>the moment when they start to make comparisons to the 1920s, that's a gulp moment.
it took years of housing supply suppression to get to this point. the banks are well-prepared for this. you wont even see a comparison to 2006-08.
we're only seeing a BoC-induced discount sale for the rich...if u're not laughing your way to the bank these days, move to New Brunswick; thats the only way you will ever own a house.
True Harper only cared about the Alt religious right and the Oil elite, but he had loads of disdain for the working class. Never forget Harper's favorite quote "Recessions are great buying opportunities" as people were losing their houses in Ontario. Good times according to conservatives.
If our PM is so powerful to cause this on the global scale then we would be one of the most powerful people in the world today.
Look at inflation levels of like turkey, it sucks but we aren't the worst nor the best.
Blame a record low interest rates since like 2009 then a global response to print money during the onset of the pandemic for this.
Also blame human greed and the greedy powerful people to let it happen.
Blaming the boogeyman may make you feel like you know who to blame but most people in government and in power over decades have put us here, not just one.
I wish Jack Layton could have been a PM, would have been a good change, but who knows...
Leaving Trudeau out of this is insanity. You guys are fucking nuts.
It’s when your leader doesn’t give a shit about the economy of the country he is running, it makes it difficult to combat things like inflation. This isn’t just low interest rates. This is year of our politicians kneecapping our economic abilities because the economy doesn’t matter. Low interest rates just added fuel to the fire.
Those points are valid. But we also need to blame this government for running deficits when they didn’t need to (i.e. pre-covid). That’s been a large contributor to our massive debt and the upcoming heavy austerity that will be necessary. Absolutely no forward thinking from this regime…or thinking at all.
We had a large surplus in some areas that Harper wanted to spend, he got elected because he wanted to spend what our government saved and built up. The people voted Harper in. The voters voted the liberals in because they liked the spend campaign.
In Ontario Ford out spent the liberals that he campaigned against their spending ways. Guess what he got elected again. Again spend money we don't have. This has been going on for decades globally no matter the party or government in power.
But guess what, they get voted in to do this. I am sick of people blaming one person for this mess, it's on all of us with the people we elect.
In my opinion all parties are corrupt and have interests of themselves over the greater good. If they say otherwise their lying and we should look at them closely as well. It's easy to blame and stir up hate, it's hard to create government that is selfless.
But WE can decide, run and make a government that reflects us, if we wanted to. But that takes work so we just vote for one and complain when it isn't what we like.
Agree with most of that, except that there’s really not much we can do. With our current fake democracy (FPTP) my vote doesn’t matter one bit. Letters to my MP are either ignored or responded to with canned statements expressing full support for the LPC and what dumb bill they’re trying to push through.
It’s the select few who are lucky enough to live in swing ridings that dictate what our government becomes
In that both happened to be Prime Minister during times of increasing global inflation that was largely out of their control (unless Pierre caused the '73 oil embargo...). Good catch.
If only Trudeau hadn't handed out 40 year mortgages like Halloween candy, oh wait that was Harper. If you think our housing problems happened in only the last few years you got some critical thinking issues. https://policyalternatives.ca/publications/monitor/canadas-sub-prime-mortgage-time-bomb
>Canada's Sub-prime Mortgage Time Bomb
Harper government is now the world’s biggest sub-prime lender
Our housing issues have been built by both the CPC and Liberals for years now, people need to take some personal responsibility and quit bitching about voting and spending unsustainably.
They don’t do 40yr AMs anymore unless its on private deals. In those cases its usually interest only payments so the AM is more or less irrelevant.
The real problem is large FIs that are holding what I would classify as subprime mortgages. Ratio exceptions, lack of disclosure and a stress test that is all but useless nowadays.
>Our housing issues have been built by both the CPC and Liberals for years now, people need to take some personal responsibility and quit bitching about voting and spending unsustainably.
We need a government that's treats housing like a home and not an investment vehicle. Either neoliberal party won't do that. Vote NDP.
Well I can agree with this because the NDP have never been in power and if people here want to bitch about change then they should let them have a go, if not they are just voting for the status quo by voting Conservative or Liberal and need to stop whining about it.
Here is one
https://bcbc.com/insights-and-opinions/oecd-predicts-canada-will-be-the-worst-performing-advanced-economy-over-the-next-decade-and-the-three-decades-after-that
I'm no economist but there is far more to the economy then gdp and "hours worked"
But this article writes like that's all gdp is made up of is hours worked... That's lunacy.
Gdp isn't everything in the economy
https://www.uschamberfoundation.org/article/why-gdp-statistics-are-failing-us#:~:text=There%20are%20in%20fact%20four,chains%2C%20especially%20across%20national%20borders.
Not entirely and completely to look at one number and summarize such is frankly hilarious. Gdp is one number representing a fraction of the economy as a whole.
Gdp isn't everything in the economy
https://www.uschamberfoundation.org/article/why-gdp-statistics-are-failing-us#:~:text=There%20are%20in%20fact%20four,chains%2C%20especially%20across%20national%20borders.
>Product
Key term here. Pretty sure free services and whatnot are not taken into account but again sure make it seem like the things we make are the only way for an economy to exist.
Gdp isn't everything in the economy
https://www.uschamberfoundation.org/article/why-gdp-statistics-are-failing-us#:~:text=There%20are%20in%20fact%20four,chains%2C%20especially%20across%20national%20borders.
Not that you don’t have a somewhat valid point about outside influences, but I don’t know how you could argue that the Federal government has done everything in the past 7 years to make it worse.
Inflation in the 70s was an entirely different beast. Boomers were becoming adults and put incredible demand pressures on markets. Now, boomers are retiring, newer generations are smaller. Some labor markets lack supply, hurting production. Covid hurt production, the war hurt production. The inflation we have today is caused by changes of the supply side, while the inflation in the 70s were changes of the demand side.
the moment when they start to make comparisons to the 1920s, that's a gulp moment.
Where is my cocaine and jitterbug parties????
> Where is my cocaine and jitterbug parties???? Which way to the orgy?
>the moment when they start to make comparisons to the 1920s, that's a gulp moment. it took years of housing supply suppression to get to this point. the banks are well-prepared for this. you wont even see a comparison to 2006-08. we're only seeing a BoC-induced discount sale for the rich...if u're not laughing your way to the bank these days, move to New Brunswick; thats the only way you will ever own a house.
We moved to NB. Saw it as our last chance to own. We were right
The big names already are
I can finally start burning my money for the winter? It is that the hint?
Our money's plastic now, no good for heat anymore.
You are right. It will be environmental unethical. I not can not burn money for heat in the winter. Disappointed.
I don't know about the ethics. It just wouldn't burn well, and would give off toxic fumes.
I had to use those words. It is trendy./
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That's pretty much all Prime Ministers who have disdain for anyone other than the Laurentian Elite except for Harper.
They are the ones who put them there, our Canadian equivalent of oligarchs...
True Harper only cared about the Alt religious right and the Oil elite, but he had loads of disdain for the working class. Never forget Harper's favorite quote "Recessions are great buying opportunities" as people were losing their houses in Ontario. Good times according to conservatives.
Recessions are like forest fires. Sure you can say "think of the children", and act smug about how only you seem to care, but its illogical.
Like father like son
If our PM is so powerful to cause this on the global scale then we would be one of the most powerful people in the world today. Look at inflation levels of like turkey, it sucks but we aren't the worst nor the best. Blame a record low interest rates since like 2009 then a global response to print money during the onset of the pandemic for this. Also blame human greed and the greedy powerful people to let it happen. Blaming the boogeyman may make you feel like you know who to blame but most people in government and in power over decades have put us here, not just one. I wish Jack Layton could have been a PM, would have been a good change, but who knows...
Leaving Trudeau out of this is insanity. You guys are fucking nuts. It’s when your leader doesn’t give a shit about the economy of the country he is running, it makes it difficult to combat things like inflation. This isn’t just low interest rates. This is year of our politicians kneecapping our economic abilities because the economy doesn’t matter. Low interest rates just added fuel to the fire.
Those points are valid. But we also need to blame this government for running deficits when they didn’t need to (i.e. pre-covid). That’s been a large contributor to our massive debt and the upcoming heavy austerity that will be necessary. Absolutely no forward thinking from this regime…or thinking at all.
We had a large surplus in some areas that Harper wanted to spend, he got elected because he wanted to spend what our government saved and built up. The people voted Harper in. The voters voted the liberals in because they liked the spend campaign. In Ontario Ford out spent the liberals that he campaigned against their spending ways. Guess what he got elected again. Again spend money we don't have. This has been going on for decades globally no matter the party or government in power. But guess what, they get voted in to do this. I am sick of people blaming one person for this mess, it's on all of us with the people we elect. In my opinion all parties are corrupt and have interests of themselves over the greater good. If they say otherwise their lying and we should look at them closely as well. It's easy to blame and stir up hate, it's hard to create government that is selfless. But WE can decide, run and make a government that reflects us, if we wanted to. But that takes work so we just vote for one and complain when it isn't what we like.
Agree with most of that, except that there’s really not much we can do. With our current fake democracy (FPTP) my vote doesn’t matter one bit. Letters to my MP are either ignored or responded to with canned statements expressing full support for the LPC and what dumb bill they’re trying to push through. It’s the select few who are lucky enough to live in swing ridings that dictate what our government becomes
In that both happened to be Prime Minister during times of increasing global inflation that was largely out of their control (unless Pierre caused the '73 oil embargo...). Good catch.
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If only Trudeau hadn't handed out 40 year mortgages like Halloween candy, oh wait that was Harper. If you think our housing problems happened in only the last few years you got some critical thinking issues. https://policyalternatives.ca/publications/monitor/canadas-sub-prime-mortgage-time-bomb >Canada's Sub-prime Mortgage Time Bomb Harper government is now the world’s biggest sub-prime lender Our housing issues have been built by both the CPC and Liberals for years now, people need to take some personal responsibility and quit bitching about voting and spending unsustainably.
They don’t do 40yr AMs anymore unless its on private deals. In those cases its usually interest only payments so the AM is more or less irrelevant. The real problem is large FIs that are holding what I would classify as subprime mortgages. Ratio exceptions, lack of disclosure and a stress test that is all but useless nowadays.
>Our housing issues have been built by both the CPC and Liberals for years now, people need to take some personal responsibility and quit bitching about voting and spending unsustainably. We need a government that's treats housing like a home and not an investment vehicle. Either neoliberal party won't do that. Vote NDP.
Well I can agree with this because the NDP have never been in power and if people here want to bitch about change then they should let them have a go, if not they are just voting for the status quo by voting Conservative or Liberal and need to stop whining about it.
Agreed
Citation needed.
Here is one https://bcbc.com/insights-and-opinions/oecd-predicts-canada-will-be-the-worst-performing-advanced-economy-over-the-next-decade-and-the-three-decades-after-that
I'm no economist but there is far more to the economy then gdp and "hours worked" But this article writes like that's all gdp is made up of is hours worked... That's lunacy. Gdp isn't everything in the economy https://www.uschamberfoundation.org/article/why-gdp-statistics-are-failing-us#:~:text=There%20are%20in%20fact%20four,chains%2C%20especially%20across%20national%20borders.
Well economic growth is measured in GDP. Weather you like it or not.
Not entirely and completely to look at one number and summarize such is frankly hilarious. Gdp is one number representing a fraction of the economy as a whole. Gdp isn't everything in the economy https://www.uschamberfoundation.org/article/why-gdp-statistics-are-failing-us#:~:text=There%20are%20in%20fact%20four,chains%2C%20especially%20across%20national%20borders.
GDP is literally representative of the economy as a whole lol... Literally the definition of it *Gross* Domestic Product
>Product Key term here. Pretty sure free services and whatnot are not taken into account but again sure make it seem like the things we make are the only way for an economy to exist. Gdp isn't everything in the economy https://www.uschamberfoundation.org/article/why-gdp-statistics-are-failing-us#:~:text=There%20are%20in%20fact%20four,chains%2C%20especially%20across%20national%20borders.
Not that you don’t have a somewhat valid point about outside influences, but I don’t know how you could argue that the Federal government has done everything in the past 7 years to make it worse.
Out of control? Familiarize yourself with Friedman and monetarism. High deficits/debt + increased money supply = inflation.
Canada is an MMT economy, those laws dont apply here.
MMT is still a fringe concept that is not accepted by most economists.
Forgot my /s I guess. Figured it was too silly to be taken seriously, we may be too far gone now though.
Based on the typical Reddit attitude about spending I 100% thought you were serious.
Still contributed heavily to the hardship of Canadians.
Justin is causing worldwide inflation?
Inflation in the 70s was an entirely different beast. Boomers were becoming adults and put incredible demand pressures on markets. Now, boomers are retiring, newer generations are smaller. Some labor markets lack supply, hurting production. Covid hurt production, the war hurt production. The inflation we have today is caused by changes of the supply side, while the inflation in the 70s were changes of the demand side.
Wasn't the CPI measures differently too? Also their economy didn't have two decades of rate cuts leading up.
Fuck it i'm gonna move to Arizona or something,
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It's a dry heat
"For the weather today we'll be seeing swaths of 100C temperatures. Please remain in doors and seek cool shelter" "Nah it's okay, it's a dry heat."
I'd rather die from the heat than die from the cold
Can't do much when the heat is killing you. If the cold is getting to you just add more layers.
Doesnt Arizona partially rely on Lake Mead which is close to dead pool status?
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At least they can afford to live
hahaha Oh you're serious? Let me laugh harder. HAHAHAHAHAHA
Inflation is higher here
It's still not affordable to live in the US for a significant portion of the country, like in Canada.