The largest year-over-year increase in over a decade.
Canadians continue to struggle amid worsening economic conditions.
According to Statistics Canada, consumer bankruptcies have surged 22.5% year-over-year.
The Q3 increase in consumer insolvencies was the largest percentage increase since 2009, when Canadians were being hit by the global financial crisis.
Although many have forgotten, bankruptcies in Canada were already picking up before the pandemic. While economic activity collapsed during the pandemic, bankruptcies actually slowed due to massive government spending and central bank money printing.
But that has only delayed the rough financial reckoning, as the absence of economic activity cannot indefinitely be covered up by throwing money everywhere.
When production doesn’t keep up with the increase in the money supply, when taxes go up, and when interest rates have to rise, price increases are inevitable.
Higher taxes, higher prices
The Liberals could easily take some actions to help Canadians at this time.
Instead, they have decided to keep raising the carbon tax.
So, we are watching more and more Canadians struggling and suffering economically, with rising prices pushing more and more people into bankruptcy while the Liberal government deliberately makes things worse.
Spencer Fernando
Photo – Twitter
