While the economy may be growing for the elites, more and more Canadians are finding it tougher just to stay afloat.
In the wake of the Paradise Papers and revelations about how the elites stash as much wealth as they can overseas, a new survey from the Canadian Payroll Association details the economic struggles facing many Canadians.
As first reported by the Canadian Press, “The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week. The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.”
Also, “For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.”
While some say that these growing debt problems are because of higher spending among Canadians, it’s essential to point out that higher spending is not because of frivolous purchases. In fact, 32% of those who reported increased spending said it was because of higher living expenses, while another 25% said it was due to unexpected expenses.
This is the sign of a broken economy, when almost half the population is just barely scraping by, and are just one problem away from possible financial ruin.
With these numbers in mind, it’s no surprise that Justin Trudeau is getting poor marks for his handling of the economy.
Trudeau’s policies have helped the elites, while raising the cost of living for the rest of us, with the added “bonus” of taking more out of our pockets.
This forces people further into debt in an effort to make ends meet, and causes even more financial vulnerability.
Keep that in mind the next time Trudeau tries to say how much the economy is supposedly “growing.” it might be growing for him and his buddies, but it’s not growing for most of us.