Josh Sigurdson talks with author and economic analyst John Sneisen about the stunning level of spending by the Canadian government as the number breaches $300B pushing up Canada’s debt ratio.
The deficit has been ranked at $19B.
The overall spending by Ottawa hit $332B in Canada allegedly due to new categorization of debt liabilities being labeled as program expenses, but the truth is, the Canadian government loves to spend about as much as they love to tax.
The job numbers don’t look too good either, especially considering that the official job numbers are wrong when you take into account the labor force participation rate where the government hides the true unemployment rate as the LPR falls year after year.
Canadians have become very apathetic to the vast amount of spending and debt and the major issue is most are not prepared.
There are real estate bubbles, pension bubbles, derivatives bubbles and the hidden tax of inflation coupled with hike interest rates, fractional reserve and zero reserve lending and complete centralization of markets.
This is making people very subservient to debt and regardless of how well an individual ensures they don’t personally get into debt, they are paying for debt at a massive scale as such a huge chunk of the Canadian taxpayers’ money goes towards paying off the interest on the debt with no agenda to actually pay off the debt as it continues to flow.
This comes down to an issue of government and banks. It’s as simple as that, but there are solutions. Self sustainability is incredibly important.