Blacklock’s- Owe $1.76 For Each $1 Earned
Household debt in Canada is nearly $3 trillion, more than the value of all economic production nationwide, Statistics Canada said yesterday. The cost of credit fees and charges alone was costing billions, a StatsCan analyst told the Commons industry committee.
“By 2024, in August, household debt had reached nearly $3 trillion though the relative debt level slightly decreased to $1.76 for every dollar of disposable income reflecting higher income growth,” said Withington.
Like many things, economics is not a Canadian strong suit.
Is that earned dollar before or after the government shaves off 60% through it’s various tax schemes?
Hopefully it’s before taxes because remember: “most Canadians get back more than they pay”. Lol
That’s how I read it. For every dollar you owe, the government has taxed on an additional $0.76.
I do everything right.. I do not borrow and I can honestly say I cleared out my debt years ago. Own my home free and clear. Substantial retirement savings. But as usual, the government will just have to step in and bail out the deadbeats when the SHTF. They’d never allow the responsible and prudent to reap any sort of benefits from their good decisions, oh no. It’s why I’m thinking of pulling the plug and retiring early. Just to stop paying income tax to our putrid government.
When you tax a hearty 13% of EVERY transaction, but only after taxing income at roughly 50% by the time you include all the federal, provincial, local, and regulatory fees on everything you do or own, then the MONEYLENDERS get their piece of you.
Feature it. You make $50K, They take $25K off you one way or another. Leaving you with $25K for food, rent, and a car. Because Canada, you are very very screwed without a car.
Oops, you need a new alternator. Credit card! Short this week, can’t afford food, credit card! Broke but bored, and you want the new video game. Credit card!
Yeah, no kidding everybody owes $1.76 for every dollar they make. Only going to get worse too. Because why WOULDN’T you pillage the money lenders? They’re doing it to you, right? Turn about is fair play.
Also, and this is something you never see talked about, in an inflationary spiral, saving money is a losers game. The money is losing value, and your bank interest is not keeping up. The way you beat inflation is with DEBT. Instead of your savings shrinking, the value of the money you OWE shrinks instead.
That’s why inflation exists in the first place. So that governments can steal your money without you knowing it by quietly devaluing the money -they- borrowed. If they come up short, they can just print more.
You forgot payroll tax.
Yeah, that’s the other side. Company pays you $50k, it costs them ~$85k give or take. Plus corporate income tax and etc. All of which show up when you buy #widget and STILL pay 13%. Tax upon tax upon tax upon tax.
If you took all that out, everything would be incredibly cheap.
Quebec wants Canada to borrow against its children, grandchildren, etc. fot their entire taxable lives so that seniors can get a little raise for maybe 20 years. Quebec’s hydro power is not part of the equalization payment formula. Enough of borrowing money forever! If Canadians want more money for seniors, suggest a dedicated tax on hydroelectric power production (not petroleum because not everybody uses gas and it’s taxed enough, but everybody uses electricity, and ‘everybody should pay their fair share’), and see how eager people are to go with it.
“If Canadians want more money for seniors, suggest a dedicated tax on hydroelectric power production …”
I’ve got a better suggestion. Slash and burn federal and provincial governments down to the bare necessities. That way there’ll be more money for everyone.
Shrug. Combined federal and provincial debt in Ontario is $59,000.00 for every man, woman and child.
It was my understanding many years ago that Ontarion was the most indebtsd subnational state in Noth America, thanks to Primiers Wynne and McGuinnty. I do not know how it has changed since Ford took over.
He’s heaped it on.
https://en.m.wikipedia.org/wiki/Ontario_government_debt
Thanks.
Looks like California(2022) has 558.69 Billion USD and New York(2022) is at 352.92 Billion USD, and Ontariowe is at $429 Billion CAD ($308.4 Billion USD).
So, 3rd from the bottom?
Compare populations. Way below the bottom and digging hard.