Canadians now owe roughly $1.70 for every $1 they earn

[shockedcanadian]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

 

[JGalt]

Hey Canada! Bet we catch up to your socialism in a year or two. Maybe we could have a competition to see which one of us is the most "socialist". But by that time, we'll probably beat you, so I'll no longer be able to make fun of you for being so socialist. You'll probably make fun of us for being so socialist.

 

[justinacolmena]

People don't build homes anymore. They were taght by their parents to build credit and mortgage themselves to the hilt.

 

[flacaltenn]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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...

 

[shockedcanadian]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

 

[justinacolmena]

the Canadian Dream is finished. We are going down the socialist hellhole.

Evidently at least some Canadians are woke.

 

[SassyIrishLass]

Hey left loons? Isn't Socialism wonderful?

Stupid bastards

 

[flacaltenn]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

 

[shockedcanadian]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

 

[Fort Fun Indiana]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

Another developed country falls victim to 'profit over people'. They all will. A political reckoning is coming.

 

[flacaltenn]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

An individual can HIRE a negotiator -- Like Greece did -- to get their PERSONAL debt reduced. It's a power that works in your favor only if the personal debt is not a NATIONAL crisis. Because then the credit holders CAN'T forgive portions of debt because of the number of accounts in trouble..

Don't think ANY country can afford to negotiate down their debt and still have their currency as a world standard. Greece didn't have that problem to worry about.. LOL...

 

[flacaltenn]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

Another developed country falls victim to 'profit over people'. They all will. A political reckoning is coming.

The INDIVIDUALS abused their credit.. I know as a leftist that falls on deaf ears because the govt exist solely to PROTECT YOU from yourself and risk -- but these are not victims. They willingly ran up the debt without a plan..

If there is systematic economic hardship that Canada is NOT addressing -- that's one thing. Then they would be "victims" of govt neglect. But spending on the "hope fairy" is not a plan in any solvent country..

 

[shockedcanadian]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

An individual can HIRE a negotiator -- Like Greece did -- to get their PERSONAL debt reduced. It's a power that works in your favor only if the personal debt is not a NATIONAL crisis. Because then the credit holders CAN'T forgive portions of debt because of the number of accounts in trouble..

Don't think ANY country can afford to negotiate down their debt and still have their currency as a world standard. Greece didn't have that problem to worry about.. LOL...

Valid points. On the flip side though, it's also a major impetus for debtors to find the path that ensures the softest landing.

As long as the U.S remains the largest global consumption market, you will hold all the cards. Wealthy influencers in other nations know the game, they realize that any major global problems mean problems for them.

 

[Fort Fun Indiana]

The INDIVIDUALS abused their credit..

As individuals WILL do. It's not surprising that they have. Of course people will do that, as wages stagnate and prices don't. We are dealing with human beings, here. The US also is setting records for household debt.

 

[flacaltenn]

The INDIVIDUALS abused their credit..

As individuals WILL do. It's not surprising that they have. Of course people will do that, as wages stagnate and prices don't. We are dealing with human beings, here. The US also is setting records for household debt.

Except any evidence of your dream world where wages stagnate and prices don't aint in order here. Likely MORE a result of CVid dysfunction, because Canadians are cool and rational people.. Household debt in the US was declining immensely prior to CVid..

So -- with all the Blue States signing up for internet gambling and recreat maryjane to attempt to honor their massive and growing debts -- you gonna protect them from gambling debts collected by Luigi and his knee crackers also? Because as you say "Individuals WILL do that".. Or find them a good job when they blow so much high strength ganja that they just can't go to work a couple days a week??

Sounds groovy AND "sustainable"

 

[Fort Fun Indiana]

Except any evidence of your dream world where wages stagnate and prices don't aint in order here.

It isn't a dream. Policy can affect these trends.

 

[Concerned American]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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...

As of 2019 the US debt per capita was almost $70K US.

 

[Concerned American]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

Another developed country falls victim to 'profit over people'. They all will. A political reckoning is coming.

The INDIVIDUALS abused their credit.. I know as a leftist that falls on deaf ears because the govt exist solely to PROTECT YOU from yourself and risk -- but these are not victims. They willingly ran up the debt without a plan..

If there is systematic economic hardship that Canada is NOT addressing -- that's one thing. Then they would be "victims" of govt neglect. But spending on the "hope fairy" is not a plan in any solvent country..

Pardon me, when I made my last post I thought the subject was national debt per capita. Personal debt is something that is under your control. It is a learned skill called living within your means.

 

[Dragonlady]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

Another developed country falls victim to 'profit over people'. They all will. A political reckoning is coming.

The INDIVIDUALS abused their credit.. I know as a leftist that falls on deaf ears because the govt exist solely to PROTECT YOU from yourself and risk -- but these are not victims. They willingly ran up the debt without a plan..

If there is systematic economic hardship that Canada is NOT addressing -- that's one thing. Then they would be "victims" of govt neglect. But spending on the "hope fairy" is not a plan in any solvent country..

When we bought our last car together, the bank told my husband they would approve us for a $25,000 car loan, before we went shopping. I told my husband there was no fucking way we were borrowing $25,000 or even half that amount. Every day, I get offers of credit cards, loans, or mortgages in my mailbox.

I am debt free and I have every intention of staying that way. I have no car, even though my daughter offered me her car when she got a new one. Cars are costly, and repairs will $500 you to death. I can walk or ride my bike anywhere in town I need to go.

But I was also a bank manager, and have training and experience in helping people to thrive financially, and achieve their financial goals. What I learned in that job, and in my own life is that most people have no idea of how to manage money. They trusted ME to tell them what they could afford. If my goal was just to sell product and make my numbers look good, I could easily talk people into taking on more debt than they could have afforded.

 

[shockedcanadian]

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.

https://www.cbc.ca/news/business/debt-nation-overview-1.4870679

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.

Another developed country falls victim to 'profit over people'. They all will. A political reckoning is coming.

The INDIVIDUALS abused their credit.. I know as a leftist that falls on deaf ears because the govt exist solely to PROTECT YOU from yourself and risk -- but these are not victims. They willingly ran up the debt without a plan..

If there is systematic economic hardship that Canada is NOT addressing -- that's one thing. Then they would be "victims" of govt neglect. But spending on the "hope fairy" is not a plan in any solvent country..

When we bought our last car together, the bank told my husband they would approve us for a $25,000 car loan, before we went shopping. I told my husband there was no fucking way we were borrowing $25,000 or even half that amount. Every day, I get offers of credit cards, loans, or mortgages in my mailbox.

I am debt free and I have every intention of staying that way. I have no car, even though my daughter offered me her car when she got a new one. Cars are costly, and repairs will $500 you to death. I can walk or ride my bike anywhere in town I need to go.

But I was also a bank manager, and have training and experience in helping people to thrive financially, and achieve their financial goals. What I learned in that job, and in my own life is that most people have no idea of how to manage money. They trusted ME to tell them what they could afford. If my goal was just to sell product and make my numbers look good, I could easily talk people into taking on more debt than they could have afforded.

Canada is broke. We lose our best talent and overpay the massive, creepy, covert controlling police apparatus in Canada. Without citizens taking on debt, the economy would have finished long ago. We don't produce enough, nor are as efficient and innovative and real democracies.

As such, as Canada collapses and we go from Middle Power to Little Power, keep your eye on the ride. I know this much, I'm not responsible for this outcome...