personalities and adapting communication strategies to meet the audience where they are could help make dry economic topics more accessible and engaging.

Avoiding the realities of Canada’s economic challenges for short-term political gains will have severe consequences in the future. Urgent action is needed to promote fiscal responsibility and educate the public on economic matters to ensure a sustainable economic future for Canada.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.