Meanwhile, the elites keep telling us how ‘strong’ the economy is…
There is yet more evidence of the fact that Canada’s economy is broken, despite what the Trudeau government and elites want us to think:
As reported by BNN, “One third of Canadians have stretched themselves so thin that they can no longer cover monthly bills and debt payments, according to a survey released Monday that paints a disconcerting picture of household finances in this country ahead of the Bank of Canada’s next interest rate decision.”
That’s what was found in an Ipsos survey, which revealed that beyond the 33% falling behind on bills and debts, 48% of Canadians have just a $200 monthly financial cushion.
This shows how precarious our economy is, a far cry from the supposed “growth” that we keep getting told is occurring.
The survey was conducted on behalf of MNP, and they’re pointing out how tough the situation is:
“The results highlight just how financially vulnerable Canadians are,” said Grant Bazian, MNP’s president, in a press release. “Even small interest rate increases result in escalating financial strain and anxiety.”
Higher taxes and big government take their toll, and interest rate hikes are looming
With the economy strangled by excessive regulations and taxes – all of which are avoided by the elites who are the only ones succeeding in the broken economy – Canadians are increasingly turning to debt in order to hold on to our standard of living.
Additionally, the government has been glad to watch the housing market inflate to dangerously high levels, while low interest rates hid the true long-term cost of debt.
Now, the burdens of big government and massive debt levels are no longer avoidable, with interest rates expected to keep rising.
Our economy is broken, and no amount of misleading stats or government rhetoric can change that.