Almost half of all Canadian households are struggling to cover their costs on a monthly basis.
More evidence of Canada’s deeply broken economy has emerged in a survey by MNP.
The survey shows a whopping 47% of Canadians saying they can’t cover their basic expenses without adding even more to their debt burden.
Additionally, 48% say that they have less than $200 left at the end of the month after paying their living costs and debt expenses.
In June, that number was at 44%.
Disturbingly, the amount of money Canadians have on average at the end of the month has gone down dramatically.
In June of 2017, Canadians had on average $892 left over at the end of the month.
Now, that number has fallen to $557.
What this survey shows is that nearly half the country is falling further and further into debt just to make ends meet, and have almost no cushion for any unexpected financial loss.
This puts Canada at serious risk of economic crisis, because a cascading collapse of purchasing power could occur if the economy took a serious downturn.
The solution to this is simple, cut taxes and dramatically spur infrastructure spending, to create good paying jobs, build a long-term foundation for economic growth, and put more money back in the pockets of Canadians now.
But instead, the Trudeau government is planning to keep raising the carbon tax, keep screwing over the energy industry, and keep squandering Canada’s economic potential.
So much for ‘helping the middle class.’
Spencer Fernando
