Currency detached From Productivity Won’t Fixed Canada’s Debt Problems – Hey Pamela Heaven Consumer Debt Topped $2 Trillion – February 26, 2021,
If people wonder why the mainstream media requires bailouts in Canada, it’s because Canada’s mainstream media has one simple job which is to report the news. But instead of reporting the news for what it is and being unbiased, the mainstream media has to put their political spin on things to avoid making their preferred politician look bad.
So when your money is on the line you do research, I’m forced to do research on the Canadian economy because my personal wealth is at stake, one of the sources I turn to is Equifax, now according to Equifax in November 2020 Consumer debt in Canada topped 2 Trillion dollars.
One of the overlooked sectors in the Canadian economy the auto loan sector. During the pandemic in 2020, I want the reader to understand that consumer debt went up by 3.8 percent meaning while Justin Trudeau was giving out money like it was free candy, Canadians weren’t saving currency they were SPENDING even more Canadian currency.
In her article below Pamela Heaven doesn’t even mention the auto loan bubble well in case you didn’t read the Equifax article I point to above new auto loans led the way in driving total consumer debt one of the reasons is pretty obvious because people became uber drivers etc.
But what should be concerning is that gas prices are up, because well, you know the Green New Deal is soon to become law in the United States, and auto loans unless profitable are liabilities on the balance sheet. Being that I was writing about the dangers of Donald Trump being ousted by Joe Biden was higher oil prices, bad journalism who only wrote about Donald Trumps’ social policies completely missed the ball on telling Canadians that a Joe Biden presidency will lead to higher oil and gas prices.
If Canada had good journalism, this auto loan bubble wouldn’t be as bad, because Canadians would have been warned ahead of time. Furthermore, cars require maintenance, I tend to laugh whenever people talk about automation, which requires a lot of maintenance because cars that are on the road 24/7/365 need to see a mechanic more frequently and if the person opts for a lease over finance, that person could be stuck in the rat wheel of constantly having to upgrade their vehicle.
The worst type of loan in my view is an auto loan because the price is fixed and the asset will depreciate rapidly. In her article below. Now, you can’t tell me the people she selectively interviewed don’t know about the auto loan bubble? The auto loan bubble isn’t even mentioned.
There is a push for UBI, but similar to minimum wage laws, no sane person wants to just get by in life, people take on risk to achieve wealth and without these people taking on risk to achieve wealth the Canadian economy will crash. Well the problem with modern-day socialists in Canada is that they’re trying to kill the spirits of these people by rewarding the unproductive.
I wish Uber was around when I was a kid, I didn’t become a taxi driver because of all the regulations, now, in the modern era, the gig economy is actually deflating prices, however, the government in fears that people will embrace liberty is trying to buy votes, UBI sounds sexy until you understand that it will lead to unproductive people and in my opinion what the writer of the article below is trying to accomplish in her piece is that giving away free money is good for the Canadian economy in the short and long term.
Well, if you’re getting paid to do nothing, inflation won’t matter much to you, but just remember one thing, when you’re unproductive, eventually, the rug will be pulled from you and you’ll have no bankable skills to offer in the marketplace.
Interesting times ahead!