#Canadian Economy

[allthecanadianpolitics]

As Canadians continue to grapple with a cost-of-living crisis, one in three reports being in “bad” or “terrible” financial shape, a new poll has found.

The Angus Reid Institute surveyed 1,600 Canadians across the country in March, and found 40 per cent are drawing money from accounts they normally try not to touch in order to make ends meet. Thirty-five per cent also said they’ve deferred a recent contribution to their RRSP or TFSA account.

“For one-in-ten, the situation has been so difficult they’re either borrowing from friends and family (13 per cent), selling assets (11 per cent), or seeking out a bank loan (8 per cent),” reads an April 6 release from Angus Reid.

Almost 70 per cent of Canadians reported cutting back on discretionary spending in recent months, which is 14 points higher than reported around this time last year, the institute said.

The federal government tabled its 2023-2024 budget last month with a promise to cut more than $15 billion in spending, and deliver on measures that reduce costs for lower-income Canadians. [...]

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Tagging: @politicsofcanada

[conkreetmonkey]

how it feels rn

[onionsronion]

in case anyone was wondering how young Canadians are able to make a living for ourselves: we’re not!

[zee-man-chatter]

Hard to say just how true this will turn out to be, but there’s no doubt that housing prices versus wages are punishing, and it’s not certain the millions of immigrants allowed into Canada will stay and put up with this insanity. Canada has too many eggs in the housing basket and not enough capital in competing with other countries. If a financial disaster ensues, no doubt the already over burdened Canadian taxpayer will be asked to shoulder a heavier load. Interesting opinion piece, not too long and worth a look at.

[mossadegh]

• Mossadegh media: newspaper & magazine articles, editorials

[if-you-fan-a-fire]

"LE MATÉRIEL DE GUERRE CANADIEN SERT SUR TOUS LES FRONTS," La Patrie. April 21, 1943. Page 7. --- Le Canada ne conserve que 30% de sa vaste production de guerre pour ses propres fins. Le reste, comprenant des chars d'assaut, canons, projectiles, transports motorisés, armes portatives et autres approvisionnements, est expédié aux fronts des Nations Unies. Cette carte montre quelques-unes des so destinations de notre matériel militaire.

[canadianabroadvery]

“... Canadian banks also don't seem to be tightening as aggressively as their American counterparts—although Canadian businesses do report feeling more credit constrained as rates rise. It fits into a pattern of signs of weakness in the Canadian economy that seems, nevertheless, stronger than their respective indicators in the US.

Still, it’s almost impossible to imagine a total disconnect between the two economies. If the US economy sours, it’s practically inevitable that Canada will too ...”

[genidma]

On a GDP per capita basis, the Canadian economy is where it was almost a decade ago. 

There was a significant slump during the 2016 ish era. Since then the economy has been kind of yo-yo ing. 

The graph indicates that (at least from a GDP per capita basis) that there has been a decent recovery. But the question is one of fundamentals and what are the fundamentals driving the economic growth. Now and in the future.

This is something that I have tried to explore through some of my posts. Mostly via Quora link. Anticipating the disruption to the oil industry and I’ve been saying this for a long time now. Possibly two decades, if not longer. Definitely since the year 2010.

Now tent cities are beginning to emerge all over North America. Also, I do not know how many individuals are currently facing homelessness and/or living under inadequate housing. Here is one source: link Not taking care of each other (within reason) will add to the turbulence that we are currently experiencing in the global geopolitical realm. That could be a developing risk with implications that possibly cannot be predicted. As increased poverty could result into political destabilization, violence and also extremism. It will definitely lead to more human misery and suffering.  Canadian leadership is (generally speaking) compassion led. The political leaders are (generally speaking) accessible. In my very humble capacity, the state of the economy and the state of the union overall and it’s place in the geopolitical realm is something that requires focus. With a core focus on further enabling the constituent basics that lead to a vibrant economy. 

With the wars and possibly other developments, the focus appears to be split. Particularly with regards to the conversations around climate change where we seem to dilly dally around the issue and also going back and forth on whether the institution wants to be a part of the energies transitioning away from fossil fuel or something else.  What I worry about is that there appear to be less and less conversations around crucial topics like innovation and the building and upkeep of the culture.  For individuals and families to enjoy cultural activities, they first need to have food on the table. Under decent housing/shelter. There is also that deeper question of what kind of energy a people wish to cultivate. That is up to each individual to decide.  May saner and more compassionate minds prevail.

[auressea]

this ^report is from 2020. However- much news has since been reported about the staggering increase of wealth 'at the top' since COVID began.

"...Canadian capitalism is exposed in the study as an oligarchic social order.

According to the PBO, the share of wealth held by the top one percent of Canadians is 25.6 percent. This is almost double the estimate of 13.7 percent given by Statistics Canada."

@allthecanadianpolitics good resource article here.

[allthecanadianpolitics]

Insolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he's become particularly sympathetic to the plight of young people who find themselves financially underwater.

For more than a decade, his Ontario-based firm Hoyes Michalos has been crunching bankruptcy and insolvency numbers for its annual "Joe Debtor" analysis, with its latest results released last month ahead of tax season.

He's concluded that millennial Canadians have been dealt a generational losing hand as they face student loans layered with bad debts from credit cards, high-interest loans, and post-pandemic tax debt from collecting CERB.

"I think there's a whole bunch of whammies that have hit millennials." Hoyes said. "The CERB was the final straw that broke the camel's back." [...]

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Tagging: @politicsofcanada

[ferrarisbabygirl]

i think that his aura it's also due the fact that he died racing, like gilles

hi, anon! i believe you're talking about a tag i put in an ayrton senna reblog i made, saying "photos of ayrton always fall on either the legend who must not be touched and exists in a higher dimension than me (…)" or the post about him actually being a silly guy who pranked his friends and was involved in psychological walfare and not an alpha male bro but yes!!! i agree 100% that it has a lot to do with him dying while racing.

like you said, gilles villeneuve has a similar aura around him, as does michael schumacher and even elio de angelis i would say.

they all feel untouchable in a way: gilles and elio died as promises of the sport, gone before they could fulfill all their potential and win the ammount of races and championships they seemed destined to.

as to michael and senna looking at them sometimes feels like looking at a religious image or a renascence painting, the aura feels godly almost, just from knowing everything they achieved in their years.

senna in specific is very hard for me to compare because brazilian idols are built this way, they all have this way of being perceived that makes you forget they were flesh and blood like you. and him crashing on live tv - can you even imagine what that does to a nation? to the sport even? - intensified this aura even more. everyone above 40 remembers the day he crashed or worse, remembers watching him die, that's a saint being born.

i truly believe there is no one like ayrton senna to brazilians. the nationwide love, watching races just to see him race, experiencing live the loss of an idol and not having any other brazilian driver get anywhere near him to this day just cemented his image as unforgettable, untouchable and unlike any other.

[theguythatcollectsdolls]

You go girl !!

[thefugitivesaint]

Palmer Cox (1840-1924), 'The Flog Afloat', ''Queerie Queers With Hands Wings And Claws'', 1885 Source

[brutalhonesttruths]

GOGO LIVES!?!?!?!?