Record Canadian Debt
We are all, inescapably, experiencing record Canadian debt levels. The present government has acquired more debt than all other previous governments combined. Canadian government debt is approaching $1.2 trillion at a rate of $424 million per day.
Canadian consumers are no strangers to debt either, reported (mostly bank issued) consumer debt is close to $3 trillion. Consumer debt levels have grown at a similar exponential rate as federal government debt.
The answer in both cases is not the notion of “debt forgiveness” put forward in Klaus Schwab’s bizarre manifesto “the Great Reset”. A more appropriate title should be the “Pillaging of the Proletariat”. The only people who benefit from this strategy are an elite crowd of wealthy oligarchs, who are already pirating cheap offshore labour pools and selling their wares at grossly inflated prices.
The best answers government could provide involve affording more freedom from taxation for individuals and small businesses, more (government) fiscal accountability, better regulation of lending systems, and the creation of more (less regulated) entrepreneurial opportunities. The current policy of creating two classes, “the very rich and the very poor”, has been a demonstrable disaster each time it has been tried throughout history.
Canadian wages are at an all time low relative to the cost of living and excessive taxation. The only way that Canadians have been able to maintain their lifestyle has been debt based. The government has gone into debt to throw money at people who are not contributing to the tax base or producing goods and services of value. Consumers have doubled their debt levels by moving debt around, using one form of credit to prevent another from defaulting.
For the consumer, a steady increase in insolvency filings, over the next half decade or so, would help ease the burden. For the government, well that can only be decided by the people at the polls, we have some choice, at the moment, of what type of fiscal policy would be more beneficial. Meanwhile, when the whole of Canadian debt is spread amongst the populace, every man woman, child (including newborns) in the country owes about $100,000.00 – what is your strategy to deal with your debt?
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