519-646-2222Election Results – What Now?
We have had an expensive election that served only to restore the Trudeau regime to substantially the same position it was in prior to the election. Aside from minor gains and losses the main parties all remain in place with very similar voting authority to that which existed before the election was called.
Both national and consumer debt continues to rise at rates never seen before. Inflation is overwhelming, the stock market has jitters, bankers are concerned about Chinese real estate investments and President Biden is talking about the prospects of a recession. In the face of all this economic uncertainty Britain’s PM Boris Johnson is working out tax breaks for poor old Jeff Bezos.
Canadians have avoided solving their debt problems by consolidating unsecured debt into mortgages. In 2016 the IMF reported
“The IMF has been urging macroprudential measures, alongside measures to boost supply, in many countries including Australia, Canada, and several European countries. This is because, even if house price increases are due to supply constraints, their impact of household indebtedness could have adverse implications for financial stability.”
Today, not only have house prices soared, so have mortgages. We talked about this topic in a recent blog article about Trudeau’s proposed Capital Gains Tax on residential real estate, certainly worthy of a second look.
Forced vaccination, PM Trudeau has said that if you are “not vaccinated you don’t deserve healthcare”. An ironic statement from a government that is extremely anti-science and in a country that boasts the worst healthcare in the G7. The goal posts for ending the lockdowns keep shifting and with each flu season they get a little more severe. Although Israeli studies have found naturally acquired immunity to be between 13-57 times more efficacious than vaccine immunity, and in spite of the vaccines proving to be less effective than the seasonal flu shot, the drive continues.
More censorship is on the horizon as PM Trudeau has promised to forge ahead with his bills that further impede freedom of speech and expression. The bills failed to pass the senate prior to end of the last session of parliament but will likely return for another try. The bills will allow the government to censor and control all social media interactions, this includes the ongoing censorship of doctors, nurses and scientists speaking out against the official narrative. If this sounds a tad Orwellian that’s because it is.
Universal Basic Income is a pet project of the Trudeau regime and will likely be used to replace the failed CERB program, that overpaid many low income benefit recipients and workers who refused to return to work. The proposed UBI program will make it very challenging for employers to find workers who will work in entry level positions.
Population control measures continue to be in force across the country and have been insidiously ramped up since first being introduced. These measures are becoming more and more severe with each passing month, they include restrictions on access to healthcare, gyms, fitness clubs, churches, social clubs and resources, travel, eating out, telephone tracking, producing vaccine passports, and participating in any other form of social gathering that may foment political dissidence.
The regime has lofty plans for the replacement of gasoline and diesel fueled cars, and for improved public transit and alternative transportation in urban areas. So far we have seen largely unused bicycle lanes forcing cars off the streets in our cities. We still have diesel buses running around urban mostly empty. And the, noted, attempt to coerce commuters to use bicycles has caused traffic to grind to a near halt, exacerbating the quantum of emissions in the air. Canada has had difficulty producing enough electricity to avoid brownouts in the summertime, and clearly has no capacity or infrastructure to recharge electric cars.
International relations have been terse for Canada, with narcissistic displays of excess by the PMO in India and elsewhere. The PM has praised China’s basic dictatorship and spoken out against Israel. In spite of sharing a similar globalist view of international relations as the Biden administration the Canadian USA border remains closed to regular traffic.
Boosting big business – Amazon has more than tripled its profits during the lockdown, and other big tech and big box stores also staggering increases in profits as they transition to distribution centres rather than retail outlets. Small businesses have felt the squeeze, many in the small retail and entertainment sectors have failed, along with gyms, pubs, clubs, restaurants and more.
Inflation is increasing at a phenomenal rate, the price of food is partly tied to the increased cost of transportation but also linked to other supply chain issues including, labour shortages, shipment processing, border controls, etc. There is no sign that the government has any plans to curb inflation, ease taxation, control spending or allow a return to a freer more open society.
Overall, the next few years do not appear to hold a lot of optimism or certainty for Canadians. It is likely that we will see living costs increase, average income decrease or stagnate, and quite possibly a correction in the housing market and significant pension investment losses as we edge towards another recession.
Now is not the time to accumulate more debt, it is a great time to shed the debt and get used to living on less. 519-646-2222