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But consumer spending is up it dipped at the beginning but once cerb hit it started to get back to normal spending.Quote:
Originally Posted by JBen
I don't understand why when we are in the middle of pandemic. I sure as heck have no extra cash and spending less lol.
It will come back and bite many . People think 2008 was bad lol.
https://thoughtleadership.rbc.com/co...nding-tracker/
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Oh it's going to be a mess.Quote:
Originally Posted by impact
The government thinks it can do whatever it wants. Take advantage of it all it's only run by corruption and greed.
People think the government rules the people but the truth is the people do whatever they want to . It's our choice but people have no voice and just go with the flow thinking it will better them .
But it's all just a big game for power isn't it? A big political game [emoji1787] [emoji23]
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Of course the government what us to spend money...they get the tax off every $ spent...that's their income, they've run the well dry and need more.
They've already tax it once before we got it in the bank, now they want us to spend it so they can get tax it again. HaHa...
Remember back in the aftermath of 911...when people wouldn't get back on airplanes and the economy was tanking. After 6 weeks they did the same thing, asked everyone to start taking holidays again....for the economy. And they were not wrong, there are a lot of places that exist only because of the tourist industry. That was after only 6 weeks, this Covid will screw up, especially foreign, tourism for many years.
Anyone booking a cruise ? Trapped on a ship with 4K people going to foreign ports HaHa...
case in point of impact:
Quote:
In a typical year, roughly 500,000 Canadians -- many of them from Quebec -- spend the winter in Florida, said Evan Rachkovsky, a spokesman for the Canadian Snowbird Association. Many gravitate to Hollywood, and have done since the 1920s, when labourers from Canada helped founder Joseph Young build the city from scratch.
Their ranks are expected to plunge 70 per cent this season, Rachkovsky said, to say nothing of the likely impact on short-term visits. Together, snowbirds and short-termers typically spend more than US$6 billion in the state each year.
Even politicians we hate, even disgustingly inept ones can be “right” occasionally. Ford too, has spent boat loads. Dug us even deeper than we already were. Who is going to pay for all this. Our grandchildren’s, grandchildren?
“Best case” is people start spending like crazy ( not going to happen). People are stressed, losing income, worried about the future.
We’ve thrown the have nots ( about 60% of the population) under the bus. And even many of those that “make it to shore” are going to be hurting for years to come.
Meanwhile, about 20% or 30% of the population is skating through this.
Government stimulus.
Always helps, but is usually good for some people, not others. Classic is example is yet again GM and Oshawa. 800 million from Ford and Trudeau for 2,000 in the GTA....
We are a consumer soceity. Our economy is a consumer economy. And that means....
Will also add, I am now in the sub prime world. That world where the majority live. Want to guess what I’m seeing these days? More and more people whose incomes are dropping, more and more people whose credit resumes are dropping.....Also fully expect my business to explode in 2021.
Just curious. How does O’Toole plan to supercharge the economy, pay off billions in more debt, and give the have nots a life ring? Or at the least not crush them any further. Or given they have no plan, do they think budgets balance themselves.
Translation of what Chrystia Freeland said, incase you guys havent read between the lines yet:
" My less-than-competent Liberal government has spent money like drunken sailors and put this country into a record amount of debt...in the near future to "unlock" your savings all banks will offer negative interest rates on any savings accounts so we can "get this economy going again"
What an absolute joke, record debt, shrinking GDP, carbon tax, recently increased CPP in Jan, and you know HST is going up in the near future..we have absolute fools at the wheel in control of this country its a dam shame
Lol Kokes.
Not a bad translation.
Negative interest rates.
The possibility is a wee bit more real. But I doubt it.
HSBC just announced 5 year variable mortgages starting at .99%. But only for borrowers with less than 20% down. And that because those mortgages are insured. Which means they are lower risk to the banks.
Can say, banks are getting stingier on approvals for financing. We’ve been seeing that since late summer. On one hand “can’t blame them”. On the other, it’s not helping the economy. The less people “spend”.....
Just last week I tried to help a PSW get a loan. Her income is dropping, fewer hours. Had to explain her banks want recent pay stubs, not ones from the summer. “Sorry no loan for you”
*************
Prior to 2020 more than 50% of the population were subprime. If your Subprime loans for anything are harder to get. And rates are higher...
People have been deferring mtg, loan, credit payments. People are seeing their incomes drop, their credit scores drop. And not a few people. Boatloads...
The average household savings for 80% of the population is $850......
Meanwhile......
Anywho, with respect to what Freeland said or was talking about. She’s “right” ( note quotes).
Jben
It's only going to get worse more debt and fake money getting tossed out the door only for more shutdowns.
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The have already started the ball rolling. No where near affected but can easily trickle down should they chose to play with numbers and start removing trailing zero's so that everyone pays.
"The NDP will propose a motion calling for a tax on people with fortunes over $20 million"
"The PBO estimated 13,800 Canadian families would pay the tax and that it would bring in $5.6 billion in 2020-21"
https://www.cbc.ca/news/politics/ndp...-day-1.5789923
Tend to agree Fishfood.
Back in the summer, once we “re-opened”, the economy briefly jumped back. All that “pent up” spending. Or as Freeland called it “pre loaded stimulus”. It was extremely evident in real estate. But did it come all the way back? Not remotely.
Later this winter or spring we can hope for things to be more “normal”. But back to 2019 normal? Lol please. Even the most optimistic think it might be 2023. Before we are back to 2019.
And what does all that mean for “the middle class”. Who prior to 2019 were already sucking wind. Basically all the old arguements here over the years. Things like CPP, and an aging population, the greater numbers of whom live pay check to pay check. Can’t save, can’t live a little, etc etc etc. and the fact, now, in 2020 they’ve been thrown under bus.
We can hate on JT and rightfully so. Fords doing no different.
Which ever, what ever and whenever the dust starts to settle.
The economy, and especially for the “have nots” it’s going to be in tatters.
And
both provincially and federally, we are going to be so far in debt......
That's because the health care system is running our economy.
Wasn't it the health care that wanted the guns banned [emoji724] [emoji1787] it will make their job easier they said . Why because people who can't think for them selves don't see the real pictures the real problems. If they did they would of tackle the real problems .
The long term care homes are being battered why ? It's not the publics fault or the restaurant open that's created these outbreaks.
The focus should be there not about closing the economy. The problem should of been dealt with months ago but it's not and the economy will suffer.
I feel bad for the millions of Canadians that are suffering trying to make an honest living on the verge of loosing everything.
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