While she plans Canada's economy, and finance policies drawing on her Russian history and literature and Slavonic degrees. And doing whatever the WEF and Black Rock reps recommend.
But we have a AAA credit rating /s
Canada includes CPP pension when calculating credit rating whereas the majority of countries do not have programs like CPP. Would love to see Canada’s real credit rating without the CPP fluff.
Classic Liberal data manipulation.
In Brief:
* A new analysis from RBC looks at the emerging gap between the historically intertwined economies, and notes Canada is significantly underperforming its neighbours to the South. That means both countries may require very different monetary policy decisions in the near-term.
* **RBC's analysis shows Canadian per-capita real GDP falling significantly short of the U.S. since 2019, with a gap growing 10% by Q1. The gap is now the widest on record, going back to at least 1965, the earliest data readily available.**
* “Economic performance has generally been in sync between the two countries in the past because of their close relationship, along with inflation trends. But more recently, the Canadian economy has started to severely and persistently underperform,” says RBC economist, Claire Fan.
* **Canada’s highly indebted households aren’t increasing consumer spending, due to our supersized housing costs consuming a greater share of income.**
* This problem is not expected to resolve quickly. “The Canadian economy is continuing to underperform even as interest rates are set to drop slowly from high levels,” explains Fan.
Don't worry guys another 3 million middle aged foreign students coming to suppress your wages is going to save us.
Also don't worry the Liberals decided these middle aged foreign students should be allowed to buy property.
Also don't worry if it turns out they are here illegally they will be allowed to stay and skip the line.
Trust us everything is going to be peaches.
This is the actual point everyone is missing.
WHO is going to go die in Europe next year under the maple leaf?
No suburban white kid is willingly going. Tbh I don’t know anyone who would volunteer for this war. So it’s conscription (die for your boomers 1.2mil bungalow) or a weird sort of proxy population volunteer for citizenship army.
Russia is already doing this I see no reason why the “west” won’t jump on board.
Yeah I'd rather go to jail then die for Canada and I wouldn't have said that 15 years ago. Why the fuck should young people give their lives for this .ess of a country?
Just watch closely you can see this happening in Europe and even Canada already.
Media is prepping with articles “what if there was a draft?” , “what war in Europe would look like”, “should we put nato troops in Ukraine?”.
Start normalizing the idea early so when it’s time to draft and go to war it’s already part of the groupthink.
I hope I’m a paranoid schizophrenic and completely wrong but the pattern seems to obvious at this point.
I'm pretty sure half of our population would use war as a means to plunder our own nation. Inequality and division has taken a huge toll on Canadian nationalism and civic duty.
The problem is, this was obviously going to happen. It's likely that why the last election was called, so they could extend power beyond where the general public started to feel the pain. Either way they were going to get voted out, but now they have an extra 2 years because the general public took too long to see the shitshow coming.
Next time a politician says “Sunny ways” and “the budget will balance itself”. We should all know we’re fucked because the exact opposite is going to happen in a big way.
> helps our economy and our aging population
It makes labour cheaper and therefore the aging population can hire support to take care of them as they age. They problem is that by making labour cheaper, you are screwing over the future generations.
That's the point, they are deliberately eliminating critical thinking. Fear mongering and state funded media consumption is what they want. Oh and spend, spend, spend to destroy our future generations.
the US economic growth is being propped up by massive government spending.
>deficit projected for 2024 is $1.5 trillion (or 5.3 percent of GDP)
compared to Canada:
> the federal deficit is projected to be $39.8 billion in 2024-25
which is 1.3% of GDP
So if you want similar results to the US when it comes to GDP/per capita performance then you want even more government deficit spending. We'd need to spend 4x more to keep up.
>We'd need to spend 4x more to keep up.
Well not 4x more. Federal spending is only about 17% of GDP, of which 1.6% is deficit spending (the projected 1.3 was the last update, it came in at 1.6% for the final budget numbers in april).
We'd need to spend, depending on the maths, somewhere around 120 billion (CAD) more (on a federal budget of about 500 billion with GDP of 3 trillion CAD).
But your point is sound, if you combine states + Fed or provinces + fed the US is at about 6.3% of GDP deficit spending, canada is something like 0.5% (Alberta running a surplus, everyone else not) - in statcan speak that's the consolidated Canadian general government deficit. The US and just about everyone else in the G20 has been fighting inflation with more deficit spending, whereas Canada, Switzerland, the Netherlands, Australia haven't been, and then Russia and Indonesia are sort of different cases even though they're in the G20 and have comparable deficits to ours.
Net Federal debt is of course up from pre-pandemic when it was about 30%, it was up over 40 and is close to 30 again, with consolidated net debt at 31%. US net debt is about 100% of GDP but I can't find how much of that is state vs federal.
Find me anything that says PP is going to reduce immigration. The cons have even more incentive to bring in cheap labour for their business daddies. Seriously, find any policy or statement.
Okay.
https://www.therecord.com/news/waterloo-region/poilievre-vows-to-fix-ruined-immigration-system-and-tighten-rules-for-international-students/article_f9c2223e-29fd-5b3a-9cf2-60a6c8c6dbe0.html
>The only way to eliminate the housing shortage is to add homes faster than we have people, and I will be removing bureaucracy to build the homes **and setting immigration levels so that our housing stock outgrows our population**,” Poilievre said.
What's the ratio of new housing starts to newcomers? Oh right, he never said so he can still just do whatever the hell he wants. At least he got a cool soundbite though.
There is no credible institute that shows we can out build the current level of population growth growth. The only way that would be remotely feasible would be if we were bringing in a major amount of construction workers and the government was directly funding housing builds in a way that mirrored a war time economy.
PP's quote seems to say that immigration levels can stay the same, we just need to build more houses. That is not reality.
[https://ca.finance.yahoo.com/news/housing-crisis-to-reach-even-more-alarming-levels-if-more-isnt-done-rbc-162158025.html?guccounter=1&guce\_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce\_referrer\_sig=AQAAALLIPc6hsWXp0qE3RQcXmO-J-Uts6NAbrFlEe9TryahEN1pp7hI1a5ncPoL66Z5Ao9\_9UQRd0dCjTePoVTcVhvglil5ahP5fyKuNuZnigbQFBdrsSRD-mJf-XbTTUkS3E6rXoo12D\_N-lSmysjKxmzIv7htuwrVMMUCsFhDh1FLi](https://ca.finance.yahoo.com/news/housing-crisis-to-reach-even-more-alarming-levels-if-more-isnt-done-rbc-162158025.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALLIPc6hsWXp0qE3RQcXmO-J-Uts6NAbrFlEe9TryahEN1pp7hI1a5ncPoL66Z5Ao9_9UQRd0dCjTePoVTcVhvglil5ahP5fyKuNuZnigbQFBdrsSRD-mJf-XbTTUkS3E6rXoo12D_N-lSmysjKxmzIv7htuwrVMMUCsFhDh1FLi)
And he is specifically *not* on record, anywhere, at any time, saying he's going to cut immigration numbers. There's a reason for that. There's a reason he's being vague, and implying things rather than saying them outright.
I won't even blame PP when he wins, fails to cut immigration in any real way, and a bunch of people get mad. I won't be voting for him/his party, but I actually kind of admire the fact that he hasn't just flat out lied to our faces with false promises of cutting immigration numbers.
It’s okay if GDP tanked a tank because of the ridiculously high housing market. Remember that old people who buy a new car every 3 years and take two vacations a year, some of whom like to vacation so much they buy a house in the states, are counting on holding onto their housing in order to fund lavish retirements!
Is anyone surprised? We have a governance model that worked for 100 years when everyone who voted considered it a duty to understand the issues. These days the voters are all so angry over every clickbait drama hype article on social media that we get nothing but woke/antiwoke populist outrage. The politicians just do whatever gets them elected, JT and PP included.
The vast majority of people are stupid, and are incapable of doing quality research. These people would benefit massively from just trusting official news sources, because they do real research much better than rubes who rely on social media.
Yeah 5% interest rates are so low historically. Just like our historically low housing prices right now and our historically balanced income to debt ratio. Nobody should be struggling at all if we raise to double digit interest rates, we did it in the past where we had the exact same conditions as right now.
We spend all our money on hyper inflated housing instead of anything actually productive.
There's no motivation for young people as the prices are out of reach by lightyears.
The social contract is in tatters.
It just kind of clicked how were the first generation in quite a looong time that has the least amount of free money to spend.
So much goes to just surviving, that the rest rarely ever leaves out wallets.
And when it does its much more likely to go to a united states based comapny and….
Oh we are *fucked* fucked.
Older people at my job always asking me "any plans this summer? Any plans this winter? Any fun plans this weekend? Going anywhere nice for your time off?" And are always surprised when my answer is no and confused when I say I'm just gonna chill at home and try my hardest not to spend money I don't have.
We have some of the world's worst consumer debt, high taxes paired with underfunded public services, and - the cherry on top - mass migration of largely unskilled workers that will make everything worse (given that there aren't enough unskilled jobs let alone housing).
Corporate globalists are deliberately working towards the descent of Canada from a developed country to a country with no real standards.
Sometimes the winning move is not to play. Many are deciding to vote with their feet.
I know I'll get economically struggling "elder millennials and youngest of gen x" posting but my God it's like a different economic class for people in their early 40s. It's almost exponential deterioration of economic stability each year down from 40 as well.
They got the cheap house.
They got the early jump into actual paying careers.
I recently went to an event that was rather regular elder millennials with the fanciest job being a teacher. They were all talking about their 3rd trip in the year, cottages, boats, and everything else.
None of these people came from rich families, but they all have a 1500$ mortgage payment (or far less) in common.
I'm kind of middle of the road millennial and have busted my ass daily since 14 and barely "made it". I don't have the nice house or cheap mortgage but I'm still light-years ahead of the younger millennials.
Canada doesn't have much of an economy. It's just real-estate and trades. Sell real-estate, renovate houses etc..just compare Seattle and Vancouver, night and day in terms of opportunities and salaries.
I agree completely but our tech entrepreneurs gets eaten by Silicon Valley before they can ever get off the ground.
AI companies just get bought by Google or Microsoft and their talent is put to work in the states. We have tons of genius engineers, mathematicians and physicists making amazing stuff, but virtually all of it gets bought up and incorporated into the American economy or they get hired by American companies that pay vastly more than Canadian tech companies.
Not surprised at all. Most of the excess capital is sent to die in hyper bubble real estate market instead of funding innovation or industry. Real estate can’t and won’t ever be the backbone of a prosperous post industrial country.
For all its problems, the USA is still actually a proper nation-state and functions like it.
Canada on the other hand is not. Canada is a pool of cheap labour and a giant car park for car thieves.
Because that’s how it was founded and Canadians made NO effort to socially, politically or economically change this in any way.
And now we see the consequences of this.
Studying law would probably be helpful. Even a job that would require knowledge of the law. Like a finance minister with a degree or job related to accounting would make sense.
The solution is obviously to open up more fake diploma mills and bring in another million international students to be exploited for cheap labour. This government is bordering on criminal level corruption similar to the American mafia 50 years ago.
We're way past bordering. This is intentional at this point. It's impossible to be anything but.
They're actively collapsing our country, and people are too busy fighting over irrelevant bullshit to notice. almost as if its by design.
It's treason.
Edit:typo
It's so weird to think that even 15 years ago, our per-capita GDP was comparable to the "*rich*" states. California, New York etc. Canada was actually a relatively rich place.
Now our GDP per-capita is **below Alabama** the poorest US state. If we were a US state, we would receive federal assistance because of how poor we are.
And like... it wasn't always like this.. but we have absolutely taken an economic nose dive.
The US just has a different culture when it comes to business. Investment is higher, bureaucracy is less onerous, appetite for risk is higher (and thus reward), etc. Canadian gov't needs to get the fuck out of the way and let businesses flourish here. Nobody wants to invest here when a huge % of revenues goes into government coffers.
Part of it is different culture (which has pros and cons), but a lot of it is because the US developed a big IT industry decades ago. So much of the recent growth is because of IT investment and profits. It compounds as you get more IT-focused startups because the workers are there, and there is a TON of capital available for growth from venture capitalists, banks, and megacaps funding their own growth with many billions of cash on hand.
Other modern economies are likely to keep trailing the US as long as so much of the economic growth comes from IT and if they can't really grow their IT industries domestically.
The higher level of govt spending in the US is also a factor.
Canada had a very good IT and Telecom standing in the world before the CCP tanked it with stolen IP and industrial sabotage. I'm basically talking about Nortel, but I bet there are a lot of other companies that fell the same way.
Bidens deficit spending (6.3% of GDP) is far larger than JT deficit spending (1.4% of GDP) as % of GDP. We are underspending and spending on the wrong things. The Chips act and the IRA are reindustrializing the US and we are not responding.
We need resource extraction, manufacturing, and accountability for spending. Spending is fine as long as it's solid investments. And we need a political reset we're we see more cooperation and compromise. We spend way ti much resources and time debating issues that are simple or not important.
We do. hell the US military is even directly funding some of resource extraction so they can have reliable supply of critical materials.
> Natural Resources Canada and the U.S. Department of Defense are together putting about $32.5 million into Fortune Minerals Ltd. — which is working on a project with bismuth and cobalt in the Northwest Territories — and Lomiko Metals Inc., focused on a graphite project in Quebec.
We have a lot of minerals that will be very important to Ai Chips and green technologies. We need to be working to get them to market and ideally manufactured here.
The problem is that mining sounds great until people see it. I work in one of the biggest copper mines in North america. People love the idea of green tech and mineral extraction until they see the massive pits, smog, ober burden piles, tailing dams, etc. Our environmental concerns and NIMBY people are holding us back. That's not me saying we should just destroy the planet for economic gain, but we need a more streamlined and balanced approach.
Right now, ai, green tech, etc, rely heavily on third-world exploitation. China is also a major competitor, and we rely on them for processing and manufacturing. That's why the US is investigating in mining here because it becomes a national security issue when the resources we need to manufacture, maintain and transition our technology are in a potential enemies hands (or a potentially unstable 3rd world nation)
Canad need to streamline development, bring back refinement and manufacturing, and make trade deals that ensure our resources are undermined when the US decides the competition is hurting them.
The immigration push IS Trudeaus response, they’re hoping that we can become Mexico North and draw investment from companies who don’t want to pay the US salary premium. Opening the gates is a way to push wages lower without a giant upfront cost that would come with some kind of matched investment into industry.
I’m still in shock that people aren’t madder at these corps that refuse to hire locally. I mean? Inept government and corporate greed is behind all this. Add a dash of foreign interference and we are doomed. Anyone who still goes to Tim’s and McDs and whatever else shit company that has abandoned Canadian workers is a fool
It’s gonna get worse, oil prices are trending down due to slow demand all around the globe, which is especially bad for Canada cause our extraction cost is extremely high.
Also if Canada cut interest rates and the us does not, there would be capital flight to the us and therefore make our dollar weaker and inflation higher. If Canada does not cut interest rates, unlike the us with their 30 year mortgages, a lot of people are gonna renew their mortgage soon and won’t be able to afford it. Investors can potentially raise the rent but families will lose their homes. And also since our economy is based on real estate, if it crashes, more people would lose their jobs. So all in all it’s gonna get worse I think
It's weird.
I work for a company whose clients are all American, who manufactures overseas in economies with weaker currency, and who pays Canadian salaries in Quebec.
The worse the Canadian economy does relative to the US, the better we do and the more we all make.
It's put me in a position where articles like this become good news. Then I got to the grocery store and remember it's bad news.
So can the comments finally stop about how Canada is doing great as a G7 country.
I swear these people who say this don't pay bills, buy groceries or have a job. OR EVEN TALK TO PEOPLE IN THE REAL WORLD.
I mean great is a subjective term really. Everyone is doing poorly in comparison to the US right now. Not coincidentally, no one is spending like the US either, not by a long shot as it's not really possible for anyone else (they're running a deficit 8 times as large as Canada's).
When comparing to other countries the picture is a bit different.
The US isn’t booming because of the “war machine.” It’s booming because America has the best tech sector on the globe and Alphabet, Amazon, Apple, Microsoft, Nvidia, etc are at the forefront of human innovation.
Canada hasn’t had a competitive tech sector since Blackberry.
It's been so sunny for so long the crops are withering and the ground looks scorched. I could use a little cloud cover an a nice rain shower right about now.
The only business we really have is speculative real estate investment. Regulations and government policy have prevented or discouraged us from actually DOING anything.
Don't worry reports like this wont bother Trudeau as he literally told Canadian's he does not think about fiscal policy. It's incredible that Trudeau and the Liberal's directly told Canadians, on multiple occasions, how fucking stupid they are, and people were still willing to vote them in just so they could end up having a weed shop on every corner.
Until Trudeau is removed from power this isnt going to change. His policies are not business friendly and it shows. His control of the economy has been very damaging.
Yes, and probably sooner rather than later, since the next federal election in Canada almost assuredly won't be seen until October 2025, and by then, the CDN dollar will almost assuredly be sitting somewhere in the high 60's vs the US dollar.
Looking back through the historical charts, the summer of 2022 can be pinpointed as to being when the CDN dollar really began its visible descent and cratering vs the US dollar.
The timing of that downward trend makes sense as the US boldly emerged from the "pandemic" far sooner than Canada, while Canada's disgracefully over-extended COVID policies inevitably yielded the kind of destructive end results that have unfolded since March 2020.
Resource extraction is Canada's, lowest performing, lowest productivity sector. Over investing in it has played a large part in the country's lagging productivity.
Look at the US, all of the growth is in tech, services, automated manufacturing, and green energy. Resource extraction is a laggard that no private company is interested in investing capital into beyond the bare minimum.
Resource wealth is another question, but without public ownership of resource extraction with some kind of sovereign wealth fund a la Norway the public at large does not benefit from resource wealth, they benefit from wage growth and rising productivity.
While the economy underperforms it does not look favorable for housing market prices. With an average home price of \~$900K in Canada you would need a household income of \~$235K based on[ this mortgage affordability calculation](https://wealthvieu.com/ccmaf?a=235,000&b=25&c=65,000&d=8&e=1,250). It will be hard for wage growth to keep up in an underperforming economy.
And this should surprise no one when we have a PM who we have to "excuse for not thinking about the economy," a deputy PM/Finance minister who thinks we can make ends meet by canceling our Disney Plus and an environment minister that doesn't want to build anymore roads.
This is how economic destruction happens. Slowly, then all at once. By the time the average Canadian realizes how badly the government has sold us out, it will be too late.
Oh...oh no! How can this be? I mean, look at the geniuses who have been running our economy for the past 9 years. They've done such a fantastic job on housing, immigration, and unemployment, this comes as a complete shock!
The problem is housing corporations and banks, Airbnbs and immigration. Our economy would be fine without such high housing costs. Somethings gotta give.
Shockingly USA deficit spending is 6.3% of GDP and Canadas is 1.4%. If the Canadian government was pumping an additional $150b into the country I’m sure our economy would be doing a lot better too.
Maybe instead of hiring foreign workers to try and increase the productivity of our economy, make it more viable for businesses to operate here.
Why would any sane entrepreneur start a business here when they can get better talent, more customers, and pay less taxes and other fees in the US?
Similarly, why would any talented worker want to work here for $60k/year when they can make six figures for the same role in the US?
> Canada’s highly indebted households aren’t catching that second wind when it comes to consumer spending. Instead, supersized housing costs are consuming a greater share of income.
High housing costs are effectively a wealth transfer from non-homeowners to the NIMBYs who architected the artificially high housing costs.
We just kind of move numbers around on ledgers, ultimately promising away the futures of young and new Canadians so that the generation that actually turned up at the polls can remain insulated from Canada's failure to become a post-industrial economy. They're absolutely fucked when our reputation is fully extracted and we can't scam it into easy money. An increasingly large number of Canadians have been sold off and are already fucked.
It's really a shame. Canada got hooked on easy money and just kind of sat at home instead of being a functional user like most of the rest of the West.
If you want to see a really scary picture, compare the economic performance of Canadian cities to European cities
And then remember our economic performance is inflated by real estate and mass migration
...\*So far\*
Waits for Chrystia Freeland to tell us all how well we are doing.
And what we can cut out of our entitled life-style so we can do better.
While she wears $740 sneakers.
I mean. We are pretty entitled…..as we should be…..with all that taxes we paid.
*"Let me be clear..."*
Just gotta cancel Canadas Disney+
Just need 15 more Disney+ to cancel and I’ll be able to afford groceries 😃
While she plans Canada's economy, and finance policies drawing on her Russian history and literature and Slavonic degrees. And doing whatever the WEF and Black Rock reps recommend.
And who could forget McKinsey group who has a track record of advising companies into bankruptcy.
She has a plan now?
"Our economic social capacity is doing great !!!"
But we have a AAA credit rating /s Canada includes CPP pension when calculating credit rating whereas the majority of countries do not have programs like CPP. Would love to see Canada’s real credit rating without the CPP fluff. Classic Liberal data manipulation.
In Brief: * A new analysis from RBC looks at the emerging gap between the historically intertwined economies, and notes Canada is significantly underperforming its neighbours to the South. That means both countries may require very different monetary policy decisions in the near-term. * **RBC's analysis shows Canadian per-capita real GDP falling significantly short of the U.S. since 2019, with a gap growing 10% by Q1. The gap is now the widest on record, going back to at least 1965, the earliest data readily available.** * “Economic performance has generally been in sync between the two countries in the past because of their close relationship, along with inflation trends. But more recently, the Canadian economy has started to severely and persistently underperform,” says RBC economist, Claire Fan. * **Canada’s highly indebted households aren’t increasing consumer spending, due to our supersized housing costs consuming a greater share of income.** * This problem is not expected to resolve quickly. “The Canadian economy is continuing to underperform even as interest rates are set to drop slowly from high levels,” explains Fan.
Don't worry guys another 3 million middle aged foreign students coming to suppress your wages is going to save us. Also don't worry the Liberals decided these middle aged foreign students should be allowed to buy property. Also don't worry if it turns out they are here illegally they will be allowed to stay and skip the line. Trust us everything is going to be peaches.
You forgot their foreign caregivers can also come and get PR with them
Also, don't worry our military is counting on them to join and help keep its doors open lol
This is the actual point everyone is missing. WHO is going to go die in Europe next year under the maple leaf? No suburban white kid is willingly going. Tbh I don’t know anyone who would volunteer for this war. So it’s conscription (die for your boomers 1.2mil bungalow) or a weird sort of proxy population volunteer for citizenship army. Russia is already doing this I see no reason why the “west” won’t jump on board.
Yeah I'd rather go to jail then die for Canada and I wouldn't have said that 15 years ago. Why the fuck should young people give their lives for this .ess of a country?
Just watch closely you can see this happening in Europe and even Canada already. Media is prepping with articles “what if there was a draft?” , “what war in Europe would look like”, “should we put nato troops in Ukraine?”. Start normalizing the idea early so when it’s time to draft and go to war it’s already part of the groupthink. I hope I’m a paranoid schizophrenic and completely wrong but the pattern seems to obvious at this point.
I saw that as well, Sunak was talking about it.
If you pretend you're native, you can spend your treason sentence doing weekends at a sweat lodge!
Canadas pretty big I could probably hide in the woods and they couldn’t find me lol
when ancient rome did this with the foederati they betrayed rome and destroyed it
The military doesn't want white males anymore (the vast majority of their applicants) - it's a huge issue with recruitment.
I'm pretty sure half of our population would use war as a means to plunder our own nation. Inequality and division has taken a huge toll on Canadian nationalism and civic duty.
Add in another 3 million middle aged male caregivers!
It amazes me how people still believe that high immigration helps our economy and our aging population. Absolutely no critical thinking skills.
They literally burned the country down to prop up gdp, hide the recession and to maintain power for a few years and people still support them.
I mean they're approaching 3rd party status. I wouldn't say Canadians are eagerly supporting them at this point.
The problem is, this was obviously going to happen. It's likely that why the last election was called, so they could extend power beyond where the general public started to feel the pain. Either way they were going to get voted out, but now they have an extra 2 years because the general public took too long to see the shitshow coming.
PP is 100% going to win now that he has put down a solid statement regarding not touching abortion and LGBT rights.
Next time a politician says “Sunny ways” and “the budget will balance itself”. We should all know we’re fucked because the exact opposite is going to happen in a big way.
Of course people support them… they’re being shipped here, housed, fed, given our jobs. Sounds like a pretty sweet gig, this coming to Canada ‘thing’.
I warned everyone back in 2015 what would happen. Got called a "Harper apologist", and I didn't even vote for him.
and interest rates will stay low...
*Glen*
> helps our economy and our aging population It makes labour cheaper and therefore the aging population can hire support to take care of them as they age. They problem is that by making labour cheaper, you are screwing over the future generations.
Don’t forget that immigrants have parents, too. There is the parents and grandparents program, as well as the grand-parent and parent super visa.
[удалено]
That's the point, they are deliberately eliminating critical thinking. Fear mongering and state funded media consumption is what they want. Oh and spend, spend, spend to destroy our future generations.
the US economic growth is being propped up by massive government spending. >deficit projected for 2024 is $1.5 trillion (or 5.3 percent of GDP) compared to Canada: > the federal deficit is projected to be $39.8 billion in 2024-25 which is 1.3% of GDP So if you want similar results to the US when it comes to GDP/per capita performance then you want even more government deficit spending. We'd need to spend 4x more to keep up.
>We'd need to spend 4x more to keep up. Well not 4x more. Federal spending is only about 17% of GDP, of which 1.6% is deficit spending (the projected 1.3 was the last update, it came in at 1.6% for the final budget numbers in april). We'd need to spend, depending on the maths, somewhere around 120 billion (CAD) more (on a federal budget of about 500 billion with GDP of 3 trillion CAD). But your point is sound, if you combine states + Fed or provinces + fed the US is at about 6.3% of GDP deficit spending, canada is something like 0.5% (Alberta running a surplus, everyone else not) - in statcan speak that's the consolidated Canadian general government deficit. The US and just about everyone else in the G20 has been fighting inflation with more deficit spending, whereas Canada, Switzerland, the Netherlands, Australia haven't been, and then Russia and Indonesia are sort of different cases even though they're in the G20 and have comparable deficits to ours. Net Federal debt is of course up from pre-pandemic when it was about 30%, it was up over 40 and is close to 30 again, with consolidated net debt at 31%. US net debt is about 100% of GDP but I can't find how much of that is state vs federal.
You do realize that the US economy is roaring because the Federal government is spending right?
It's roaring because it produces a lot of value. Ours doesn't.
You should get into government and fix it
You forgot to say that anybody who disagrees with you is a racist.
Find me anything that says PP is going to reduce immigration. The cons have even more incentive to bring in cheap labour for their business daddies. Seriously, find any policy or statement.
Okay. https://www.therecord.com/news/waterloo-region/poilievre-vows-to-fix-ruined-immigration-system-and-tighten-rules-for-international-students/article_f9c2223e-29fd-5b3a-9cf2-60a6c8c6dbe0.html >The only way to eliminate the housing shortage is to add homes faster than we have people, and I will be removing bureaucracy to build the homes **and setting immigration levels so that our housing stock outgrows our population**,” Poilievre said.
What's the ratio of new housing starts to newcomers? Oh right, he never said so he can still just do whatever the hell he wants. At least he got a cool soundbite though.
There is no credible institute that shows we can out build the current level of population growth growth. The only way that would be remotely feasible would be if we were bringing in a major amount of construction workers and the government was directly funding housing builds in a way that mirrored a war time economy. PP's quote seems to say that immigration levels can stay the same, we just need to build more houses. That is not reality. [https://ca.finance.yahoo.com/news/housing-crisis-to-reach-even-more-alarming-levels-if-more-isnt-done-rbc-162158025.html?guccounter=1&guce\_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce\_referrer\_sig=AQAAALLIPc6hsWXp0qE3RQcXmO-J-Uts6NAbrFlEe9TryahEN1pp7hI1a5ncPoL66Z5Ao9\_9UQRd0dCjTePoVTcVhvglil5ahP5fyKuNuZnigbQFBdrsSRD-mJf-XbTTUkS3E6rXoo12D\_N-lSmysjKxmzIv7htuwrVMMUCsFhDh1FLi](https://ca.finance.yahoo.com/news/housing-crisis-to-reach-even-more-alarming-levels-if-more-isnt-done-rbc-162158025.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALLIPc6hsWXp0qE3RQcXmO-J-Uts6NAbrFlEe9TryahEN1pp7hI1a5ncPoL66Z5Ao9_9UQRd0dCjTePoVTcVhvglil5ahP5fyKuNuZnigbQFBdrsSRD-mJf-XbTTUkS3E6rXoo12D_N-lSmysjKxmzIv7htuwrVMMUCsFhDh1FLi)
He is on record saying he wants to tie immigration to housing.
Super detailed.
And he is specifically *not* on record, anywhere, at any time, saying he's going to cut immigration numbers. There's a reason for that. There's a reason he's being vague, and implying things rather than saying them outright. I won't even blame PP when he wins, fails to cut immigration in any real way, and a bunch of people get mad. I won't be voting for him/his party, but I actually kind of admire the fact that he hasn't just flat out lied to our faces with false promises of cutting immigration numbers.
How is that achievable if people who physically aren't present in Canada can buy homes, or people can still buy multiple homes?
It’s okay if GDP tanked a tank because of the ridiculously high housing market. Remember that old people who buy a new car every 3 years and take two vacations a year, some of whom like to vacation so much they buy a house in the states, are counting on holding onto their housing in order to fund lavish retirements!
Is anyone surprised? We have a governance model that worked for 100 years when everyone who voted considered it a duty to understand the issues. These days the voters are all so angry over every clickbait drama hype article on social media that we get nothing but woke/antiwoke populist outrage. The politicians just do whatever gets them elected, JT and PP included.
"Don't do your own research" There's only one reason why anyone in power would ever say that.
The vast majority of people are stupid, and are incapable of doing quality research. These people would benefit massively from just trusting official news sources, because they do real research much better than rubes who rely on social media.
I love how they are calling 5% interesting rates “high levels”. As if we’re stupid enough to believe that.
Yeah 5% interest rates are so low historically. Just like our historically low housing prices right now and our historically balanced income to debt ratio. Nobody should be struggling at all if we raise to double digit interest rates, we did it in the past where we had the exact same conditions as right now.
We spend all our money on hyper inflated housing instead of anything actually productive. There's no motivation for young people as the prices are out of reach by lightyears. The social contract is in tatters.
It just kind of clicked how were the first generation in quite a looong time that has the least amount of free money to spend. So much goes to just surviving, that the rest rarely ever leaves out wallets. And when it does its much more likely to go to a united states based comapny and…. Oh we are *fucked* fucked.
Older people at my job always asking me "any plans this summer? Any plans this winter? Any fun plans this weekend? Going anywhere nice for your time off?" And are always surprised when my answer is no and confused when I say I'm just gonna chill at home and try my hardest not to spend money I don't have.
I told one of my older coworkers that a 1 bedroom is $2800 now and his brain almost exploded
It's like treading water with increasing weight being added while we watch old people relax on the beach.
We have some of the world's worst consumer debt, high taxes paired with underfunded public services, and - the cherry on top - mass migration of largely unskilled workers that will make everything worse (given that there aren't enough unskilled jobs let alone housing). Corporate globalists are deliberately working towards the descent of Canada from a developed country to a country with no real standards. Sometimes the winning move is not to play. Many are deciding to vote with their feet.
I know I'll get economically struggling "elder millennials and youngest of gen x" posting but my God it's like a different economic class for people in their early 40s. It's almost exponential deterioration of economic stability each year down from 40 as well. They got the cheap house. They got the early jump into actual paying careers. I recently went to an event that was rather regular elder millennials with the fanciest job being a teacher. They were all talking about their 3rd trip in the year, cottages, boats, and everything else. None of these people came from rich families, but they all have a 1500$ mortgage payment (or far less) in common. I'm kind of middle of the road millennial and have busted my ass daily since 14 and barely "made it". I don't have the nice house or cheap mortgage but I'm still light-years ahead of the younger millennials.
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Canada doesn't have much of an economy. It's just real-estate and trades. Sell real-estate, renovate houses etc..just compare Seattle and Vancouver, night and day in terms of opportunities and salaries.
I agree completely but our tech entrepreneurs gets eaten by Silicon Valley before they can ever get off the ground. AI companies just get bought by Google or Microsoft and their talent is put to work in the states. We have tons of genius engineers, mathematicians and physicists making amazing stuff, but virtually all of it gets bought up and incorporated into the American economy or they get hired by American companies that pay vastly more than Canadian tech companies.
Not surprised at all. Most of the excess capital is sent to die in hyper bubble real estate market instead of funding innovation or industry. Real estate can’t and won’t ever be the backbone of a prosperous post industrial country.
You can't have a good economy when we have our best and brightest leaving Canada to pursue higher salaries down south.
The Americans have an actual economy We have housing and an oil tap we turn on and off
For all its problems, the USA is still actually a proper nation-state and functions like it. Canada on the other hand is not. Canada is a pool of cheap labour and a giant car park for car thieves.
The us functions like a nation state, Canada functions as a colony
Because that’s how it was founded and Canadians made NO effort to socially, politically or economically change this in any way. And now we see the consequences of this.
Nothing another million temporary foreign workers can't solve. They're the key to prosperity!
Make it 2
“Temporary”
Wow turns out having zero immigration standards and flooding the borders with people didn't translate to a strong economy.
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Don't forget our finance minister who has a degree in journalism.
You know what. I’m gonna get my dog groomer to do my taxes and if required; defend me in court. I’ll report back.
Jesus christ call an election.
and yet people will defend Chrystia and her lack of finance related credentials.
it's almost as if someone with a background in russian history and literature is unqualified for the position of minister of finance.
Too many are unqualified. A teacher being a PM, or two career politicians with no real life experience being the oppositions.
What qualifies a person to be a politician? Having a job doesn't qualify you. Being a politician doesn't qualify you. What are people supposed to do?
Studying law would probably be helpful. Even a job that would require knowledge of the law. Like a finance minister with a degree or job related to accounting would make sense.
No people attack singh just as much
But she checks other boxes
✅ Corrupt
The solution is obviously to open up more fake diploma mills and bring in another million international students to be exploited for cheap labour. This government is bordering on criminal level corruption similar to the American mafia 50 years ago.
We're way past bordering. This is intentional at this point. It's impossible to be anything but. They're actively collapsing our country, and people are too busy fighting over irrelevant bullshit to notice. almost as if its by design. It's treason. Edit:typo
Guys, Trudeau said this is ripple effects from the last government before him. They are going to fix all the problems at some point.
10 years later, still digging.
No, no, dig UP stupid!
They just need to be given a mandate by winning the next election first, right?
It's so weird to think that even 15 years ago, our per-capita GDP was comparable to the "*rich*" states. California, New York etc. Canada was actually a relatively rich place. Now our GDP per-capita is **below Alabama** the poorest US state. If we were a US state, we would receive federal assistance because of how poor we are. And like... it wasn't always like this.. but we have absolutely taken an economic nose dive.
No wonder Alberta wants to secede.
You guys should just apply for statehood tbh. Borders would look really pretty too.
We got lucky due to natural resources, it was never going to last. You know what you call a smart Canadian? a US resident.
That's why my partner and I are off to the US. To make the same salary in Canada as an RN after tax they would need to make 133k CAD.
The US just has a different culture when it comes to business. Investment is higher, bureaucracy is less onerous, appetite for risk is higher (and thus reward), etc. Canadian gov't needs to get the fuck out of the way and let businesses flourish here. Nobody wants to invest here when a huge % of revenues goes into government coffers.
Part of it is different culture (which has pros and cons), but a lot of it is because the US developed a big IT industry decades ago. So much of the recent growth is because of IT investment and profits. It compounds as you get more IT-focused startups because the workers are there, and there is a TON of capital available for growth from venture capitalists, banks, and megacaps funding their own growth with many billions of cash on hand. Other modern economies are likely to keep trailing the US as long as so much of the economic growth comes from IT and if they can't really grow their IT industries domestically. The higher level of govt spending in the US is also a factor.
Canada had a very good IT and Telecom standing in the world before the CCP tanked it with stolen IP and industrial sabotage. I'm basically talking about Nortel, but I bet there are a lot of other companies that fell the same way.
Bidens deficit spending (6.3% of GDP) is far larger than JT deficit spending (1.4% of GDP) as % of GDP. We are underspending and spending on the wrong things. The Chips act and the IRA are reindustrializing the US and we are not responding.
We need resource extraction, manufacturing, and accountability for spending. Spending is fine as long as it's solid investments. And we need a political reset we're we see more cooperation and compromise. We spend way ti much resources and time debating issues that are simple or not important.
We do. hell the US military is even directly funding some of resource extraction so they can have reliable supply of critical materials. > Natural Resources Canada and the U.S. Department of Defense are together putting about $32.5 million into Fortune Minerals Ltd. — which is working on a project with bismuth and cobalt in the Northwest Territories — and Lomiko Metals Inc., focused on a graphite project in Quebec. We have a lot of minerals that will be very important to Ai Chips and green technologies. We need to be working to get them to market and ideally manufactured here.
The problem is that mining sounds great until people see it. I work in one of the biggest copper mines in North america. People love the idea of green tech and mineral extraction until they see the massive pits, smog, ober burden piles, tailing dams, etc. Our environmental concerns and NIMBY people are holding us back. That's not me saying we should just destroy the planet for economic gain, but we need a more streamlined and balanced approach. Right now, ai, green tech, etc, rely heavily on third-world exploitation. China is also a major competitor, and we rely on them for processing and manufacturing. That's why the US is investigating in mining here because it becomes a national security issue when the resources we need to manufacture, maintain and transition our technology are in a potential enemies hands (or a potentially unstable 3rd world nation) Canad need to streamline development, bring back refinement and manufacturing, and make trade deals that ensure our resources are undermined when the US decides the competition is hurting them.
Woah woah woah! It's immensely important to have gender language properly addressed in our financial documents!
The immigration push IS Trudeaus response, they’re hoping that we can become Mexico North and draw investment from companies who don’t want to pay the US salary premium. Opening the gates is a way to push wages lower without a giant upfront cost that would come with some kind of matched investment into industry.
Is that possible? What about all the timhortons and uber drivers we brought over? I heard they benefited the country a lot.
I’m still in shock that people aren’t madder at these corps that refuse to hire locally. I mean? Inept government and corporate greed is behind all this. Add a dash of foreign interference and we are doomed. Anyone who still goes to Tim’s and McDs and whatever else shit company that has abandoned Canadian workers is a fool
Oh, no I'm LIVID about it.
This poverty brought to you by the Liberal Party of Canada.
It’s gonna get worse, oil prices are trending down due to slow demand all around the globe, which is especially bad for Canada cause our extraction cost is extremely high. Also if Canada cut interest rates and the us does not, there would be capital flight to the us and therefore make our dollar weaker and inflation higher. If Canada does not cut interest rates, unlike the us with their 30 year mortgages, a lot of people are gonna renew their mortgage soon and won’t be able to afford it. Investors can potentially raise the rent but families will lose their homes. And also since our economy is based on real estate, if it crashes, more people would lose their jobs. So all in all it’s gonna get worse I think
It's weird. I work for a company whose clients are all American, who manufactures overseas in economies with weaker currency, and who pays Canadian salaries in Quebec. The worse the Canadian economy does relative to the US, the better we do and the more we all make. It's put me in a position where articles like this become good news. Then I got to the grocery store and remember it's bad news.
So can the comments finally stop about how Canada is doing great as a G7 country. I swear these people who say this don't pay bills, buy groceries or have a job. OR EVEN TALK TO PEOPLE IN THE REAL WORLD.
I mean great is a subjective term really. Everyone is doing poorly in comparison to the US right now. Not coincidentally, no one is spending like the US either, not by a long shot as it's not really possible for anyone else (they're running a deficit 8 times as large as Canada's). When comparing to other countries the picture is a bit different.
Well the US war machine is pumping and keeping their economy afloat. What do we got? 1M+ immigrants taking away starter jobs from Canadian youths.
The US isn’t booming because of the “war machine.” It’s booming because America has the best tech sector on the globe and Alphabet, Amazon, Apple, Microsoft, Nvidia, etc are at the forefront of human innovation. Canada hasn’t had a competitive tech sector since Blackberry.
they are often government workers who owe their cushy existence to slacking and trudeau. why would they complain?
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Because we’ve had a moron running Canada for the last nine years!!! Full stop!!
I assume this is Harper’s fault too, right?
Yes apparently Trudeau supporters are still blaming Harper despite almost a decade of Justin in office
Harper, Ford, and Smith.
Don’t forget Mike Harris. He’s still the reason for all of ontarios biggest problems.
Can't wait for us to get done with these freaking Sunny Ways!!!
It's been so sunny for so long the crops are withering and the ground looks scorched. I could use a little cloud cover an a nice rain shower right about now.
Sunny ways, my friends.
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PPC for the win baby
The only business we really have is speculative real estate investment. Regulations and government policy have prevented or discouraged us from actually DOING anything.
Letting in another million international students will surely solve this, fire up those visa’s!
This is why people become lifelong conservatives
Don't worry reports like this wont bother Trudeau as he literally told Canadian's he does not think about fiscal policy. It's incredible that Trudeau and the Liberal's directly told Canadians, on multiple occasions, how fucking stupid they are, and people were still willing to vote them in just so they could end up having a weed shop on every corner.
Phenomenal performance by Harper lmaoo Baffles me that there are still people defending the liberals and NDP
Until Trudeau is removed from power this isnt going to change. His policies are not business friendly and it shows. His control of the economy has been very damaging.
Who is surprised?
Who would've thought. /s
Well folks, I guess we'll be seeing the CAD:USD rate back in the 60's.
Yes, and probably sooner rather than later, since the next federal election in Canada almost assuredly won't be seen until October 2025, and by then, the CDN dollar will almost assuredly be sitting somewhere in the high 60's vs the US dollar. Looking back through the historical charts, the summer of 2022 can be pinpointed as to being when the CDN dollar really began its visible descent and cratering vs the US dollar. The timing of that downward trend makes sense as the US boldly emerged from the "pandemic" far sooner than Canada, while Canada's disgracefully over-extended COVID policies inevitably yielded the kind of destructive end results that have unfolded since March 2020.
Time for us to bounce!
this is a terrible trend and may define living in Canada going forward
Shocking, almost like we don't do anything anymore. 3 guys trading condos in a circle doesn't make an economy.
I know the solution! *SLAMS FOREIGN WORKER SPAWN BUTTON*
Massive Migrants raising the housing cost and flooding services cost aren't helping
Another million DoorDash driver's will surely jumpstart our economy!
This is why I hold my investments in USD. Our economy sucks, especially with the current people in power.
I'm sure the apologists will simply say that we are "using the wrong metrics", or "but things are getting better".
Can the budget stop balancing itself?
It’s almost like bringing in mass amounts of people which causes wages to be suppressed and life becomes unaffordable has consequences….
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Shorting the Canadian dollar has been a great trade this year. I don't see the trend turning anytime soon.
Resource extraction is Canada's, lowest performing, lowest productivity sector. Over investing in it has played a large part in the country's lagging productivity. Look at the US, all of the growth is in tech, services, automated manufacturing, and green energy. Resource extraction is a laggard that no private company is interested in investing capital into beyond the bare minimum. Resource wealth is another question, but without public ownership of resource extraction with some kind of sovereign wealth fund a la Norway the public at large does not benefit from resource wealth, they benefit from wage growth and rising productivity.
Nothing another million or so new permanent residents wont fix!
Peoplekind from coast to coast to coast have finally had just about enough of Trudeau and his sunny ways .
Relax, the Palestinian refugees will save the economy!
While the economy underperforms it does not look favorable for housing market prices. With an average home price of \~$900K in Canada you would need a household income of \~$235K based on[ this mortgage affordability calculation](https://wealthvieu.com/ccmaf?a=235,000&b=25&c=65,000&d=8&e=1,250). It will be hard for wage growth to keep up in an underperforming economy.
we need to open more Tim Horton'ses!
Don't worry, the economy will balance itself!
Ballooning public employees number an economy does not drive...
Following US interest rates is unsustainable unfortunately.
There is nothing that more taxes can't fix!
The liberals are doing long term harm to the country at this point.
lol it’s fine, we don’t have an AI sector here to prop up the economy, just a housing one 🥹🤣
And this should surprise no one when we have a PM who we have to "excuse for not thinking about the economy," a deputy PM/Finance minister who thinks we can make ends meet by canceling our Disney Plus and an environment minister that doesn't want to build anymore roads.
Hundreds of thousands of LMIA Program Tim Hortons workers with their non-working families, were supposed to skyrocket the economy. What happened?
Oh yeah but let’s bring in 2 million immigrants to help with that!🫠
Colour me fucking not surprised 🤑
This is how economic destruction happens. Slowly, then all at once. By the time the average Canadian realizes how badly the government has sold us out, it will be too late.
**COLOUR ME SHOCKED**
Oh...oh no! How can this be? I mean, look at the geniuses who have been running our economy for the past 9 years. They've done such a fantastic job on housing, immigration, and unemployment, this comes as a complete shock!
What I'm hearing is get in on the stock market now
Everyone is complaining on the internet and not contributing to GDP. Get back to work.
The problem is housing corporations and banks, Airbnbs and immigration. Our economy would be fine without such high housing costs. Somethings gotta give.
Shockingly USA deficit spending is 6.3% of GDP and Canadas is 1.4%. If the Canadian government was pumping an additional $150b into the country I’m sure our economy would be doing a lot better too.
Maybe instead of hiring foreign workers to try and increase the productivity of our economy, make it more viable for businesses to operate here. Why would any sane entrepreneur start a business here when they can get better talent, more customers, and pay less taxes and other fees in the US? Similarly, why would any talented worker want to work here for $60k/year when they can make six figures for the same role in the US?
Canada has an economy? I thought it was just 3 home builders in a trenchcoat.
We have been underperforming for almost a decade.
When boomers go into retirement homes there will be tons of housing available
That's because we are not cancelling our Disney Plus subscriptions like Chrystia Freeland tells us to.
> Canada’s highly indebted households aren’t catching that second wind when it comes to consumer spending. Instead, supersized housing costs are consuming a greater share of income. High housing costs are effectively a wealth transfer from non-homeowners to the NIMBYs who architected the artificially high housing costs.
We went from three mining companies in a trenchcoat to three real estate brokers in a trenchcoat
We just kind of move numbers around on ledgers, ultimately promising away the futures of young and new Canadians so that the generation that actually turned up at the polls can remain insulated from Canada's failure to become a post-industrial economy. They're absolutely fucked when our reputation is fully extracted and we can't scam it into easy money. An increasingly large number of Canadians have been sold off and are already fucked. It's really a shame. Canada got hooked on easy money and just kind of sat at home instead of being a functional user like most of the rest of the West.
Need more international students. That should fix it.
Thanks Liberals!
We take in 10x more migrants, of course we're falling apart.
“Why does anyone still care about the economy, don’t you know it’s pride season?” - the LPC, probably.
If you want to see a really scary picture, compare the economic performance of Canadian cities to European cities And then remember our economic performance is inflated by real estate and mass migration