Monday, December 16, 2019

Canadian 'Prosperity' Just An Illusion??

Canadians Have Become SLAVES
and think it is just normal!!!

Following excerpt from the above linked article should cause all thinking Canadians to give their heads a good shake.

On top of this massive personal debt load our nation is running a massive debt and the current government intends to add at least another $100 billion to the debt over the next four years.

Consider: who benefits from all of that interest we have to earn money to pay for the cost of maintaining this illusion? It isn't common folk who have put their money into savings accounts over the years. So, who are we really slaves to??

Of course this whole article will just fly over the heads of most Canadians who can only focus on the fluff and stuff they are usually being fed.

Canadian households are racking up a lot of debt, but it’s the interest that should be in focus. Statistics Canada (Stat Can) data shows a new record amount of interest was paid in Q3 2019. The mountain of interest paid every quarter is rising, and almost half of it is on consumer loans. When this much interest is being paid, it’s hard not to put a drag on the economy.

Canadians Paid Over $104 Billion In Interest In Q3

Canadian households borrowers paid an astronomical amount of interest to service debt. Interest payments reached $104.96 billion in Q3 2019, up 2.24% from the previous quarter. The total for the quarter works out to 11.02% higher than the same quarter last year. To give it a sense of scale, over the past year Caanadians have spent $405.32 billion on interest payments. That’s bigger than the GDP of Alberta, and a little under Quebec’s. If the interest paid by households was a province’s GDP, it would be the third largest in Canada.

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