Canada’s $1.1-trillion debt is shockingly high – it threatens all that we value

[The_Foxer]

Opinion: Canada’s $1.1-trillion debt is shockingly high – it threatens all that we value

We need to make difficult decisions now to prevent high inflation and a slowing economy

www.theglobeandmail.com

We saw this after the last trudeau. That wasn't nearly as bad as what we've got now and it still lead to massive stagflation, debt, and a decade of really weak growth and job opportunities for young people. The lack of investment lead to the beginnings of the current housing crisis.

Think about this - every single dollar borrowed by any gov't before now, every dollar borrowed by harper, or mulroney, or by the previous trudeau, or by every single prime minister that came before.... every single dollar borrowed - trudeau has borrowed that much combined and then some. He has more than doubled our entire national debt.

And there's still three years to go. When the hell are people going to wake up to what a disaster he is.

 

[pgs]

My mom was a liberal , my dad was a liberal all my grandparents were liberal and I am liberal dammit . Why do I need to do politics the hockey game is on .

 

[The_Foxer]

My mom was a liberal , my dad was a liberal all my grandparents were liberal and I am liberal dammit . Why do I need to do politics the hockey game is on .

sadly not without merit - but hopefully they'll reconsider when they can't afford beer or popcorn for the game

 

[Jinentonix]

Duhhh dont worry. Bujets balance demselfs.

 

[The_Foxer]

Duhhh dont worry. Bujets balance demselfs.

I think he believes that if the debt gets high enough the counter goes past the max and just cycles back to zero again.

 

[Ron in Regina]

I think he believes that if the debt gets high enough the counter goes past the max and just cycles back to zero again.

Odometers don’t flip anymore. Too much room for abuse I’m told. You can’t turn them backwards or you break a one-way plastic gear (analog odometers), but you use to be able to spin them forwards….

Now they’re digital, & when they hit 999,999.9kms they just stop (and the tripometer gets confused and just stops too). Had it happen, recently, to this:

It’s only a 2015, but hit (almost) a million & quit. For $1500 Dodge would install a new gauge cluster. Took 3 weeks of haunting to get it complimentary…not our fault the manufacturer didn’t expect someone to get this many KM’s (so far) out’a one of their products.

Ya’ learn something new (or old) everyday…& like odometers (both analog and digital now)….well, you know.

 

[The_Foxer]

Now they’re digital, & when they hit 999,999.9kms they just stop

With justin at the helm, we better hope this is how our debt works....

 

[spaminator]

quadrillion here we come.

 

[bob the dog]

From April 2022,

"Payments on the interest of Canada’s national debt will grow to $42.9 billion per year by fiscal year 2026-27, according to the budget released on Thursday".

$75 million daily interest charges and politicians in the top 1% of all earners.

Don't worry, be happy.

 

[Taxslave2]

Odometers don’t flip anymore. Too much room for abuse I’m told. You can’t turn them backwards or you break a one-way plastic gear (analog odometers), but you use to be able to spin them forwards….

Now they’re digital, & when they hit 999,999.9kms they just stop (and the tripometer gets confused and just stops too). Had it happen, recently, to this:
View attachment 16658
It’s only a 2015, but hit (almost) a million & quit. For $1500 Dodge would install a new gauge cluster. Took 3 weeks of haunting to get it complimentary…not our fault the manufacturer didn’t expect someone to get this many KM’s (so far) out’a one of their products.

Ya’ learn something new (or old) everyday…& like odometers (both analog and digital now)….well, you know.

That means the manufacturer has the same faith in their vehicles as the rest of us.

 

[Dixie Cup]

https://twitter.com/i/web/status/1637308252642787328

This explains everything!!

 

[55Mercury]

quadrillion here we come.

problem with numbers that large are when a simple decimal place error can cost billions.

so count on lots of them!

 

[bob the dog]

I wonder if part of running the stock market down is to keep people from retiring. Holdings are 15% of where they were two years ago.

To think they used to be able to talk a person in to borrowing money to save for the future.

 

[petros]

I wonder if part of running the stock market down is to keep people from retiring. Holdings are 15% of where they were two years ago.

To think they used to be able to talk a person in to borrowing money to save for the future.

Months ago Freeland clearly stated she was going to "unlock peoples saving to kickstart the economy".

 

[bob the dog]

Months ago Freeland clearly stated she was going to "unlock peoples saving to kickstart the economy".

Impossible to lose shorting the market when everything is at 10% of it's book value. If I was a desperate Russian oligarch that is the game I am playing.

There are no savings left. Those with public sector pensions will be more than fine.

 

[petros]

Impossible to lose shorting the market when everything is at 10% of it's book value. If I was a desperate Russian oligarch that is the game I am playing.

There are no savings left. Those with public sector pensions will be more than fine.

Thats the point, it allows companies to buy back their own shares. These asset boosts make it easier to raise capital to expand. Its a Corporate bail out using your money without stirring leftist hate against Evil Corp LLC.

 

[spaminator]

Total Canadian debt hit new record in first quarter: TransUnion
Author of the article:Canadian Press
Canadian Press
Published May 31, 2023 • 1 minute read

Canadians’ combined outstanding debt hit a new record in the first quarter, reaching $2.32 trillion, TransUnion said Wednesday.


As the cost of living rose with high inflation and interest rate hikes, many Canadians turned to credit to alleviate financial pressures, the credit reporting agency said in its latest industry insights report.


The number of Canadians with access to credit grew 2.9 per cent year over year, led by subprime consumers, which grew by 8.3 per cent, TransUnion said.

However, the agency said consumers considered prime or higher still make up almost three-quarters of total consumers with a balance, characterizing that as a “relatively healthy risk distribution.”

Credit card originations were up 20 per cent amid heavy competition in the market, while the average line of credit monthly payment increased by 43 per cent to $436.


Mortgage origination dropped 32 per cent year over year as higher interest rates slowed demand for new mortgages, especially in the refinance market.

Meanwhile, serious consumer delinquency increased, though TransUnion noted that overall delinquency levels remain below pre-pandemic levels.

“The financial position of Canadian credit consumers improved coming out of the pandemic, bolstered by higher savings accumulated through the pandemic and supported by a strong labour market,” said TransUnion director of research and industry insights Matthew Fabian in the report.

“However, the longer the current conditions of elevated inflation and higher interest rates persist, the more likely it is that a segment of more vulnerable consumers may increasingly feel the pinch,” he said.

“As available disposable incomes become more stretched, we expect a segment of consumers will be more likely to miss payments, and as a result, that delinquency rates will rise.”

Average consumer balances on most credit products rose, with the average credit card balance up 11.4 per cent to $3,909, and the average mortgage balance up 7.1 per cent to $349,178.

TransUnion expects credit trends for 2023 to be mixed due to the uneven impact of higher inflation and interest rates.

Total Canadian debt hit new record in first quarter: TransUnion

Canadians' combined outstanding debt hit a new record in the first quarter, reaching $2.32 trillion, TransUnion said Wednesday.

torontosun.com

 

[Dixie Cup]

Total Canadian debt hit new record in first quarter: TransUnion
Author of the article:Canadian Press
Canadian Press
Published May 31, 2023 • 1 minute read

Canadians’ combined outstanding debt hit a new record in the first quarter, reaching $2.32 trillion, TransUnion said Wednesday.


As the cost of living rose with high inflation and interest rate hikes, many Canadians turned to credit to alleviate financial pressures, the credit reporting agency said in its latest industry insights report.


The number of Canadians with access to credit grew 2.9 per cent year over year, led by subprime consumers, which grew by 8.3 per cent, TransUnion said.

However, the agency said consumers considered prime or higher still make up almost three-quarters of total consumers with a balance, characterizing that as a “relatively healthy risk distribution.”

Credit card originations were up 20 per cent amid heavy competition in the market, while the average line of credit monthly payment increased by 43 per cent to $436.


Mortgage origination dropped 32 per cent year over year as higher interest rates slowed demand for new mortgages, especially in the refinance market.

Meanwhile, serious consumer delinquency increased, though TransUnion noted that overall delinquency levels remain below pre-pandemic levels.

“The financial position of Canadian credit consumers improved coming out of the pandemic, bolstered by higher savings accumulated through the pandemic and supported by a strong labour market,” said TransUnion director of research and industry insights Matthew Fabian in the report.

“However, the longer the current conditions of elevated inflation and higher interest rates persist, the more likely it is that a segment of more vulnerable consumers may increasingly feel the pinch,” he said.

“As available disposable incomes become more stretched, we expect a segment of consumers will be more likely to miss payments, and as a result, that delinquency rates will rise.”

Average consumer balances on most credit products rose, with the average credit card balance up 11.4 per cent to $3,909, and the average mortgage balance up 7.1 per cent to $349,178.

TransUnion expects credit trends for 2023 to be mixed due to the uneven impact of higher inflation and interest rates.

Total Canadian debt hit new record in first quarter: TransUnion

Canadians' combined outstanding debt hit a new record in the first quarter, reaching $2.32 trillion, TransUnion said Wednesday.

torontosun.com

Wonder what the stats are for bankruptcies?

 

[Tecumsehsbones]

Not great, but hardly a crisis. Some encouraging signs in the numbers.

 

[petros]

Wonder what the stats are for bankruptcies?

Not great, but hardly a crisis. Some encouraging signs in the numbers.

Posthaste: Canada among countries most at risk of housing crash spiralling into a bigger crisis, say these economists

Oxford Economics warns global risks of housing market crashes spiralling into banking crises are now higher than historic norms. Read more

financialpost.com

Encouraging.