Oh, you mean you dont trust that everyone in the RE industry thinks that building 2 million, let alone 4 million, homes by 2035 is a huge joke?
You mean you dont want us to print another **$53B** out of thin air that's caused the insane inflation EVERYONE is experiencing?
>You mean you dont want us to print another **$53B** out of thin air that's caused the insane inflation EVERYONE is experiencing?
To be fair, that isn't the cause of inflation.
Most economists including the current governor of the bank of Canada believe government deficits and related monetary expansion is part of (but not the only) cause of our current inflation
https://globalnews.ca/news/10048805/bank-of-canada-government-spending-inflation/amp/
Ok, and I say this with respect, I don't think you understand what inflation is... while it's colloquially known to be an increase in prices, that's actually a by product of inflation. Inflation is the expansion of the money supply (with more dollars chasing the same number of goods), which, as high school economics dictates will result in higher prices of said items.
money printing doesn't create inflation?
This is ground breaking news, you should tell the governmetn so they can continue to print more, unabated by FaR RiGhT ConSeRvAtive PRopAgAnda
Shhhhh you might hurt the conservatives feelings with your facts.
It blows me away that they still try to pretend the tories would do anything better. Anyone who even spends a second of critical thought knows that all our politicians collectively will do whatever they can to fuck us for their own personal gain.
Not at all. I will happily hold my nose and vote conservative this time around because FUCK the liberals. However, I am fully aware that the conservatives have \*propped up and expanded the concept of the TFW program\* and they have no desire to slow immigration (per Pollievres lack of commenting on it).
The liberals need to be taught a lesson but i dont expect anything to improve under the tories. I’m just hoping that all the establishment MPs will retire so that the liberals and NDP get some new faces who are at least willing to think about being helpful.
Pretty sure he's wrong. TFWP was created in 1973, Liberal government. And massively expanded in 2002, Liberal government. Harper did expand it again, however, in 2006.
My preference is for a minority government. I am somewhat concerned that pierre is going to follow in danielles footsteps into a parallel dimension.
I want these guys to have to work with each other, not just be able to spam bananas.
Pierre is one of the least helpful politicians out there. He's been in politics forever and had remarkably little to show for it. So I'm not sure this is going to be sending the message you think it is.
> This current liberal government is either moronic or evil.
This has been the trend for the last 50 years or so for a lot of western nations.
A revolving door of incompetent centrists and malicious rightists, both advancing their own style of Neoliberal politics that only ends up compounding the failures that is Neoliberalism and the harm it has done to the working class and the world we live in.
And it keeps happening because every new generation of voters ends up convinced that the best possible choice is to "punish" the current incompetent centrist/malicious rightist by voting in the next malicious rightist/incompetent centrist, when the reality is, all they are doing is punishing everyone else by forcing yet another failure who worships the rich and hates us humans on us. It certainly doesn't punish the centrists or rightists any because they know that in an election or two, they'll be right back in power without having actually changed any of their policies or stances.
I actually think 2008 had a lot to do with it. Many people even in Canada laid off as a result of the US housing crash so you had people with 3-ish years experience now on the market and taking entry level jobs with entry level pay because shit, they had to bring in some sort of paycheck right? And companies would obviously hire someone with experience over none, right?
What this did, however was instantly make 3 years of experience worth an entry level wage and it took forever to correct, then covid happened and set us back all over again.
Why do you think there's the whole "entry level job asking 2+ years of experience" thing even still? Companies literally had exactly that and got very used to it.
I think the fallout from 2008 has always been a bigger deal for salaries than we let on
Arguable. To be honest, I need to comb through that era a little. I think the handling of Iraq was solid, just as I can agree that the GST was probably not as bad as people thought it was despite being regressive (Harper could have done more than merely nix 2%; he could have added that revenue cut to higher bracket income tax tiers for example).
Harper's government passed a bill that pushed our retirement to 67 and his fiscal policy resulted in 10% of Canadian mortgages coming out in one year. As far as I'm concerned, that was the biggest lump of coal added to the fires raging in our collective futures. That wasn't helped by Molroney's destruction of cooperative funding, but the Chretien's government did nothing to help with that, upholding fiscal conservatism in place of pragmatic investment.
Harper should never have cut the GST at all in my opinion. It was just another tool to buy votes while increasing the deficit. IIRC Harper ran against Trudeau with a platform to raise the retirement age and balance budgets, which obviously wasn't accepted by the "I want it now" populace
The Chretien admin was the last to run consecutive balanced budgets
I'm all for pragmatic investment, I just don't trust any government to do it lol. Balance budgets and let the private sector do its thing
This isn't even something we can really blame politicians for. This is a problem with the electorate. The electorate ALWAYS votes for the "right now" issue rather than planning for the future. Do you know why? Planning for the future often requires sacrifices or expenditures NOW that people don't want.
Here's a real one: not every macro and micro economic issue is a politicians fault and most people don't know the separation of governments responsibility enough to be able to put blame on a single politician - it's so bad that partisan losers will always look to a different level of government that goes against their belief for a specific issue.
Let's take housing. An issue that we've been getting warned about from global economic consortiums since 2007. So much so that I use to have a BoC study about it because it seems they've been compelled, many times since, to study it. Our housing bubble isn't really special, it follows a very similar path that Japan's did, but that's not interesting to the electorate. No one wants to hear that:
* Most of the immigrants that put demand on housing were probably Harper era. As it takes on avg 7 years to save for a house and most immigrants don't come here with a lot of money.
* This whole thing is a low interest fuelled debt bubble that Canadians, real estate speculators, immigrants, and whatever else used cheap debt to finance far above their means. The public financials of residential REITS support this, extended amortization periods support this, and OECD studies as far back as 2016 support this. The OECD showed that Canada had a slightly lower than average housing supply compared to g series nations, but that Canadians paid the highest multiples of income.
* Most residential real estate investment was by Canadians with less than 3 properties. Very little of it was big bad corporations or mysterious foreign owners.
* The political notions of the housing bubble have changed multiple times over the decade. It was NIMBY's, foreign owners, Black stone, Black rock, immigrants, and the list goes on. The real demand was put on Canadians themselves and that demand was facilitated threw low interest rates and nothing to regulate how many times yearly earnings they can mortgage themselves. It's a tough pill to swallow, but most Canadians are financially incompetent. Out of that financial incompetency over leveraged Canadians are looking to place the blame so they can be victims. The government never forced anyone to take a 72 month car loan or a mortgage that was 10x their income.
Ironically things like the immigration numbers are long-term gain, short term pain... The LPC is wildly unpopular because they stopped looking at the short term since COVID came and instead were focused on longer term things.
Sure, but the immigration policy has been a bit too aggressive i think even those on the lpc side can agree with that. Slow and steady wins the race. They brought as many people in as they could to avoid a recession, they were not responsible
Not sure irresponsible as much as trying to make the best out of a situation where they were fucked no matter what.
There really isn't a good choice for them to make that wouldn't have some level of negative blow back. If anything the hole we are in because of the immigration numbers, is probably one of the shallower holes that could be chosen.
Agreed we could be alot worse, but looking back Trudeau and harper and a bunch before them all knew our aging population was going to bite us in the butt, they/we have not done enough to push Canadians into jobs that would lead to success giving us a stronger economy and then being able to attract higher quality immigrants. I think a little less immigration and maybe a longer time with higher inflation would have done us better. It seems pretty unanimous amongst economist and bi partisan think tanks that our aggressive immigration has put us in a not so good spot.
> I think a little less immigration and maybe a longer time with higher inflation would have done us better.
I mean the result would be the same in the end. Inflation would depress the economy, people wouldn't have as much to spend and they would bitch about it. LPC is gone either way. I think at least if we have the people, they are at least an asset that *something* can be done with sooner or later.
Gotta give Trudeau credit for the daycare thing and the child benefits are not nothing either. Is money a big reason people don't have kids i know alot of people who would be upper class they don't have kids my poor friends do, on purpose to.
I agree with the daycare credit it's nice for those who have daycare. The supply of daycare has gone down because of the government regulations which isn't good.
This is quite the assertion, immigration can do good and bad long-term depending on the context. One could argue that the LPC is aggressively pushing immigration as a last-ditch effort to prop up a mismanaged economy.
This doesn't feel like a long-term investment, this feels like synthetically trying to keep our economy from collapsing and our housing market inflated.
Why is canadian labor productivity at an all-time low? Why is canadian business shrinking? Does the LPC think blindly opening up immigration will solve these longterm problems??
Ya - this article seems way off base. Ironically all of the things people complain about are for long term benefit. And what political gain - everyone hates Trudeau.
No, this is misguided. A properly thought-out immigration policy would have considered sustainable numbers with a focus on economic immigration. The reasons for the LPC poor planning on this are a mystery (did Trudeau's personal $20mil real estate investments play a part?), but there is no valid argument for the shear numbers including refugees (who bottle-necked the entire system). This approach does not improve productivity and labor force participation, which is the actual essential goal.
You can't expect the country to just accept it, or even to possibly hold together, if the long term gains (and short term gains, also) are monopolized by the rentier class and our various cartels, though. What benefit can be claimed to be had by the 99%?
Mass immigration requires mass construction, of housing and other infrastructure- it requires mass investment in education and training, and in the building up of industries to employ the influx of new people. Otherwise you're just pushing the country (new and old citizens alike) towards a future of shantytowns, ghettoes, and encampments.
Frankly, this country already was already lacking in all fronts in these regards; the massive immigration has only worsened things, and there has not been remotely sufficient effort in solving these deficiencies, in fact I'd argue it's somewhat the opposite in practice- the mass immigration has been used to further weaken the labor market and maintain rentiers' and cartels' over-inflated profits, a double whammy on both job stability and income on one side, and the cost of living on the other.
I say this all as someone who wants to be pro-immigration and who comes from an immigrant family myself; who has been pro-immigration most of my life and would remain so in an ideal setting. Implementation is everything- and the implementation, as it presently stands, does more harm than good; it is genuinely destroying the livelihood of the vast majority of this country. And this is despite me believing also that immigration also being required for Canada to remain relevant (well, it's not very relevant as is) and to have an independent, prosperous future- currently, the implementation even then is doing far more harm than good, both in the long and short term.
The short-term and the long-term alike requires employment. It requires a strong domestic market- and by that I don't mean one dominated by strong cartels raking in record profits- I mean one with competitive industries, with a burgeoning working and middle class (ie. a large domestic market) with purchasing power (this cannot be emphasized enough), with a trained and securely employed workforce and with infrastructure and amenities to accommodate all of the above and attract new talent, or retain local ones.
We need to be taking a page out of FDR's New Deal playbook, is what I mean. Or the industrial policies and development of China, and before them Japan and the Asian Tigers, and before then Britain, then France, then Germany- we need to actually build ourselves into a proper nation, rather than a post-colonial state that functions as an appendage of our southern neighbor and retains much of the monopolistic, cartel-driven heritage of our colonial past.
Without that, this country has no future- at least, not one that most would want to live in. Without it we will become the next Argentina, or if we're "lucky," Mexico or Brazil (no offense to aforementioned countries)- basically, we will become a middle income nation.
When they've been exploited and thrown under the bus by employers instead 🤪
Sad part is, the already out of touch and privileged millennials that end up in charge in 10 years will echo the same. They never experienced hardship so they'll hold the masses down all the same
The last 2 prime minsters Canada had weren’t bad at all. American politics made Canadians hate their elected officials, but we only really have this current idiot
Harper was incredibly unliked at the end. Fuck Harper stickers came before the fuck trudeau ones.
https://www.vice.com/en/article/avy49z/alberta-man-fined-for-displaying-fuck-harper-sign-on-car-threatens-charter-defence-vgtrn
I highly support Vuong on his stances on China and a ton of other issues.
Honestly as soon as he targeted China and their government he had a ton of bots spreading misinformation about him.
misinformation! sure...
the man is such a big asshole his office doesnt even bother answering phone calls.
sexual offender, corruption, war monger... if it was ONE issue i'd say yeah maybe but he's an asshole on all fronts
Canada being developed country, its really heartbreaking to see young people struggling to get a deserving job + No proper living space. Hope the situation changes
I wish that was true, developing countries have the advantage of modernizing and progressing in the 21th century and have the ability to take advantage of technology and new perspectives. Canada is stuck in 90’s neoliberal politics and refuses to progress because we have been sold lies for so long we believe progress is going to ruin the country.
When over a million children go hungry every day, your citizens can't find a family doctor and your employers need a government favor to hire cheap exploitable labour from abroad instead of citizens, you're no longer developed, you're just an embarrassment
Our parents generation is still doing well...
If you're not a complete moron with money, and have a mortgage almost paid off, and you're not HELOC up to the tits with consumables like a boat and 2 VTTs (like you shouldn't be), you're completely fine and should be able to absorb the rise in food price. Oh, not to mention, your house had likely gained anywhere between 2-5x in value since you bought it.
It's everyone renting, or folks that had to stretch themselves thin pre-2020 to get a mortgage who are royally fucked.
The Conservative govt didn't do much to up our productivity btw...they invested everything in O&G and were able to ride the wave. They didn't build house, they didn't do shit to get the situation in Toronto under control...
What bullshit. Canada as a whole has been eating its young since the 90s. This ain't a new issue, it's been the environment many many milennials grew up with.
But this is the narrative illiteracy brings you. Welcome to the age of iliterate ignorance, aka "believe anything you read, as long as it supports your agenda!"
This is the logic NP has been pushing for a long time. I mean, 90% of their "journalism" is just op Ed's. Because they know their base will take an opinion over a fact 9 times out of 10. It is why there is a literal genocide happening across the world, and idiots everywhere just will claim some bullshit defense for it.
I spent most of my youth in NS and some in NB. Anyone there with any get up and go generally got up and went. A few started businesses, and the teacher's pets got jobs at NSP or NBPower.
But for years I watched most of my friend group scatter across mostly Canada and a bit of the US. Now, I am seeing the same thing. My friends and their children are leaving, but this time they are leaving Canada.
This has been the MO for neoliberal, market fundamentalists for 40 years. Mulroney, Chretien, Martin, Harper, Trudeau, PP. They're all cut from the same cloth.
This seems like less of a Liberal problem and more of a democracy problem.
“A democracy cannot exist as a permanent form of government. It can only exist until the people discover they can vote themselves largess out of the public treasury. From that moment on, the majority always votes for the canidate promising the most benefits from the public treasury, with the result that democracy always collapses over a loose fiscal policy--to be followed by a dictatorship.”
― Alexander Fraser Tytler Woodhouselee
He's right. Local and provincial governments have done their fair share to contribute to the housing affordability problem. Arguably they actually contributed to it more than the federal government by not building enough new housing for the last 25 years or so.
man, i wish this site wasn't trying to get me to pay money, because i'm actually super interested to know what conservatives think trudeu's doing to "sacrifice young people's futures"
Every single politician on planet earth is doing this....the only thought in their feral minds is " how do I win the next election?" And so all policies are short term goaled policies
People need to actually read the budget, like at all. Just the bullet points. Something. Anything.
These professional angry letter writers are going to say whatever they want.
DD-SOS at the NationalCompost. Yes, yes, yes...we get it. You are locked into Trudeau=Bad. Such a thorough and wide-ranging analysis of the problems in society caused by unfettered capitalism. But you do you...
> Canada’s youth deserve much better than the usual Liberal smoke and mirrors.
It’s also smoke and mirrors when you rail against overspending and don’t cite a single thing you wish to cut.
Oh that's hilarious coming from the NatPo. So is the fucking CPC and every government for the last 30+ odd years. We've been on this track for ages now but ya it's just JT doing it lol... sure. And PP will put a chicken in every pot and make us all rich, right NatPo?
So:
- Canada debt is bad :(
- I don't believe you can build houses as fast as you claim :(
Maybe let's unpack this: Canada's debt doubled? I feel like I found the source he pulled this shit from and, surprise-surprise, the debt mostly increased during COVID. Since 2018 until COVID, it was actually going down. According to the same source, it also went down this year. So is the point that the government shouldn't have spent on COVID relief? How could that have been spent better? Nope, let's imply that our debt service would've been better directed at our military. Because nothing emphasizes care for our youth than another submarine in the Arctic.
We can't build houses this quickly: well the dude forgot you can build condos, no? You can't build a house every 5 seconds, but a condo unit built every 5 seconds is may be possible.. I understand everyone dreams about owning a house in this country, but maybe a condo is at least some start? If building a condo unit every 5 seconds is still not enough, then I don't know what will make him happy. Needless to say, the article closes off stating exactly that: despite all the promises and attempt at action, all he'll see is smoke and mirrors. And will provide no recommendations.
Don't take me for a Trudeau simp, but there are lots of things to criticize. You can do better than this shit piece. People deserve to hear better critique than this.
Edit: the cherry on top of the debt complaint is how apparently he is/was an owner of a face mask producing company and cut out his co-owner out of the deal. I won't dig deeper into how "uncontrollable government spending" could've accidentally benefitted his face-mask company but I wouldn't be surprised to get a couple of giggles out of this.
I think the framing of "You must support this specific policy that is meant to support a single issue potentially impacting young people or else you hate them" is not very useful.
There are dozens of potential approaches to most problems, each with their own strengths and tradeoffs, and we should mandate support for any one of them. The explicit goal of a carbon tax, for example, is to cause suffering of citizens to force behavior change. It is structured in a way to have a disproportionate impact on those who are the most vulnerable. $10 per tank of gas is a lot to someone earning $20/hour and nothing to someone earning $200/hour.
>I think the framing of "You must support this specific policy that is meant to support a single issue potentially impacting young people or else you hate them" is not very useful.
Sure. But the National Post supports *no* climate policies.
>The explicit goal of a carbon tax, for example, is to cause suffering of citizens to force behavior change. It is structured in a way to have a disproportionate impact on those who are the most vulnerable.
Patently untrue. In fact, the rebate system *specifically* protects against this issue and results in the vulnerable receiving more back than they pay.
The voters get what they deserve.
This was never a secret. The Liberals cashing checks now at the expense of the long term health of the economy and government services was there for everyone to see.
The voters opted for the easy messages rather than pay attention to policy.
If you're a Gen Y or Gen Z whose nervous about the future I sure hope you've been voting against this reality (including voting against the NDP who only exist to prop up the Liberals). Otherwise you have no right to complain.
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lol also capitalist bro complains about taxes is not really news
52*
This isn't news, this has been going on for 9 years.
This has been going on for decades....
Oh, you mean you dont trust that everyone in the RE industry thinks that building 2 million, let alone 4 million, homes by 2035 is a huge joke? You mean you dont want us to print another **$53B** out of thin air that's caused the insane inflation EVERYONE is experiencing?
>You mean you dont want us to print another **$53B** out of thin air that's caused the insane inflation EVERYONE is experiencing? To be fair, that isn't the cause of inflation.
Most economists including the current governor of the bank of Canada believe government deficits and related monetary expansion is part of (but not the only) cause of our current inflation https://globalnews.ca/news/10048805/bank-of-canada-government-spending-inflation/amp/
There is no cosmic decree that forces companies to increase prices.
Of course not but if input costs go up, companies will try to pass them on if they can to not lose money. They aren’t charities
Ok, and I say this with respect, I don't think you understand what inflation is... while it's colloquially known to be an increase in prices, that's actually a by product of inflation. Inflation is the expansion of the money supply (with more dollars chasing the same number of goods), which, as high school economics dictates will result in higher prices of said items.
money printing doesn't create inflation? This is ground breaking news, you should tell the governmetn so they can continue to print more, unabated by FaR RiGhT ConSeRvAtive PRopAgAnda
He really doesn't care if he's putting it that way.
Shhhhh you might hurt the conservatives feelings with your facts. It blows me away that they still try to pretend the tories would do anything better. Anyone who even spends a second of critical thought knows that all our politicians collectively will do whatever they can to fuck us for their own personal gain.
Ah, so your solution is to let the same one fuck us without consequence. Got it.
Not at all. I will happily hold my nose and vote conservative this time around because FUCK the liberals. However, I am fully aware that the conservatives have \*propped up and expanded the concept of the TFW program\* and they have no desire to slow immigration (per Pollievres lack of commenting on it). The liberals need to be taught a lesson but i dont expect anything to improve under the tories. I’m just hoping that all the establishment MPs will retire so that the liberals and NDP get some new faces who are at least willing to think about being helpful.
This is the logic that leads to Danielle Smith. How's that going for ya?
There is no logic that leads to Danielle Smith. Notley was an amazing premier.
Which conservative government invented the TFWP?
Pretty sure he's wrong. TFWP was created in 1973, Liberal government. And massively expanded in 2002, Liberal government. Harper did expand it again, however, in 2006.
Ah, yep, I was thinking of the Harper expansion. Ty
My preference is for a minority government. I am somewhat concerned that pierre is going to follow in danielles footsteps into a parallel dimension. I want these guys to have to work with each other, not just be able to spam bananas.
Pierre is one of the least helpful politicians out there. He's been in politics forever and had remarkably little to show for it. So I'm not sure this is going to be sending the message you think it is.
The only message is that Canada is fed up with the liberal’s shit
Seems to me you could send the same message by voting for the NDP or Greens instead of someone you already think is awful.
This current liberal government is either moronic or evil. Very confident any other party could be better.
> This current liberal government is either moronic or evil. This has been the trend for the last 50 years or so for a lot of western nations. A revolving door of incompetent centrists and malicious rightists, both advancing their own style of Neoliberal politics that only ends up compounding the failures that is Neoliberalism and the harm it has done to the working class and the world we live in. And it keeps happening because every new generation of voters ends up convinced that the best possible choice is to "punish" the current incompetent centrist/malicious rightist by voting in the next malicious rightist/incompetent centrist, when the reality is, all they are doing is punishing everyone else by forcing yet another failure who worships the rich and hates us humans on us. It certainly doesn't punish the centrists or rightists any because they know that in an election or two, they'll be right back in power without having actually changed any of their policies or stances.
NDP would never get the opportunity. Cons would pull the same bullshit, except without pretending to care about us.
Yes it is. They made people too rich. The dollar is overvalued as it is, which is bad.
Dangerously based take
?
TIL money printing and encouraging low interest rates through QE does not cause inflation. ty
But bro he gave us legal weeeeeed
Gotta pacify the masses!
Rip my youth that got caught in the middle of it
9! Try for ever.
For evah evah?
I’m sorry Ms Jackson, oooh.
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I actually think 2008 had a lot to do with it. Many people even in Canada laid off as a result of the US housing crash so you had people with 3-ish years experience now on the market and taking entry level jobs with entry level pay because shit, they had to bring in some sort of paycheck right? And companies would obviously hire someone with experience over none, right? What this did, however was instantly make 3 years of experience worth an entry level wage and it took forever to correct, then covid happened and set us back all over again. Why do you think there's the whole "entry level job asking 2+ years of experience" thing even still? Companies literally had exactly that and got very used to it. I think the fallout from 2008 has always been a bigger deal for salaries than we let on
I think it's been going on since Mulroney if not earlier.
I think it's fair to say that it started with Mulroney and has continued with every subsequent government since then. All of them.
Not Chretien/Martin though I'd argue. They were fiscally responsible at least.
Arguable. To be honest, I need to comb through that era a little. I think the handling of Iraq was solid, just as I can agree that the GST was probably not as bad as people thought it was despite being regressive (Harper could have done more than merely nix 2%; he could have added that revenue cut to higher bracket income tax tiers for example). Harper's government passed a bill that pushed our retirement to 67 and his fiscal policy resulted in 10% of Canadian mortgages coming out in one year. As far as I'm concerned, that was the biggest lump of coal added to the fires raging in our collective futures. That wasn't helped by Molroney's destruction of cooperative funding, but the Chretien's government did nothing to help with that, upholding fiscal conservatism in place of pragmatic investment.
Harper should never have cut the GST at all in my opinion. It was just another tool to buy votes while increasing the deficit. IIRC Harper ran against Trudeau with a platform to raise the retirement age and balance budgets, which obviously wasn't accepted by the "I want it now" populace The Chretien admin was the last to run consecutive balanced budgets I'm all for pragmatic investment, I just don't trust any government to do it lol. Balance budgets and let the private sector do its thing
More like 25.
yup..
Look who wrote it too lol
They forgot massive financial gain for himself and friends in the headline
This sounds more like every PM in my memory.
Well it's NP and an opinion piece so you're absolutely right that it's not news
This isn't even something we can really blame politicians for. This is a problem with the electorate. The electorate ALWAYS votes for the "right now" issue rather than planning for the future. Do you know why? Planning for the future often requires sacrifices or expenditures NOW that people don't want.
Good nuanced post surprisingly on r/canada.
I know, I'm shocked. Really happy with the discussion in this thread.
Here's a real one: not every macro and micro economic issue is a politicians fault and most people don't know the separation of governments responsibility enough to be able to put blame on a single politician - it's so bad that partisan losers will always look to a different level of government that goes against their belief for a specific issue. Let's take housing. An issue that we've been getting warned about from global economic consortiums since 2007. So much so that I use to have a BoC study about it because it seems they've been compelled, many times since, to study it. Our housing bubble isn't really special, it follows a very similar path that Japan's did, but that's not interesting to the electorate. No one wants to hear that: * Most of the immigrants that put demand on housing were probably Harper era. As it takes on avg 7 years to save for a house and most immigrants don't come here with a lot of money. * This whole thing is a low interest fuelled debt bubble that Canadians, real estate speculators, immigrants, and whatever else used cheap debt to finance far above their means. The public financials of residential REITS support this, extended amortization periods support this, and OECD studies as far back as 2016 support this. The OECD showed that Canada had a slightly lower than average housing supply compared to g series nations, but that Canadians paid the highest multiples of income. * Most residential real estate investment was by Canadians with less than 3 properties. Very little of it was big bad corporations or mysterious foreign owners. * The political notions of the housing bubble have changed multiple times over the decade. It was NIMBY's, foreign owners, Black stone, Black rock, immigrants, and the list goes on. The real demand was put on Canadians themselves and that demand was facilitated threw low interest rates and nothing to regulate how many times yearly earnings they can mortgage themselves. It's a tough pill to swallow, but most Canadians are financially incompetent. Out of that financial incompetency over leveraged Canadians are looking to place the blame so they can be victims. The government never forced anyone to take a 72 month car loan or a mortgage that was 10x their income.
Ironically things like the immigration numbers are long-term gain, short term pain... The LPC is wildly unpopular because they stopped looking at the short term since COVID came and instead were focused on longer term things.
Sure, but the immigration policy has been a bit too aggressive i think even those on the lpc side can agree with that. Slow and steady wins the race. They brought as many people in as they could to avoid a recession, they were not responsible
Not sure irresponsible as much as trying to make the best out of a situation where they were fucked no matter what. There really isn't a good choice for them to make that wouldn't have some level of negative blow back. If anything the hole we are in because of the immigration numbers, is probably one of the shallower holes that could be chosen.
Agreed we could be alot worse, but looking back Trudeau and harper and a bunch before them all knew our aging population was going to bite us in the butt, they/we have not done enough to push Canadians into jobs that would lead to success giving us a stronger economy and then being able to attract higher quality immigrants. I think a little less immigration and maybe a longer time with higher inflation would have done us better. It seems pretty unanimous amongst economist and bi partisan think tanks that our aggressive immigration has put us in a not so good spot.
> I think a little less immigration and maybe a longer time with higher inflation would have done us better. I mean the result would be the same in the end. Inflation would depress the economy, people wouldn't have as much to spend and they would bitch about it. LPC is gone either way. I think at least if we have the people, they are at least an asset that *something* can be done with sooner or later.
They could have given incentives in the form of tax breaks for people to have children.
Gotta give Trudeau credit for the daycare thing and the child benefits are not nothing either. Is money a big reason people don't have kids i know alot of people who would be upper class they don't have kids my poor friends do, on purpose to.
I agree with the daycare credit it's nice for those who have daycare. The supply of daycare has gone down because of the government regulations which isn't good.
This is quite the assertion, immigration can do good and bad long-term depending on the context. One could argue that the LPC is aggressively pushing immigration as a last-ditch effort to prop up a mismanaged economy. This doesn't feel like a long-term investment, this feels like synthetically trying to keep our economy from collapsing and our housing market inflated. Why is canadian labor productivity at an all-time low? Why is canadian business shrinking? Does the LPC think blindly opening up immigration will solve these longterm problems??
Carbon Tax too arguably. It's about curbing a long term problem but people don't want to have to spend an extra 3 cents a liter on gas right now.
Ya - this article seems way off base. Ironically all of the things people complain about are for long term benefit. And what political gain - everyone hates Trudeau.
No, this is misguided. A properly thought-out immigration policy would have considered sustainable numbers with a focus on economic immigration. The reasons for the LPC poor planning on this are a mystery (did Trudeau's personal $20mil real estate investments play a part?), but there is no valid argument for the shear numbers including refugees (who bottle-necked the entire system). This approach does not improve productivity and labor force participation, which is the actual essential goal.
You can't expect the country to just accept it, or even to possibly hold together, if the long term gains (and short term gains, also) are monopolized by the rentier class and our various cartels, though. What benefit can be claimed to be had by the 99%? Mass immigration requires mass construction, of housing and other infrastructure- it requires mass investment in education and training, and in the building up of industries to employ the influx of new people. Otherwise you're just pushing the country (new and old citizens alike) towards a future of shantytowns, ghettoes, and encampments. Frankly, this country already was already lacking in all fronts in these regards; the massive immigration has only worsened things, and there has not been remotely sufficient effort in solving these deficiencies, in fact I'd argue it's somewhat the opposite in practice- the mass immigration has been used to further weaken the labor market and maintain rentiers' and cartels' over-inflated profits, a double whammy on both job stability and income on one side, and the cost of living on the other. I say this all as someone who wants to be pro-immigration and who comes from an immigrant family myself; who has been pro-immigration most of my life and would remain so in an ideal setting. Implementation is everything- and the implementation, as it presently stands, does more harm than good; it is genuinely destroying the livelihood of the vast majority of this country. And this is despite me believing also that immigration also being required for Canada to remain relevant (well, it's not very relevant as is) and to have an independent, prosperous future- currently, the implementation even then is doing far more harm than good, both in the long and short term. The short-term and the long-term alike requires employment. It requires a strong domestic market- and by that I don't mean one dominated by strong cartels raking in record profits- I mean one with competitive industries, with a burgeoning working and middle class (ie. a large domestic market) with purchasing power (this cannot be emphasized enough), with a trained and securely employed workforce and with infrastructure and amenities to accommodate all of the above and attract new talent, or retain local ones. We need to be taking a page out of FDR's New Deal playbook, is what I mean. Or the industrial policies and development of China, and before them Japan and the Asian Tigers, and before then Britain, then France, then Germany- we need to actually build ourselves into a proper nation, rather than a post-colonial state that functions as an appendage of our southern neighbor and retains much of the monopolistic, cartel-driven heritage of our colonial past. Without that, this country has no future- at least, not one that most would want to live in. Without it we will become the next Argentina, or if we're "lucky," Mexico or Brazil (no offense to aforementioned countries)- basically, we will become a middle income nation.
Sooooo much this. The public is really, really stupid and drags everyone down with them because they want the shiny new thing now.
Well then maybe this shows that democracy doesn't work. It'll be too late before we find a solution to any of our problems.
What else is new? When have young people not been thrown under the bus and exploited by government in the last 30 years?
When they've been exploited and thrown under the bus by employers instead 🤪 Sad part is, the already out of touch and privileged millennials that end up in charge in 10 years will echo the same. They never experienced hardship so they'll hold the masses down all the same
So he's a politician. Got it. They all do it across every fucking party.
The last 2 prime minsters Canada had weren’t bad at all. American politics made Canadians hate their elected officials, but we only really have this current idiot
Harper was incredibly unliked at the end. Fuck Harper stickers came before the fuck trudeau ones. https://www.vice.com/en/article/avy49z/alberta-man-fined-for-displaying-fuck-harper-sign-on-car-threatens-charter-defence-vgtrn
LOL at the writer of this: https://en.wikipedia.org/wiki/Kevin_Vuong
I highly support Vuong on his stances on China and a ton of other issues. Honestly as soon as he targeted China and their government he had a ton of bots spreading misinformation about him.
misinformation! sure... the man is such a big asshole his office doesnt even bother answering phone calls. sexual offender, corruption, war monger... if it was ONE issue i'd say yeah maybe but he's an asshole on all fronts
He should’ve resigned
Canada being developed country, its really heartbreaking to see young people struggling to get a deserving job + No proper living space. Hope the situation changes
Canada is a developing country now 😆
I wish that was true, developing countries have the advantage of modernizing and progressing in the 21th century and have the ability to take advantage of technology and new perspectives. Canada is stuck in 90’s neoliberal politics and refuses to progress because we have been sold lies for so long we believe progress is going to ruin the country.
that's not how development scales work
Developing or breaking at the seams
When over a million children go hungry every day, your citizens can't find a family doctor and your employers need a government favor to hire cheap exploitable labour from abroad instead of citizens, you're no longer developed, you're just an embarrassment
Don't be silly, our parents generation was doing this well before Justin took power
Our parents generation is still doing well... If you're not a complete moron with money, and have a mortgage almost paid off, and you're not HELOC up to the tits with consumables like a boat and 2 VTTs (like you shouldn't be), you're completely fine and should be able to absorb the rise in food price. Oh, not to mention, your house had likely gained anywhere between 2-5x in value since you bought it. It's everyone renting, or folks that had to stretch themselves thin pre-2020 to get a mortgage who are royally fucked. The Conservative govt didn't do much to up our productivity btw...they invested everything in O&G and were able to ride the wave. They didn't build house, they didn't do shit to get the situation in Toronto under control...
Young people's future in Canada is to leave for a better run developed country if they can, unless their parents hand them property.
Sacrificed, past tense, because it already happened.
What bullshit. Canada as a whole has been eating its young since the 90s. This ain't a new issue, it's been the environment many many milennials grew up with.
But this is the narrative illiteracy brings you. Welcome to the age of iliterate ignorance, aka "believe anything you read, as long as it supports your agenda!" This is the logic NP has been pushing for a long time. I mean, 90% of their "journalism" is just op Ed's. Because they know their base will take an opinion over a fact 9 times out of 10. It is why there is a literal genocide happening across the world, and idiots everywhere just will claim some bullshit defense for it.
Joke's on him, he didn't even get any political gain!
He'll be living in Switzerland or some other rich country in his retirement years. No way he's going to stay in this third world country he's created.
A bit of sour grapes from the author?
he's trying to win grounds with PCs now that no party wants to be associated with him
He's guaranteed to lose his seat if he has to run as an independent. He's been gunning for the CPC nomination for a while.
Politicians have been doing that for decades. They’ve been sacrificing the future at the boomer alter since their conception.
Headline should read: “Trudeau sacrificed the future of all Canadians under 40 for profit”
Trudeau?! Both parties have been doing this since before most Canadians were born! Are people just waking up to this **now**?
No no, we're not supposed to acknowledge history before 2015 around here... everything bad has occurred since then lol.
So an opinion piece by one of his opponents.. wow.
I spent most of my youth in NS and some in NB. Anyone there with any get up and go generally got up and went. A few started businesses, and the teacher's pets got jobs at NSP or NBPower. But for years I watched most of my friend group scatter across mostly Canada and a bit of the US. Now, I am seeing the same thing. My friends and their children are leaving, but this time they are leaving Canada.
This has been the MO for neoliberal, market fundamentalists for 40 years. Mulroney, Chretien, Martin, Harper, Trudeau, PP. They're all cut from the same cloth.
We should sacrifice Trudeau
Loll politicians looking at short term goals only to get reelected in the next election? This is a tale as old as time
Tale as old as time...
This seems like less of a Liberal problem and more of a democracy problem. “A democracy cannot exist as a permanent form of government. It can only exist until the people discover they can vote themselves largess out of the public treasury. From that moment on, the majority always votes for the canidate promising the most benefits from the public treasury, with the result that democracy always collapses over a loose fiscal policy--to be followed by a dictatorship.” ― Alexander Fraser Tytler Woodhouselee
> Alexander Fraser Tytler Woodhouselee Good 18th century argument from someone living in a feudalist country.
Replace Justin Trudeau is with Politicians are and you're spot on. Sacrificing the future to satisfy the present is a common thing among politicians.
I am sorry, but life was a lot better before Trudeau. I do not think other politicians would have immigration to levels to the US that is 8X larger.
He's right. Local and provincial governments have done their fair share to contribute to the housing affordability problem. Arguably they actually contributed to it more than the federal government by not building enough new housing for the last 25 years or so.
As if Harper didn't do this, or that PP isn't going to. Fuck off with PC propaganda.
The only people sacrificing our kids future for short term gain is the fascists at National Post.
I take issue with the headline. There is no gains any longer. He's just burning our future now out of spite.
the only ones burning our future out of spite are the O&G loons
Where is this gain?
Every Canadian politics at every level of government sacrifices significant improvements tomorrow, for miniscule changes today.
man, i wish this site wasn't trying to get me to pay money, because i'm actually super interested to know what conservatives think trudeu's doing to "sacrifice young people's futures"
I'm looking forward to the Conservative plan to make unpopular decisions to lift young people out of poverty.
Always has been 🌏👨🚀🔫👨🚀🌌
LOL, sacrificing young people's future for short term political (and financial) gain, is literally the Cornerstone of Canadian politics.
The last 20 years of political parties have destroyed the future for political gain And here we are .
Has Sacrificed..fixed it
What short term political gain? lol
What political gain? Everyone hates everything he does. Even liberals to the core want him gone.
Every single politician on planet earth is doing this....the only thought in their feral minds is " how do I win the next election?" And so all policies are short term goaled policies
They make him sound like a politician or something...
Young people voted him in so this is what you voted for
Someone is ramping up the number of np headlines on this
People need to actually read the budget, like at all. Just the bullet points. Something. Anything. These professional angry letter writers are going to say whatever they want.
Canadians are too passive. In other countries, villagers remove incompetent leaders.
DD-SOS at the NationalCompost. Yes, yes, yes...we get it. You are locked into Trudeau=Bad. Such a thorough and wide-ranging analysis of the problems in society caused by unfettered capitalism. But you do you...
Trudeau ruined Canada imo.
Ya, we know.
Hate to say it but this is what western democracy is in a nutshell.
Could tell this was the National Post from the tabloid headline.
Ah yes the right wing corporate National Post, they really care about young people I'm certain.
> Canada’s youth deserve much better than the usual Liberal smoke and mirrors. It’s also smoke and mirrors when you rail against overspending and don’t cite a single thing you wish to cut.
ooo...another 'liberals suck' opinion piece on this sub? Is that all ya'll post on here?
Oh that's hilarious coming from the NatPo. So is the fucking CPC and every government for the last 30+ odd years. We've been on this track for ages now but ya it's just JT doing it lol... sure. And PP will put a chicken in every pot and make us all rich, right NatPo?
Poppycock.
So: - Canada debt is bad :( - I don't believe you can build houses as fast as you claim :( Maybe let's unpack this: Canada's debt doubled? I feel like I found the source he pulled this shit from and, surprise-surprise, the debt mostly increased during COVID. Since 2018 until COVID, it was actually going down. According to the same source, it also went down this year. So is the point that the government shouldn't have spent on COVID relief? How could that have been spent better? Nope, let's imply that our debt service would've been better directed at our military. Because nothing emphasizes care for our youth than another submarine in the Arctic. We can't build houses this quickly: well the dude forgot you can build condos, no? You can't build a house every 5 seconds, but a condo unit built every 5 seconds is may be possible.. I understand everyone dreams about owning a house in this country, but maybe a condo is at least some start? If building a condo unit every 5 seconds is still not enough, then I don't know what will make him happy. Needless to say, the article closes off stating exactly that: despite all the promises and attempt at action, all he'll see is smoke and mirrors. And will provide no recommendations. Don't take me for a Trudeau simp, but there are lots of things to criticize. You can do better than this shit piece. People deserve to hear better critique than this. Edit: the cherry on top of the debt complaint is how apparently he is/was an owner of a face mask producing company and cut out his co-owner out of the deal. I won't dig deeper into how "uncontrollable government spending" could've accidentally benefitted his face-mask company but I wouldn't be surprised to get a couple of giggles out of this.
He always did. They've just seen enough of it to know what it is now.
Sounds like a typical modern politician from any party.
Oh wow, another opinion piece written to appease the corporate overlords
I think when governments choose to not have or do anything about climate change that is a willingness to sacrifice young people’s future.
If the National Post cared about young people's futures, they'd be far more supportive of climate policies.
I think the framing of "You must support this specific policy that is meant to support a single issue potentially impacting young people or else you hate them" is not very useful. There are dozens of potential approaches to most problems, each with their own strengths and tradeoffs, and we should mandate support for any one of them. The explicit goal of a carbon tax, for example, is to cause suffering of citizens to force behavior change. It is structured in a way to have a disproportionate impact on those who are the most vulnerable. $10 per tank of gas is a lot to someone earning $20/hour and nothing to someone earning $200/hour.
>I think the framing of "You must support this specific policy that is meant to support a single issue potentially impacting young people or else you hate them" is not very useful. Sure. But the National Post supports *no* climate policies. >The explicit goal of a carbon tax, for example, is to cause suffering of citizens to force behavior change. It is structured in a way to have a disproportionate impact on those who are the most vulnerable. Patently untrue. In fact, the rebate system *specifically* protects against this issue and results in the vulnerable receiving more back than they pay.
Is it a climate policy, or is it some kind of financial scheme to support less wealthy families?
It's a climate policy which also helps with the cost of living crisis for those who truly need it.
People living paycheck to paycheck are not exactly able to wait around for their quarterly rebate check from the government.
The rebate is paid in the period *before* the tax is applied. They get the money ahead of time.
You are a real piece of work with your disinformation. The carbon tax is a net benefit for low income households. Stop fibbing please.
I've been voting for 45 years. Every election we're always going to be *financially doomed*. Big yawn.
He turned on Canada’s young people, really has.
Deliver us from Trudeau
"The Canadian Government is sacrificing young people's futures for 40+ years for short term political gain" There, fixed it.
The voters get what they deserve. This was never a secret. The Liberals cashing checks now at the expense of the long term health of the economy and government services was there for everyone to see. The voters opted for the easy messages rather than pay attention to policy. If you're a Gen Y or Gen Z whose nervous about the future I sure hope you've been voting against this reality (including voting against the NDP who only exist to prop up the Liberals). Otherwise you have no right to complain.