Leading economists from Canada's major financial institutions are increasingly skeptical about the current administration's approach to economic competitiveness. Their critique is sharp: recent budget spending initiatives, while substantial in scale, lack the structural reforms—particularly in taxation—needed to drive meaningful productivity gains. The debate highlights a familiar tension: is throwing capital at problems enough, or do we need deeper systemic changes? For investors monitoring global macro conditions, it's a reminder that policy announcements and actual economic impact don't always align. When large financial institutions start questioning the effectiveness of stimulus measures, it often signals broader concerns about whether governments are addressing root competitiveness issues or just applying band-aids.