Why aren't interest rates going down in Canada? | About That
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- Опубліковано 24 жов 2023
- Andrew Chang looks at the Bank of Canada’s latest move to hold its key interest rate. Why haven’t rates dropped? And how does it impact your mortgage, loans and cost of living?
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Finally the comments aren't blocked. Just wanted to say thanks to Andrew Chang and the production team behind this segment for doing a phenomenal job over the past weeks. This segment is informative, precise and easy to digest. Fantastic reporting!
Indeed! It’s basic monetary policy. Hopefully more people will learn from a segment like this rather than cringe from cognitive dissonance.
These videos are so necessary given our political climate these days. There is much ignorance towards how the system works and a certain politician is more than happy to exploit that...
@@john15008 its basic monetary policy to starve people and make the working class suffer?
@@milhouse8166 Did you take economics in high school? If so, what did you learn about how central banks worldwide respond to inflation? It hurts, but it’s necessary to prevent prices from continuing to skyrocket.
@@john15008 Do those same economics books teach how to prevent inflation?
Sadly, when workers demand better wages, it's seen as a problem. When corporations set record profits, it's just business as usual.
Excatly
You said it very well. They pretend the only lever they have to pull is interest rates. Another way to go would be to tax away excess profits of retailers in Canada during these tough times say cap them at 6% this would incentivize companies to spend their profits on their businesses or workers rather then CEO pay
Unfortunately, Wages are 15 years behind the current economic situation
You have no idea what you are talking about.
There's something fundamentally wrong about a system that depends on unemployment and people being unable to afford basic goods and services to function. The idea that that's "good" monetary policy demonstrates how messed up this economic system is.
Fun fact, every dollar in existance is owed by someone to someone else somehow... plus interest 😅. Do with that what you will.
It's based on a theory looking at historical data and noticing a correlation between inflation and unemployment. But it could have also been based on the fact that it rains more often on Tuesdays. So it's bs. Unemployment does not decrease inflation. It is the decreasing productivity of our existing employment that causes it if anything.
Its like we will take all your money so that you cant buy bread, kudos the inflation is lower now😂
@@flailmail7069 For the most part you are correct. People think that here in Canada our dollar is backed by gold. There is no gold in the Bank of Canada; it was all sold some time ago.
Fifty years ago the very fine print on a dollar bill read, "Will pay to the bearer on demand" the value of the bill. Today, it reads, "This bill is legal tender". There is no value to it.
The whole thing depends on taxes into the future; however, all budgets in government are in deficits. This causes the dollar to be devalued over time. A dollar today is worth about three cents of a 1970 dollar. The money system is a Ponzi scheme that is supported by ignorance.
lol who the hell thinks that??? @@dracorpgroup
The problem with this is that its main purpose is to unemploy people and keep their wages low. The thing the bank is really afraid of is increased wage demand. Which would be ok if wages had actually kept up with real inflation for the last 40 years but it hasn't come close.
Wage gains are coming in hot, hot, hot running at 5.5 percent a year. In America wage gains are only increasing at 4.2 percent a year. The Bank of Canada needs to increase interest rates to prevent a wage price spiral and runaway inflation.
That is, they need some level of unemployment, which basically means "they need someone's misery, paying the price". Full employment means less $$$ to the super rich. Something is wrong, isnt it?
Thank you Andrew. Can you please explore, in the next issue, why is the government using contractionary monetary policy to fix a supply led inflation? Interest rates going up further squeezes businesses (using business loans) and they are also increasing prices as a result.
Inflation is coased by two main factors. 1 supply and demand issues. 2 money printing.
Shameful that the CBC never mentions one of them....
expert
Economists were saying we were going to get rate cuts in the summer of 2023. Now they are saying rate cuts will be in 2nd quarter of 2024. I think they are wrong again.
If only humans can evolve to a point where they can enter periodic hibernation and not have to eat for a while just like bears do. This would cut down on the demand of goods and services and keep prices stable.
Ive seen the company i work for preparing for the downturn while simultaneously trying not to signal thats what theyre doing. Whether you call it corporate greed or good business, they are always preparing for the worst and hoping for the best, like anyone would. The goal is always to come out ahead and weather the storm. The trouble is that a big company can suffer a year of less business because theyre the big boat on the water in the storm. Theyve been profiting from higher prices, though they would never openly admit it. The individual person or family however is in a life raft in the same storm. So while the company is trying to stay afloat against the other big ships, we're all in life rafts holding on for our lives.
The most important thing we need to understand is that until the USA lowers there rate ours will continue to be high. We have no say in interest rates.
Or how about them decriminalizing drugs in B C like they did in Portugal, the only difference is Before Portugal decriminalized it, they put more funding into social programs more funding into. Self-help programs and more funding into a police presence and finds for doing drugs out in the open which we did f*** off of All the things that made Portuguese decriminalization laws work. We did nothing of we just decriminalized it and then we wonder why people are Doing the fetty walk all over the block. Well, it's because we tried to copy another country without actually following the proper steps to have the success that they did.
Andrew Chang is the best on helping people to understand the current trending things in the most non-biased ways. Way better than general news.
The BofC set and held rates at 0.25% as house prices, land, vehicles and food skyrocketed.
While Tiff was calling inflation transitory. This ultra-low rate pulled demand forward.
The government miscounted the number of immigrants. Increasing demand.
It is pure mismanagement of the numbers.
They are too slow to fix such things too. Only until other countries do something, do they consider doing something.
The government showed who they are, so I have expectations that they will cut and inflation will go crazy... again.
Most people thought inflation was transitory. Hindsight is always 20/20
Inflation will bust out dancin' when the Canada dollar plummets to 50 cents U.S.
@@parkerbohnn it won't happen as America is also going through the same problem.
@@joeisawesome540 50 cent dollar here we come. I've got the utmost faith in the Bank of Canada
@@parkerbohnn YEA people always make bullshit predictions and then when it doesn't come, they just fk off and make another bullshit prediction. 50 cent will never happen
Thank you for not blocking the comments! Let the people have discussion please!
Can you do an episode on why eaxactly the bank is obsessed with 2%? Why would 3% or 4% inflation do so much more harm than 2%?
I have the same question 👍
It's based on historical analysis. 2% tends to be very stable. Higher rates can lead to spiraling inflation where lower rates can lead to deflation @@Royan1900
Because prices go up fast. People who own assets like houses and stocks dont mind because the assets they own are going up in price. However the poor and anyone on a fixed income are swiftly priced out of ever owning any assets like real estate. So the risk get richer basically. The real question is why should we even accept a 2% theft of our money?
Spending is based on interest rates. Business experts know that because it's all about budgeting when it comes to raising interest rates to afford, to have money to use, and extra money in your pocket.
Did cbc just give the government a pass on this? They barely even mentioned the government printing way too much money?
It's ridiculous. All too happy to talk about how stimulating government spending is during a crash, but when the government spends too much money & it causes inflation crickets.
Well this is from the propaganda arm of the liberal government. To be defunded in 2025 🎉🎉🎉
With the growing geopolitical crises around the world, rates are HIGHLY UNLIKLEY to drop anytime soon.
Energy prices and global geopolitical instability, uncertainty, and high risks of full-scale regional and/or global conflicts are on the horizon.
We should remember the BoC didn't start its rate hikes until after February 24, 2022, the day of Russian invasion of Ukraine.
Economic One on One:
The Interest rates and Inflation numbers are GEOPOLITICALLY SENSETIVE and this is a proven fact.
As long as the geopolitical conflict is going on around the UNSTABLE World, don't expect rates to be dropped.
It takes only one Oil Tanker targeted in the Persian Gulf to send the Oil and energy prices to the roof for months if not years.
$3.00 -$4.00/liter gas at the pumps?
Can you imagine?
The Bank of Canada is acting very carefully this time and trying to avoid its numerous PAST MISTAKES.
The Canadian public needs geopolitical experts and not Cheerleading Economists/Bankers/ Investors/ Strategists and Developers to explain the crises and recession.
Well said 👍🏻
Wow, CBC actually allowing comments.
It's interesting that in this episode they avoided the word immigrants or immigration why?
The relationship between immigration and inflation isn't clean-cut. More immigrants can cause inflation because they increase the demand for goods and they can be deflationary because they can provide the labour needed to make the supply that is needed. For example, in Canada, immigrants are pushing up the demand for housing because they need a place to live, and if we were in a situation where the shortage of housing was caused by a lack of labour they would be driving down the price of housing because each additional construction worker would build more houses than they need more than offsetting the increase in demand that they create. This is one of the reasons that regulations that prevent immigrants from working in the fields that they are experienced working in are bad for the economy as a whole. If say a Dr immigrates to Canada and isn't allowed to practice medicine they increase demand because they still need a house food clothes etc, and they aren't able to contribute to the supply as much as they could if they were able to practice as a Dr. A good immigration system would attract immigrants in fields where we need more labour to supply the goods the Canadian economy needs, and allow them to practice in those fields.
They shouldn't drop the rate, people were taking loans way above their means. just because you quality to borrow a certain amount doesn't mean you should borrow your full amount. People needed to be more modest in their purchases.
I'm old enough to remember when Paul Volcker, the US FED chairman cranked interest rates up to 22 percent! Five percent rates are not excessive.
The mandate is %2. Why dont you explore who sets the banks mandate? It's arbitrary. Most of these factors are markets beyond any Canadians control.
This is based on historical data. In countries, average interest rates tend to be around 2% over time. Keeping them around 2% tends to prevent big swings in inflation/deflation.
Good explanation Andrew, but there's a serious flaw in this methodology of controlling inflation with interest pressure. You mentioned about less people working ... that's not a nice thing for those people who are unemployed. It's like saying more homeless is the answer. "Just bear this pain, it's good for you". Seriously? They need better measure for controlling inflation that beating the little guy up with interest rates, because its always the little guy that suffers, a BS way of controlling inflation.
That's it Martin
It’s called greed. The whole system is corrupt. Any system where the fact that people can afford to eat and have jobs is inherently abhorrent.
It's not greed. People were greedy before the inflation and people were greedy after the inflation, the amount of greed in the system didn't change so it's not sufficient to say it's greed that caused it. To say it's greed causing it you'd need to show that the level of greed in the system correlates to the rate of inflation. Correlation isn't causation, but causation does necessitate correlation. It's sad that economic education is so poor in this country that it's common for people to throw up their hands and say it's all "greed" instead of being able to discuss the real mechanisms at play. We can't address these issues as a country and as citizens, and make the system better if we continue to fail to educate people about economics and the systems that govern our economy. This is why this poor, inaccurate and misleading CBC article is so problematic.
Wouldn't it make sense to make more goods rather than make goods harder to get?
From 2020 to 2022 we seen prices increase on most goods due to supply chain issues. Since 2022 those supply chain issues no longer exist. What you are left with is that sellers of goods are using that excuse to keep prices elevated. We are still paying more, but that added cost is now going straight to corporate bottom lines rather than compensating for supply chain issues.
When rates go down, the dollar goes down in value, all import prices go up. End CMHC, its one of the main causes of ridiculous house prices!
Agreed! This mortgage insurance scam was nothing but fuel on the housing market fire, and it 100% will come back to bite all tax payers as people start to default on their mortgages.
I'm shocked, it's something from CBC that's actually worthwhile. That's a dig on CBC but this show is so good that it overcomes my heavy bias on the bloat and evil of the CBC
This isn't accurate, increased interest rates don't reduce prices by making loan payments more expensive, they reduce interest rates by limiting the amount of lending that takes place by making the price of taking out a loan more expensive. Reducing the amount of loans in an economy reduces the amount of money in the economy.
No coverage of Tim saying government spending is not helping???? Definitely not propaganda right….
Thank you for being honest, one of the few
They waited too long to increase rates. I knew they were going to have to go up almost a year before they started raising them. How did I see it but they missed it?
And banks becoming super rich in the process😢😢😢 what not to love
Tiff should be ousted from his position for not raising interest rates. Inflation is soaring in Canada as the dollar plummets towards 50 cents.
Credit cards are still at historically high balances.
Raising interest rates has made it more difficult to build the affordable housing we need to solve the housing crisis in Canada.
Well it's a good thing they got rid of the 5% GST for developers then.
nah, theres a huge supply of housing for sale right now.
the problem is price. the rate needs to be higher still to bring those prices down.
@@klnrklnr4433 Just give it time. Sellers usually take about 6 months to realize that nobody will buy their home at their price. SNLR usually takes about 6 months to affect prices.
People don’t purchase less. It is a matter of cost allocation because the cost of basics doubled and the prices are still increasing,…
Funny that CBC didn't mention anything about Trudeau inflation, just showing the global events and uncontrollable circumstances 😂, while the government's pump the economy with all that money they have. Finishing his point that it's okay Canadians, stay put, and everything will be okay. Don't complain 😂
Because shelter component of CPI is ridiculously high in Canada. I know so many people who gave up.
Instead they could have increased supply of grocery and provide incentives scheme to start new medium small businesses, increase visa by bringing more labour like oman, saudi..... it will help in construct new houses with low spendings.....which can help the job market as well as economy
The theory of too many people chasing not enough products falls flat.
We did not have a spike in population, we did not have a drop in production in 2022.
What we have instead is a crisis in low-paying jobs hiring. It's harder and harder to find someone willing to work so hard for so less. ( Farmworkers earned 40% less than comparable nonagricultural workers in 2022).
Ontario had to increase the minimum wage by 6.8% ( from $15.50 to $16.55).
The young generation learned that is much more profitable to create content on social media platforms (pay-per-view, pay-per-click) than feeding a cow or working in construction.
The employees who left the workplace during the pandemic did not come back for the same salaries.
They wanted more and they got it. Logically, the product prices had to go up to cover the wage increases. For this reason alone, the prices cannot go down. They might go down only temporarily (pendulum effect) but the long view is that they will stay up.
The BoC is steering a ship using just the thrusters while the people at the steering wheel pander to the vested interests they actually represent. Good luck with your future everyone.
7:22 "there are all kinds of reasons that economists [Justin Trudeau] wouldn't have it any other way." "Canada [politicians] needs [wants] that kind of growth." "From a prices [crisis] perspective, it means more people competing for the same stuff."
I say it since 1 year. Price of foods will not go down. Once it go up it never goes down. NEVER!
I don’t understand why the government doesn’t just advise people to stop buying as much as possible and pay off their debt for like a year, we’d be in a much better position than increasing making living more expensive..?
keep squeezing the high cost from borrowers, how many of them can hold up before they default. i wonder.
The barriers to start a small business in Canada are very high. If we improve that most immigrants who cant find a job can atleast start a small business and generate income and jobs. Some sectors are closed off to new comers. Population that cant feed itself is a liability not an asset. Canada should not expect immigrants to bring in their savings from home countries to boost the economy. We should allow them to generate income here, and improve the GDP. Realtors even today go door to door and convince people to spend whatever savings left. Nobody has cash in hand. With interest rates so high, credit is killing everyone.
Most small business’a fail so it’s risky to give easy loans
@@goodcatfilms4276 small businesses fail also because people in Canada spend all the disposable income on mortgage, we already have a small market. Look at it, people spend majorly on food, clothing and shelter. Food and clothing is mostly oligopolistic in Canada. Shelter is non existent.. We need better ways to employ our resources, both monetary and human resources.
...they still have to go up a ways before they come down.
1) The system is based on supply and demand. Supply = goods available, how productive people are, supply chain efficiency
Demand = people's desires and needs, & the amount of cash they have
2) Central banks can only focus on Demand, particularly how much cash people can access via interest rates & lending conditions. Central banks can take action unilaterally and have their decisions go into effect right away
3) Supply is much more complicated, needs long term investment and good govt policy /vision /institutions. This requires elected governments to take long term action & political compromise. This is much harder than the central bank saying rates are now higher or lower.
INFLATION:- Too many people chasing less good. but if you add one million people a year then its bound to happen right? the mortgages will be higher, the rents will be higher, there will be no savings and quality of life goes down.
Thanks to Trudeau he brought 1,5 million Indians to Canada in last 3 years 🤦🏻♂️🤦🏻♂️🤦🏻♂️🤦🏻♂️🤦🏻♂️
"There is too much money chasing too few goods" ... OK but what is the real main reason (or starting point): QE/"money printing"... Most of the West have created a huge amount of currency to, supposedly, fight a pandemic which was not as bad as we originally thought... Also, it is not only about the amount of money but also the velocity of money. During COVID, the money went into the market (thus the huge jump there but no impact felt on consumers), then it went "in the real world". The price did not go up (or not that much); the value of currencies went down. The problems we are in are mainly caused by our governments and not the market... A free market without gov intervention would be way more efficient. BTW about interest rates... I am 100% for keeping them high (or go even higher). Debt is another way to create money (future money); this is why putting a brake on creating money works... Now over all, we are all paying a "differed tax" no one agreed on ... well not the people I mean :)
Governments keep spending more than they earn.
Because the cheapest F150 on the car lots is $70000.
LOL ! The CBC trying to sell us rate hikes as positive !
7:22 "there are all kinds of reasons that [Justin Trudeau] wouldn't have it any other way." "[Politicians want] that kind of growth." "From a [crisis] perspective, it means more people competing for the same stuff."
Most things explored like good, fuse.
The only problem I have with all the models is they don't consider psycho social economics models and is only reactionary over the economics. Which have a lag and somewhat do work and reflect, only problem is psycho social is a big part and thus when I hear a lot of times people or economist are puzzled I am like well yeah, dah, you didn't consider that X factor etc. And I dunno if 2% is actually good to return to, or even if we do and I think we will, the true 2% will be higher then previously. And bubble or up and down charts will be faster to form and burst as well as after"shock" or remains of that forms in smaller scale
Don;t worry i pay 4100 a month on a 2 bedroom condo in the lower mainland. Lifes great.
Thanks for this but if more people can afford to buy more stuff like steaks etc and there’s a shortage, maybe we could import beef etc from The USA 🇺🇸 Brazil 🇧🇷 etc. it would be way cheaper and Canadian farmers could still make a living while bringing prices down at the same time. Our government is to blame for this mess. 0.50% to 5.00% in under two years. I bet they all can afford steaks, gas, money for a house, car, nice clothes, cell phone bills, internet prices, etc. shameful.
Should rather ask why where they so low for so long! This is return to normal.
It is not reasonable to expect interest rates to drop back to the near zero rates like we had since 2008. The higher rates have put "bullets into the guns" of the Bank of Canada (BOC) and the US Fed (Fed). This gives them the power to reduce interest rates to stimulate the economy in the future. With interest rates near zero there was little the BOC and Fed could do to stimulate growth. Historically the interest rate in the United States averaged 5.42 percent from 1971 until 2023.
I'm thinking it will be longer than 1/2 a year before they start coming down
Cause their greedy MOFO. People shouldn’t be broke and struggling to get bu
Beef just going up 😂
Money is tight the economy is slowing down people are not spending, not rocket science that this is happening. Interest rates should stay above 3% for a few years.
>The real cause of inflation is government spending above the level of production. Increase the pattern of deficit and thus long term debt will devalue the dollar. This devaluation of the dollar is the cause of inflation. It takes more of these devalued dollars to buy anything.
>A little house bought in Montreal in 1970 for $10,000 could sell now for $300,000.; the same house! The dollar has been devalued over that period by a factor of thirty times*. Salaries cannot keep pace so people, all of us, go from one job per household to two jobs then, as now, to two jobs plus debt.
>This is made worse by one simple fact: in 1970 Canada turned out 250,000 housing starts, this for a population of maybe twenty-five million people. Today our population hit forty million but we still turned out the same number housing starts. That demand on the same level of supply translates into high prices. This is not hard to see.
>The middle class of the last few decades is at an end. Governments here in North America have replaced taxes with debt to cover the deficits. Bringing government budgets to a balance will take another forty or fifty years. It is as simple as that.
*PS: the stock index in New York in 1970 was around 1,000. Now, it is around 30,000; that is the same factor of thirty times. Governments found it easier to borrow, meaning deficits, to manage the budgets instead of raising taxes.
Even if the BoC drops rates, the big 5 will not be doing that anytime soon. Everyone is being played. The banks are losing money, and pretty soon they will need even more help with all the mortgage renewals coming up.
There are so many affordable places to live in Canada. Higher interest rates aren’t so bad if we consider the cost of living in smaller cities far away from Toronto and Vancouver. I wish more people knew that living in an expensive market is just one option in Canada. People outside of these crazy markets generally have a higher quality of life.
Is there jobs in those areas
@@rjkrjk8344 Yes and less commuting in some cases. For anyone with no roots to Van or the GTA it is puzzling what sacrifices people make in order to live there.
The biggest problem is “are there any job opportunities in those areas?” If they do, “are they able to pay high enough to sustain the cost of living?”
Does anyone else find it strange, that at the end of the day, the solution to inflation is that everyone pays the banks more money (a lot more money) and a lot of people need to lose their jobs (mostly lower and middle income workers)? This is crushing to the people affected. There must be a better way
The better way would have not to have inflation in the first place - it was generated by Liberal spending and printing money, and despite what they say on this channel, most of that spending was not pandemic related nor even in Canada.
So less jobs, less goods, less services, less spending is a good thing? Negative gpd is a good thing?
Sounds like we are going the wrong way.
How does this equal the effect that everyone sees that things have gone up much more than 5%? Especially, groceries, even plant foods, not just animal products. Are there THAT many more people who buy EVERYTHING?! Everyone is living outside their comfort zone, constantly, because we all have endless pools of debt? This would make sense if it was 5%, but it hasn't been.
It compounds. When they say the inflation rate went to 8% then went down to 4% that doesn't mean that prices dropped. It means the prices increasing by 8% a year and are now increasing by 4% a year. that previous increase already took place and is still there in the new price. Say in year 1 the price of a candy bar was $1.00 if inflation was 8% then next year it would be $1.08 if inflation was at 4% the next year that means it's an additional 4% on the 1.08 so $1.1232.
@@thomasminshull3456 Yes, but prices have still gone up much higher, as much as 20% in some cases. On plant foods! I can understand animal/processed foods because they get transported around more. So yeah, it compounds, but that doesn't equate to how much more. Almost like companies are capitalizing on this and making more.
Nothing new here. Interest rates are set predominately by market forces. Mortgage rates are going to fall next year by about 1% to 2% as few people are willing to carry large loans. Some businesses will go bust as doing business costs more than staying at home. Home renovation will be done with cash to save borrowing costs.
Nothing about the Liberals spending and printing money. CBC gives Trudeau a pass?
More people more traffic awesome!
No one knows what they are doing.
It's all a lie, beef or any other grocery item never came down.
Because goals are to taking more money as they can 😂
Stock market dictates where interest rates go. Only when billionaires start loosing money, interests will go down. You do not count until you become a billionaire. Good luck!
Who saw the video of a rich boss men that say that employees need to the remembered that employees are employees and bosses are bosses. And to achieve that people have to lose their job.
What the other way to squeeze citizens without making them losing their job? Yes, making them poorer.
Because of the government’s overspending
They won’t for a while…
Wait. The measures have been working?
lol 5% stop whinging, in Australia our rates are still going up, so pls stop it
Very simple, because inflation is above target.
Canada needs to ask uncle sam permission to lower rate, We can't if they won't allowed.
Be careful what you wish for: interest rates dropping will likely mean a serious recession and mass layoffs. What are good are lower interest rates if you can't pay your mortgage anyway, because you don't have any income?
Bc the CB has no “interest” in lowering them
@@Parapraxis1980 im an economist and i liked the joke. Is it above your understanding?
Wow cbc, no mention of government spending at all? That is one heck of an omission, government spending is a huge factor. This is the main takeaway from Kenzien economics. Recall the Canadian Economic Action Plan from 2008 the whole point of which was to stimulate the economy. Now you are just going to ignore this. This is extremely poor journalism to omit this from an explanation of the causes of inflation. This is very misleading.
The government changed its budget to lower interest rates. Prices are still the same and the taxes can be lower because a number of the population is enough to get charged government tax.
The “government” doesn’t control interest rates, central banks do.
@@john15008Spending is based on interest rates. Business experts know that because it's all about budgeting when it comes to raising interest rates to afford, to have money to use, and extra money in your pocket to use in future spending.
What is the estimated bank rate in 2025. Mortgage owners want to know!,!
But what you forgot about all this is that somebody somewhere is making good money from the 5% what were the banks first quarter is Again. What gets me the most is the record profits in the food industry. I’m definitely buying the Greed, fellation argument.
And thank you Four unblocking comments. This way I can read down and see what other Canadians think instead of just a CBC but I am grateful again thank you.
Great Explanation
This article was misleading. It glossed over both the role of the fractional reserve banking system / how interest rates affect the money supply and the role of government spending as an inflationary mechanism. In doing so it managed to miss both the Monetary and Fiscal explanations for inflation. Those are the 2 economic theories that explain and are used to model inflation. The CBC definitely fell short with this piece on a very important topic.
Great reporting, Andrew! Though I disagree with how the entire western world is handling this.
I can't help but feel this method is fundamentally flawed since it only disproportionately affects the lower middle class and poor.
People who were finally able to afford a house are now facing unaffordability and having to choose between which necessities are more important. On the other hand, the rich are only faced with the decision of whether or not it's worth leasing the newest Mercedes or upgrading their mansion while otherwise living unaffected.
The overall tone towards strikers and unemployment also doesn't sit well with me. Workers living marginally are villianized and viewed as the problem for just trying to live a comfortable life instead of scrimping pay cheque to pay cheque. Shouldn't this be a sign that we've pushed the lower income individuals too far? Surely there has to be a way to have the wealthiest contribute proportionately.
Of course there's always the argument that they'll just flee south of the border but that just creates space for new people to occupy that top 5%.
QUIT SPENDING MONEY FRIVOLOUSLY .
why if the economy is booming , they want to slow it down ??? no sht sense
Life's only getting more and more expensive it will never end now
If you understood how much government money was printed in the last 4 years how much money for WAR and how every tax paying Canadian will have to pay that back in taxes, interest, inflation FOREVER, the system has betrayed us.
Tiff sees the polls. He will need the job reference after the next election.
Maybe they shouldn't have printed and distributed so much covid "relief" money. WhO cOuLd HaVe sEeN tHiS CoMiNg?
When you understand that equity to Justin Trudeau means we are all equally poor, you’ll understand why he does what he does.