Business
New survey finds nearly half of Canadians are only $200 from financial ruin
From LifeSiteNews
MNP Consumer Debt Index survey indicates that 46% of Canadians are close to financial devastation after years of Justin Trudeau’s policies led to high inflation.
Hot off the heels of a report that Canada’s poverty rate increased for the first time in years due to high inflation spurred by government spending, a new poll shows that nearly half of Canadians are only $200 from complete financial ruin.
According to the MNP Consumer Debt Index survey, which was conducted by Ipsos and released on July 22, 46 percent of Canadians are a few hundred dollars away from not being able to meet their financial obligations.
“Some individuals are living paycheque to paycheque, struggling to make ends meet and cover day-to-day necessities. Others are so deeply indebted that their financial challenges won’t be manageable, regardless of interest rates,” noted Grant Bazian, president of MNP LTD, in the press release.
“Canadians may have hoped for a more significant cut to interest rates or to experience a quicker impact from the reduction.”
Bazian noted that “With the prices of many daily necessities still high, many have not seen the meaningful decrease in their monthly expenses needed to ease their financial burdens.”
According to MNP, Canada’s Consumer Debt Index “has dropped to 85 points, down six points from the previous quarter.”
The survey showed that about one-in-three Canadians, or 29 percent, indicated they can’t cover bill payments, with people who are about $1 to $20 from insolvency increasing by 3 points.
The province with the highest rise in financial duress is Alberta, with about 47 percent of Albertans saying they are just $200 from complete financial ruin.
In June, LifeSiteNews reported that despite decades of progress in lowering the poverty rate in Canada has been wiped out in the last few years under Prime Minister Justin Trudeau’s Liberal government, one of his own federal departments has reported.
Despite the Bank of Canada cutting interest rates by half a point to 4.5 from 5 percent in the last few months, according to MNP, this won’t help much in terms of helping struggling families pay their basic bills.
Under Trudeau, due to excessive COVID money printing, inflation has skyrocketed.
LifeSiteNews reported that fast-rising food costs in Canada have led to many people feeling a sense of “hopelessness and desperation” with nowhere to turn for help, according to the Canadian government’s own National Advisory Council on Poverty.
In 2021, Canada’s Parliament raised the federal debt borrowing amount by a whopping 56 percent under the Borrowing Authority Act. The amount went from $1.168 trillion to $1.831 trillion.
Previously speaking to LifeSiteNews, Canadian Taxpayers Federation (CTF) federal director Franco Terrazzano urged the Trudeau government to cut spending, balance the budget and “completely scrap” the “carbon tax.”
In January, the National Advisory Council on Poverty (NACP) observed to Parliament that fast-rising food costs have led to many people feeling a sense of “hopelessness and desperation.”
Business
Taxpayer watchdog calls Trudeau ‘out of touch’ for prioritizing ‘climate change’ while families struggle
From LifeSiteNews
The prime minister told a G20 panel this week that fighting so-called ‘climate change’ should be more important to families than putting food on the table or paying rent.
Canada’s leading taxpayer watchdog blasted Prime Minister Justin Trudeau for being completely “out of touch” with everyday Canadians after the PM earlier this week suggested his climate “change” policies, including a punitive carbon tax, are more important for families than trying to stay financially afloat.
In speaking to LifeSiteNews, Canadian Taxpayers Federation (CTF) federal director Franco Terrazzano said Trudeau’s recent comments show his government “continues to prove it’s out of touch with its carbon tax.”
“Canadians don’t support the carbon tax because we know it makes life more expensive and it doesn’t help the environment,” Terrazzano told LifeSiteNews.
Terrazzano’s comments come after Trudeau told a G20 panel earlier this week that fighting so-called “climate change” should be more important to families than putting food on the table or paying rent.
Speaking to the panel, Trudeau commented that it is “really, really easy” to “put climate change as a slightly lower priority” when one has “to be able to pay the rent this month” or “buy groceries” for their “kids,” but insisted that “we can’t do that around climate change.”
Terrazzano said that the Trudeau government’s carbon tax in reality “impacts nearly all aspects of life in Canada by making it more expensive to fuel up our cars, heat our homes and buy food.”
“The carbon tax also puts a huge hole in our economy that we can’t afford,” he said to LifeSiteNews, adding that if Trudeau really wanted to help Canadians and “prove it understands the struggles facing Canadians,” then it should “scrap the carbon tax to make life more affordable.”
On Thursday, Trudeau, who is facing abysmal polling numbers, announced he would introduce a temporary pause on the federal Goods and Services Tax (GST) for some goods.
Conservative Party of Canada leader Pierre Poilievre this afternoon said about Trudeau’s temporary tax holiday that if he is serious about helping Canadians, he would cut the carbon tax completely.
People’s Party of Canada (CPC) leader Maxime Bernier called the move by Trudeau a cheap trick to try and “bribe” Canadians, noting that it will not work.
“What a ridiculous gimmick. Bribing Canadians temporarily with borrowed money,” Bernier wrote.
“When the real solution is to stop growing the bureaucracy, cut wasteful spending, stop sending billions to Ukraine, eliminate subsidies to businesses and activist groups, stop creating new unsustainable and unconstitutional social programs, eliminate the deficit, and THEN, cut taxes for real. None of which he will do of course.”
As reported by LifeSiteNews, a survey found that nearly half of Canadians are just $200 away from financial ruin as the costs of housing, food and other necessities has gone up massively since Trudeau took power in 2015.
In addition to the increasing domestic carbon tax, LifeSiteNews reported last week that Minister of Environment Steven Guilbeault wants to create a new “global’ carbon tax applied to all goods shipped internationally that could further drive-up prices for families already struggling with inflated costs.
Not only is the carbon tax costing Canadian families hundreds of dollars annually, but Liberals also have admitted that the tax has only reduced greenhouse gas emissions by 1 percent.
Business
UN climate conference—it’s all about money
From the Fraser Institute
This year’s COP wants to fast-track the world’s transition to “clean” energy, help vulnerable communities adapt to climate change, work on “mobilizing inclusivity” (whatever that means) and “delivering on climate finance,” which is shorthand for having wealthier developed countries such as Canada transfer massive amounts of wealth to developing countries.
Every year, the United Nations convenes a Conferences of Parties to set the world’s agenda to reduce greenhouse gas (GHG) emissions. It’s the biggest event of the year for the climate industry. This year’s conference (COP29), which ends on Sunday, drew an army of government officials, NGOs, celebrities and journalists (many flying on GHG-emitting jet aircraft) to Baku, Azerbaijan.
The COP follows a similar narrative every year. It opens with a set of ambitious goals for climate policies, followed by days of negotiating as countries jockey to carve out agreements that most favour their goals. In the last two days, they invariably reach a sticking point when it appears the countries might fail to reach agreement. But they burn some midnight oil, some charismatic actors intervene (in the past, this included people such as Al Gore), and with great drama, an agreement is struck in time for the most important event of the year, flying off to their protracted winter holidays.
This year’s COP wants to fast-track the world’s transition to “clean” energy, help vulnerable communities adapt to climate change, work on “mobilizing inclusivity” (whatever that means) and “delivering on climate finance,” which is shorthand for having wealthier developed countries such as Canada transfer massive amounts of wealth to developing countries.
Some of these agenda items are actually improvements over previous COPs. For example, they’re actually talking about “climate adaptation”—the unwanted stepchild of climate policies—more this year. But as usual, money remains a number one priority. As reported in the Associated Press, “negotiators are working on a new amount of cash for developing nations to transition to clean energy, adapt to climate change and deal with weather disasters. It’ll replace the current goal of $100 billion (USD) annually—a goal set in 2009.” Moreover, “experts” claim the world needs between $1 trillion and $1.3 trillion (yes, trillion) in “climate finance” annually. Not to be outdone, according to an article in the Euro News, other experts want $9 trillion per year by 2030. Clearly, the global edifice that is climate change activism is all about the money.
Reportedly, COP29 is in its final section of the meta-narrative, with much shouting over getting to a final agreement. One headline in Voice of America reads “Slow progress on climate finance fuels anger as COP29 winds down.” And Argus News says “climate finance talks to halt, parties fail to cut options.” We only await the flying in of this year’s crop of climate megafauna to seal the deal.
This year’s conference in Baku shows more clearly than ever before that the real goal of the global climate cognoscenti is a giant wealth transfer from developed to developing countries. Previous climate conferences, whatever their faults, focused more on setting emission reduction targets and timelines and less about how the UN can extract more money from developed countries. The final conflict of COP29 isn’t about advancing clean energy targets or helping vulnerable countries adapt to climate change technologically, it’s all about show me the money.
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