Apparently Deficits do matter during COVID-19: A shocker: City of Vancouver at risk of bankruptcy – April 13, 2020,
Hey, I give credit where credit is due, I’m shocked British Colombia, in general, has stayed solvent as long as it has. I know several people, Liberal friends of mine who live in Ontario (The cost of living in Ontario is pretty darn high) who visited Vancouver and said they’d never go back because it was too expensive and that there were a lot of crack heads(just saying).
Well, apparently after 1-month people can’t pay their mortgages, is anyone shocked? I mean really is anyone seriously shocked that people in Vancouver can’t pay their mortgages? Now as many people know, the whole concept of CMHC was to make renters homeowners, well my dear reader this horrible idea equates to Vancouver’s average rental for a one-bedroom apartment being about $2,100 CAD.
To put things in perspective In Vancouver, $500,000 will buy you a one-bedroom and hey it gets better, a lot of the condos in Vancouver are left empty! Because you know is that Canada has the CMHC and the Bank of Canada basically protecting Canada’s housing market from a crash, real estate is a great place to park your money. Screw the renters! The CMHC is a for-profit Crown Corporation with an impeccable record of making money I mean look at what it’s doing to protect the Canadian housing market from deflation!
Now, if Canada had a capitalistic housing market, the housing market would have deflated a long time ago, but a deflating housing market is bad for the CMHC, imagine if the CMHC had to payout money for bad mortgages? That wold be horrible especially when they can use the power of the State to prevent such a disaster.
But you see once the Canadian Federal government gets involved, nothing can crash, we’ll hyper-inflate the Canadian dollar before anything crashes, we’ll tax Canadian citizens to death before the Canadian housing market crashes, we’ll raise taxes as high as possible before the housing market crashes, hell, we’ll even put our health care professionals at risk of death before we let the housing market crash!
I’m sorry B.C but I think the funniest thing ever created was Government-run auto insurance 😭🤣 I mean seriously what could go wrong 😭🤣? I laughed for like 20 minutes when I first heard about ICBC 😭🤣 somebody actually thought it was a good idea 😭🤣!
Anyway in other news before I get to the point, take a look at the taxes the NDP came up with, B.C has so many taxes that when Justin Trudeau created the carbon tax he looked at the province of B.C and said to himself “I’ll pass on that one!”
Climate Change Taxes – Here’s a list of all the taxes people pay on a litre of gas in B.C.:
- Provincial motor fuel tax (Metro Vancouver) — 1.75 cents
- Provincial motor fuel tax (everywhere else in B.C.) — 7.75 cents.
- B.C.’s carbon tax — 8.89 cents.
- The B.C. Transportation Finance Authority tax — 6.75 cents.
- TransLink tax (If you live in Metro Vancouver) — 17 cents, increasing to 18.5 cents on July 1.
- Transit tax (If you live in Victoria) — 5.5 cents.
- Federal excise tax — 10 cents.
- Finally, pay the five per cent Goods and Services Tax on top of the total price.
So yeah, just so I’m clear, Rose Mary Barton of Canada’s State-Run Media the CBC was only joking when she said deficits don’t matter. Canada’s State-run media takes deficit spending very seriously, without it they’d go bankrupt, so everybody should know that when Rosemary Barton of Canada’s State-Run media makes a joke about Deficits, you should know what she means! She was clearly referring to whatever she was referring too!
It’s pretty clear I meant do they matter to the govt…
— Rosemary Barton (@RosieBarton) November 23, 2018
On the flip side, the Vancouver government doesn’t know what it means, because they’re broke and they’re making a plea for help. I don’t know if they accept donations, a lot of people can’t pay their mortgages and because Canada’s socialist housing market scheme isn’t allowed to deflate some government entity better step in and do something about it!
Because what we don’t want in Canada is lower prices for anything, that would be bad, we don’t want those pesky capitalists buying condos and renting apartments at rock bottom prices, that would be horrible imagine the horror of a deflationary housing market!
In a more serious note, as I’ve stated plenty of times, the problem Canada is going to be faced with, in the very near future is austerity measures! Our productivity level has been on a decline even under Stephen Harper, and Justin Trudeau accelerated it and to top it off, now we have COVID-19 and the response so far has been to print money and provide liquidity.
Now, all of this government stimulus is nice, but the money will be going into essential services many of which are Government-run or Government regulated. When we come out of this COVID-19, what I don’t know if Trudeau understands is that the economy would have deflated, however, Trudeau’s cabinet’s economic policies will be operating with added regulations on a deflated economy.
Regulations raise the barrier to entry, which make an economic recovery a lot harder, on the people trying to revive it. I get that Leftists don’t’ understand this, but well, hopefully I’m wrong and everything will be business as usual. Vancouver, in my opinion, is just the beginning, the price tag to maintain the Canada’s public sector is no joke, and I remind people that Crown Corporations should be considered public services also because a crown corporation has no competition, meaning they have no market price.
ICBC now has the highest car insurance rates in Canada, why? Because the ICBC workers’ needs come ahead of the consumers. Once the government takes over an industry there is no mechanism for price discovery. You can only figure out the price of something if there is competition, so a lot of the prices Canadians pay are inflated because of Government intervention.
But you see, a lot of Canadians don’t know that yet, and it’s unlikely many will ever know that that’s what makes what could be headed Canada’s way so painful because when the crash hits, concepts and ideas people had that molded their socialist identity are going to be destroyed!
The Union of Soviet Socialist Republics didn’t see the obvious, because they viewed their system as a superior one to a market-driven greedy capitalist system, but from the eyes of every capitalist the writing was on the wall, the socialist system would fall on its own, you can’t save when the government is growing and taking from you, if your society is debt-driven you’d be wise to save your manufacturing sector, but you see in Canada manufacturing is considered dirty by the environmentalists and therefore Canada’s manufacturing jobs are being replaced with imported goods and service sector jobs.
Deficits really start to matter when you’re dependent on imports! I hope Canadians will wake up soon!
COVID-19: City of Vancouver at risk of bankruptcy, says mayor
| vancouversun.com
Interesting times ahead!