We’re now approaching the point where the bill for all the pandemic Keynesian stimulus is coming due, and the marginal consumer is having a tough time paying it.
Insolvencies, which include bankruptcies and proposals to renegotiate loans, rose 12.3 per cent in May from April and are up 30.9 per cent from the same time last year on an adjusted basis, according to data from Innovation, Science and Economic Development Canada. They are now at their highest level since the start of the pandemic…
Yes, this is sad, but in the famous words of a character from “Coronation Street”, ‘we all have a sad story, and mine is that I have to listen to you”.
I knew someone back in the 80’s and early 90’s, who, over the course of 20 years, went bankrupt 3 separate times. He blamed the government with the defense that the government “promised” this would never happen again. He always got in way over his head on houses and always had large credit card debt, despite having inherited $ 150,000 when his sister died and his partner inherited $ 650,000 when the partner’s parents died. I can forgive bankruptcy once, perhaps because you are “young and stupid financially”. But 3 times? You have a serious problem with money. Perhaps these insolvencies/bankruptcies fall into the same category.
I work for an accounting firm with a large insolvency practice, although I’m not involved with that. I know they had almost no work in late 2020 and 2021. Too much free government money. Now that this artificial stimulus is gone, guess what happens next
I’ve noticed most stores are empty, hardly any shoppers in the grocery stores, hardware stores and shopping centers. I smell the stench of a liberal recession, you can’t spend like they did and keep a country stable. We’re all going to pay the financial costs because of a corrupt liberal/NDP coalition of parasites.