Put a fork in the Canadian economy for the rest of this century. This, on top of now a massive increase in food prices. Guess what CBC is blaming the price increases on? Climate change and covid-19.
The Canadian Dream hasn't existed for 50 years, it is long gone, along with our reputation and civil liberties. Consider how weak our PPP is and how it is nearly impossible to make it to the Millionaires Club, let along the Billionaires Club in Canada, and the offset is only to reward the creepy kakistocracy.
Canadians are positively swimming in debt.
More than $2 trillion, in fact, according to the
latest numbers from the Bank of Canada — up by almost four per cent in the past year, despite repeated dire warnings from economists, policy-makers and central bankers.
Canadians now
owe roughly $1.70 for every $1 they earn, a ratio that experts warn is among the highest in the developed world.
And Canadian families are feeling the pinch.
Civil servant Lee Hyndman lives in Vancouver with her husband, Chris, a seasonal worker, and their two kids. In the past, the family didn't have to worry about keeping a roof over their heads.
But all that changed with a few unexpected calamities.
Not a bad deal because Americans are nearing a dollar for every dollar they earn in terms of future national/state/local debt...
You see,
this $1.70 of debt is personal debt not government debt. Worse still, Canadians have little investment savings in stocks and growth industries. We are on the fast track to Venezuela. If not for U.S companies subsidizing our jobs here, places like Toronto would already be belly up.
Canadians are paying about .15 of all their earnings on debt interest. It is going to increase, and is higher in big cities. On top of massive taxes, the new carbon tax and other issues, the Canadian Dream is finished. We are going down the socialist hellhole.
OK.. that's bad if it's personal debt.. But there's really no diff in your future liquidity if it's personal debt or debt run up by the govt in your name. Because all those entitlements are now paid with borrowed money so you can get welfare or national healthcare or pension..
So I hate to tell ya this -- but check the figures for the PUBLIC debt as well.. I have no idea how honestly or skillfully the Canadian govt is with your share of the debt. But I'll bet all your free stuff is on an overdrawn credit line as well to some extent.
I disagree in your
general assessment. Reason being is the reality of what we saw with Greece. A much smaller and less important player on the global stage. I think they were able to avoid any interest payments at all for over a decade and received other very favourable terms. That option alone is a massive benefit. Clearly the E.U realized they had to deal with it, or pay a tougher price.
There is some irony in that, it's much easier to write off debt if you are a massive economy or a billionaire, than it is some poor sap over extended with his $100,000 in assets, with $200,000 in debt. America is the biggest fish, the most important to the global economy as long as they fight back against the Communist incursion.
America, in the end, will probably find means to deal with Chinas debt, even have much of it forgiven for any multitude of reasons.
You could start with a massive poison tax on China as an example, but, just offset the amount in debt. Hit them for their shipping of elicits products into the U.S AND their pollution (the climate change advocates should jump for joy over such a proposal, if they truly care about their issue).
Or, simply suggest "x amount of debt is to be forgiven in lieu of the above". I'm just throwing the idea against the wall, it's one of infinite proposals I could see America, and many governments making. I certainly would pursue something like this if I were a federal leader.
Canada will attempt something similar as well I imagine, except we are such a minor global consumer that
the breaks we will get won't be nearly as generous as that which America will get. It's why I've yelled for years that our East German wannabe system is going to implode on us, and it has, dramatically.
How bad is it? There are more than a few who argue that Canada is keeping the border with the U.S closed to ensure we keep our top talent here for a little longer. We are desperately light on skill and talent, across many domains.
Ontario, only a few years ago
was considering forcing Ontario grads to remain and work in Canada after they graduated certain high deman areas for at least 7 years post university. Yes, like East Germany preventing their citizens from heading to West Berlin, Canada knows we are losing our best to America.
Ironically, the very system they use to exploit many of us without accountability also drives talent away.
Big government debt is bad, personal debt is worse.
