Economic pessimism is reaching levels not seen in a long time.
While the political establishment continues tone-policing and denouncing anyone who dares to question our institutions, a new survey by Angus Reid demonstrates the extent to which more and more Canadians are struggling.
According to the poll, 49% of Canadians say it is difficult to afford to feed their family, compared to 48% who say it is easy to do so.
When nearly half the country is worried about being able to afford food, you know we are facing a serious problem.
Economic pessimism is also reaching levels not seen since the 2008 financial crisis.
36% of Canadians say they are worse off financially than they were a year ago, the highest number recorded in over a decade.
By contrast 24% say they are better off now than a year ago.
Additionally, the number of Canadians who say they think they will be financially worse off in a year has risen to 28%, also the highest number in over a decade.
Debt worries
64% of respondents said that debt is either a major source of stress or a minor source of stress.
19% said debt was not a problem at all, and 17% said they don’t have any debt.
Shouldn’t massive government spending have fixed all of this?
According to the ideology of those who buy into statism, this shouldn’t be happening.
After all, the Bank of Canada ‘printed’ a bunch of money, and governments massively increased spending.
Surely, Canadians should be far better off, right?
Of course, we know that’s not how it works.
At the end of the day, real things need to be produced, and real gains in productivity are necessary for our standard of living to increase. There is no way around this.
A currency itself doesn’t generate wealth, it measures wealth.
If the supply of goods is steady or declining, but the supply of money increases, it doesn’t make more goods magically appear, it just makes goods cost more (in reality money loses value but this appears in the form of rising prices).
So, the massive expansion in the money supply combined with lockdowns and policies like the carbon tax could only result in one thing:
Weaker productivity & rampant inflation.
Additionally, even before any of the most recent crises, Canada was being subjected to a dangerous big-government experiment where a distorted housing market and surging government spending replaced actual productivity growth.
However, that type of growth is merely borrowed from the future, and must be paid back. It’s not sustainable, because it’s not based on productivity increases.
And so, our country is now paying the price for years and years of failed policies.
We can either remain locked into a statist, big government mindset that is incompatible with our highly competitive and rapidly changing world, or we can embrace fiscal responsibility, sound money, and the individual freedom that fosters entrepreneurship, creativity, efficiency, and real growth.
Spencer Fernando
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