Quote:
Originally Posted by Cappy
If anything, this crisis has shown the gulf between rich/poor that many have sounded the alarm over for years.
Sure, we complain about food prices and the cost of living, but the vast majority of us are still going out, going to stampede (record-breaking) going on vacation (flights and hotels are super busy) showing that there is certainly money to burn. Car sales, home sales are all up.
Economic indicators are showing growth (for now); but, as Belsurius (sp?) stated, its working exactly as intended.
I remember the Alberta booms of yester year, when new outlets would run story about the bad side of the booms - cost of living issues in the north, pushing out low income people. For the most part, Albertans didn't care.
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Agreed, but what does anyone have at the end of the day to show for it?
Household debt is off the charts. I remember a study conducted before covid, showing nearly half of Canadians are $200 away from insolvency. That blows my mind. For many, things look great. New car, new house, vacations, ect as you mentioned... but the hot water tank popping means they're ####ed.
https://www.google.com/amp/s/www.cbc.ca/amp/1.4986586
People are spending money, sure. It just isn't theirs. I'm not sure bubble begins to describe the situation. At some point does it not pop?