Signs the Carney approach is working

It was, if nothing else, a glowing review in trying times.

Matt Winkler, the editor in chief emeritus of Bloomberg News, spoke last week on Bloomberg Business News Daily about a recent Bloomberg analysis of the performance of the Canadian economy, and this country as a target for investment

“This is one of the greatest periods for overseas investment in Canada that we’ve seen in the century, and it may be unprecedented, because we have to wait for the rest of the year. … Money is pouring into Canada like we have not seen from everywhere. Stocks and bonds are the obvious beneficiaries,” Winkler said. He argued that Canada is both liked and seen as reasonable.

“The point is… Canada since Mark Carney became prime minister in 2025, has outperformed everyone in America and also the Eurozone and anywhere in the world. The 10 largest stock markets in the world, Canada appreciated the most, more than 40 per cent. … Its bond market is also doing great, partially because the inflation rate in Canada, unlike the Eurozone or America, is actually trending lower, and is outperforming both the Eurozone and the U.S.”

It’s possible to feel a bit chuffed about that.

But it doesn’t erase the fact that these are financially hard times, and harder times loom if the seemingly barrier-less U.S. President Donald Trump continues his efforts to take aim at Canada’s economy.

Increased trade and foreign investment does mean more work — and Canada is doing better than our southern neighbours on that front. July job numbers showing Canada gained 75,100 jobs in July, driving unemployment rates down to 6.4 per cent. Meanwhile, the U.S. July numbers showed it losing 23,000 jobs, when preliminary forecasts had expected a growth of 80,000 positions. (Not only that, but May and June numbers in the U.S. were recalculated, coming in at 103,000 fewer jobs than originally stated.)

It’s possible to hope that we’re, at least right now, on the right side of the equation.

Does that make life better for the average Canadian today or tomorrow? No. Maybe later, but not right away.

Costs are still high — and even with Canada’s inflation rate running lower than those of either the Eurozone or the United States, things still cost more now than in the past.

And those costs are growing.

More and more Canadians are finding themselves with their backs to the wall, with credit card debt and high prices driven by American wars and tariffs seeing the largest number of Canadians in years declaring insolvency. Years of rising house prices and low interest rates have meant many Canadians are simply over-extended. The first two quarters of 2026 have outstripped even a similar time frame for insolvencies in 2009, the worst-ever year for Canadian consumer insolvencies.

Home prices are falling in some markets, and stock market increases are only remarkable if you actually have money to invest.

It’s tough to say “stay the course,” but that’s the only thing we can really do. Trump’s latest tariff deadline — Aug. 19 — is looming, but at least the Bloomberg analysis suggests we have concrete options other than giving in to a bully

Back, briefly, to Winkler’s glowing review: “Canadians are like hobbits. They’ll save the world for you. They’re consistently underestimated, Carney has been consistently underestimated, certainly by Trump and his enablers, and he’s somebody that does the work.”

We’re not sure if being compared to hobbits is all that grand, especially given the hardship and near-death experiences several hobbits endured in Lord of the Rings.

Plenty of Canadians would argue we’re seeing more than enough hardship already.

And right now, the Shire looks to be a long, long way away.