this post was submitted on 24 Jun 2025
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Opinion: Canada, prepare for a decade of thrift and lower living standards (www.theglobeandmail.com)
submitted 2 days ago by [email protected] to c/[email protected]
10 comments fedilink hide all child comments
 

Fifty-two per cent of us worry a lot about our personal finances. Fifty per cent feel frustrated, 47 per cent feel emotionally drained and 43 per cent feel depressed. There is not one survey indicator to suggest Canadians have made financial progress in 2025 compared with 2024.

...

Our debt-to-household disposable income has bumped up against nearly 200 per cent for years now, putting Canada in first place among G7 countries. Canada’s is 185 per cent; the average for all G7 countries is 125 per cent according to Statistics Canada. Canadian households collectively owe about $3-trillion, almost three-quarters of it is mortgage debt.

...

Today’s Canadian dream is to make the next mortgage payment without having to borrow it. The housing crisis hasn’t just hobbled the hopes of many Canadians seeking affordable housing; it is undercutting middle-class living standards.

...

That thinking of retirement provokes anxiety in surveys on the matter shouldn’t be surprising. It is one more item on a growing list of aspirations many Canadians cannot afford.

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[–] [email protected] 33 points 2 days ago (5 children)

EAT THE RICH! Tax the rich, if they resist seize their assets and drive them into poverty. There should be no billionaires.

Compared to the world they inflict on humanity en mass NOTHING you can do to a billionaire or their property is a crime.

[–] [email protected] 5 points 2 days ago* (last edited 2 days ago) (1 children)

They're rich on leverage, as their debts were inflated away, and their assets were bailed out. This is what loose monetary policy and bailouts leads to. Our Federal Government and the Bank of Canada are the ones ultimately causing it.

[–] [email protected] 2 points 1 day ago (1 children)

While I agree that there's an issue, I think just saying it's the federal government's fault is a bit unreasonable. It's all government's fault provincial, municipal federal caving to doner pressures and not doing what is best for most Canadians.

Beyond that it's an issue for most countries in the world right now since it's also a global issue.

[–] [email protected] 1 points 1 day ago* (last edited 1 day ago)

Though the Feds can run large deficits to feed into the riches assets. Which the BoC buys the bonds to increase the money supply to avoid raising taxes to pay for it, like they're doing with mortgage bonds now to inflate home values.

https://www.bankofcanada.ca/2024/01/operational-details-government-purchases-canada-mortgage-bonds/

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