Vast Majority of Canadians Can’t Afford To Lose $200 Or They’ll Be Broke

in Canada/Other News by

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The Canadian economy is being highlighted and discussed by nearly everyone, but no one is really talking about the numbers. It is all about the change in GDP, and the unemployment rate, but the numbers are extremely important when talking about the economy. They tell the real story, but the current establishment doesn’t want the Canadian people looking into the numbers, because if you look deeply into the numbers, they will show you that the Canadian economy is broken.

This isn’t just an overreaction, Ipsos reported in a survey that nearly 50% Canadians will not be able to meet debt obligations, and will be unable to pay their monthly bills if their income was reduced by $200 or more. This shows the amount of room that Canadian people have in this economy, as even a slight shift is going to see half the population file for bankruptcy. You can lose $200 uncertainly in a variety of different ways, whether it is through a car repair, or a job loss for a family that is already struggling. It could mean financial ruin for millions of people.

The survey also showed that only 10% of Canadians have savings of around $100 a month, while the remaining 31% of people don’t even make enough money to save money after meeting their monthly obligations and expenses. Those numbers paint a depressing picture, and the bad news is that they are not going to be changing anytime soon, but are expected to get worse.

The problem is compounded by the fact that Canada’s wage growth is the lowest that it has been in over 2 decades, and with wages failing to pick up, it is causing financial uncertainty for a lot of people. Canadians are becoming poorer every year, and the government is raising taxes, which all culminates in a broken economy.