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Trudeau’s Canada a House of Cards Waiting to Collapse

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Trudeau's Canada a House of Cards Waiting to Collapse

Canada is under a state of toxicity. It’s unfashionable to say so in centrist circles, but it’s true. The country faces escalating radicalism, toxic polarisation, and low trust. Wealth disparity is increasing. Its federal system could be better, notably in the relationship between Alberta and the national government. Monopolies and oligopolies go amok, exploiting customers.

There are numerous other issues. However, the convergence of a few big obstacles screams House of Cards collapsing! The country’s housing crisis, consumer debt, and high – and potentially rising – interest rates are among them.

They present a picture of hardworking individuals living lives they can’t afford daily. This dreadful scenario occurs no matter how hard people work or how strictly they adhere to the game’s rules – laws they were assured were fair and just.
The Exorbitant Cost of Housing

In Canada, housing is completely expensive. The average home costs around CAD$700,000, while a one-bedroom rental costs close to $1,900 per month.

According to the Canadian Centre for Policy Alternatives, the hourly wage required to rent a one-bedroom flat exceeds the provincial minimum wage. The analysis discovered only three urban regions in Quebec where the minimum wage was more than the rent for a one-bedroom flat.

Housing starts — breaking ground on new buildings — are falling behind as the country booms. They were down 10% in July after a significant increase in June.

No Affordable Homes in Canada

According to the CMHC, the country needs 5.8 million homes by 2030 to achieve affordability, but construction is on track to reach only 2.8 million, less than half of what is required. Building costs, government policies, and labor shortages impede construction attempts.

Even when units are produced, there are far too few purpose-built rentals and non-market options to assist people needing affordable housing.

Those who are lucky enough to own a home face their own set of challenges. Mortgage payments are growing due to high-interest rates, which may climb again in the autumn. Now, 40% of mortgage holders borrow to cover day-to-day expenditures, and nearly 20% need to catch up on their payments.

According to Robert McLister of the Globe and Mail, that is based on data from December, and things have most likely worsened since then. Despite new measures from the Financial Consumer Agency of Canada aimed at keeping people in their houses and pricey financial gimmicks such as extra-long mortgage amortization periods, the prospect of default looms.

However, something has to give at this rate — especially since debtors will face renewal periods and high-interest rates in the coming months and years.

Canadians Floundering in Debt

Households are also heavily in debt. The CMHC cautioned in May that Canada’s household debt, which leads the G7 and will reach 107 percent of GDP in 2021, “makes the economy vulnerable to any global economic crisis.” It also puts it vulnerable to an internal crisis of its own making.

Mortgages account for most household debt, although auto loans and credit cards also contribute. Consumer debt in Canada reached a new high of $2.32 trillion in the spring. People need to catch up on their payments. Simultaneously, inflation and rising prices remain.

The Bank of Canada raised interest rates by 25 basis points to 5% in July, largely due to mortgage expenses, which were the key inflation drivers in June and July. As it struggles to achieve its 2% inflation objective, the bank may raise rates again in September.

In the near term, the bank and Canadians are locked in a vicious mortgage-inflation circle in which mortgage rates fuel inflation, and the bank boosts interest rates to combat inflation, which raises mortgage costs. Even if the long-term goal is to reduce inflation by limiting money supply and expenditure, the short-term spiral is hell.

It will take a long time to reach the 2% inflation target. Meanwhile, Canadians are in a precarious position with high mortgage rates, a lack of home supply, high prices, and a massive consumer debt burden.

As interest rates climb, so does the likelihood and possible number of mortgage, auto loan, and credit card defaults. The chance of job loss is similar.

The Austerity Dance of Justin Trudeau

The Bank of Canada is not mandated nor disposed to care about persons in financial difficulty in the short term. Its long-term goal is to keep inflation at a sustainable level. On the other hand, national, provincial, and local governments are supposed to care about those in need at all times. And yet, if there is a plan in place to protect Canada’s house of cards from collapsing or to make people whole, if it does, it is still being determined what that plan is.

Imperfect and insufficient social welfare programs, such as dental care and prescription drug coverage, are being implemented, but they are insufficient to address Canada’s serious financial crisis.

The Liberal government of Justin Trudeau may also be considering budget cuts. Ministers have been directed to cut $15 billion in spending by October. This could indicate a government less willing to spend significantly in the coming months and years, even as the Liberals sag in the polls and face an election in the autumn of 2025 or sooner.

Governments must be prepared to support individuals experiencing economic difficulty and will be crushed if the country’s house of cards collapses.

These folks work and strive for the things they’ve been instructed to strive for: a house, a car, an education, and a few respectable consumer goods. They are now abandoned due to a confluence of economic systems, pandemic repercussions, inefficient government policies, and unpredictable global geopolitical processes.

These employees, who ensure the buses run on time and the grocery shelves are filled, make up 40% of the country’s wages yet own only 2.7 percent of its net worth. In contrast, the wealthiest 20% of income controls about 70% of the total.

This wealth disparity is terrible at any time, but it’s especially disgusting in the aftermath of the last few years when the powers that be paid so much lip service to workers — as “frontline” and “essential.” They must not be abandoned in the wilderness while the country fights to resolve its economic problems.

This article by By David Moscrop was first published in Jacobin.com

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Israel Finds The Body Of A Teen Whose Disappearance Sparked A Deadly Settler Attack In The West Bank

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Al-Muhayyir, West Bank – Israel’s army announced Saturday that the body of a missing Israeli adolescent was discovered in the West Bank after he was slain in a “terrorist attack,” as violence erupted across the Israeli-occupied area, where tensions have been building for months.

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Israel Finds The Body Of A Teen Whose Disappearance Sparked A Deadly Settler Attack In The West Bank

The disappearance of 14-year-old Binyamin Achimair prompted Israeli settlers to launch raids on Palestinian towns on Friday and Saturday. The attack on al-Mughayyir hamlet on Friday killed one Palestinian and injured 25 others, according to Palestinian health officials. According to witnesses, Israeli troops held up the ambulance transporting the 26-year-old man’s body for burial for several hours on Saturday.

On Saturday, dozens of Israeli settlers returned to the village’s outskirts, burning down 12 homes and many cars. The Palestinian Health Ministry reported that three persons from the community were hurt, one gravely. Border police sprayed tear gas at the gathered locals, attempting to disperse them.

Israeli settlers set fire to many homes in the nearby village of Douma, according to the official Palestinian news agency Wafa. The Palestinian Red Crescent reported six persons hurt by gunshots but did not specify who fired.

Since the Israel-Hamas conflict in nearby Gaza broke out on October 7 as a result of a Hamas assault on southern Israel that claimed the lives of about 1,200 people and kidnapped 250 more, tensions in the West Bank have been particularly high. According to Gaza health officials, the Israeli offensive has killed more than 33,000 Palestinians.

Since then, Hamas has attempted to spark new fronts, especially in the West Bank, to increase pressure on Israel. Even though Israeli fire has killed more than 460 Palestinians in the West Bank since October 7, the majority of them in clashes sparked by army operations, but some by vigilante settlers, such efforts have largely failed.

There was no immediate claim of blame for the death of the Israeli teenager.

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Israel Finds The Body Of A Teen Whose Disappearance Sparked A Deadly Settler Attack In The West Bank

According to Israeli media, the teenager was last seen leaving Malachi Shalom, a settlement outpost, early Friday to care for cattle nearby. According to reports, the sheep returned to the outpost many hours later without him.

According to Israel’s Channel 13 TV, a drone spotted Achimair’s body. The broadcaster stated that he was not shot but did not clarify.

Israeli Prime Minister Benjamin Netanyahu has denounced the incident. “We will get to the murderers and their accomplices as we do to anyone who harms the citizens of Israel,” he said in a statement released by his office.

The kidnapping and execution of three Israeli teenagers in the West Bank in 2014 fueled tensions, resulting in a 50-day Israel-Hamas war in Gaza, the deadliest phase of conflict between the two sides to date.

Consecutive Israeli governments have increased settlement construction in east Jerusalem and the West Bank, places where Palestinians hope for a future state alongside Gaza. Some are well-developed and resemble Israeli city suburbs, but other outposts may have a few caravans.

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Israel Finds The Body Of A Teen Whose Disappearance Sparked A Deadly Settler Attack In The West Bank

While Israel has constructed numerous settlements throughout the occupied West Bank, the outposts are not allowed, despite the government’s tacit support. The international world regards all West Bank settlements as unlawful and impediments to peace.

Over 700,000 Israelis now live in the occupied West Bank and East Jerusalem, regions acquired by Israel in 1967.

SOURCE – (AP)

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Posthumous Memoir By Russian Opposition Leader Alexei Navalny To Be Published Oct. 22

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NEW YORK — Alexei Navalny’s memoir, which he began working on in 2020, will be released this fall. “Patriot,” which publisher Alfred A. Knopf describes as the late Russian opposition leader’s “final letter to the world,” will be released on October 22.

Navalny’s widow, Yulia Navalnaya, said in a statement released Thursday by the publisher, “This book is a tribute not just to Alexei’s life, but to his unshakeable devotion to the battle against dictatorship—a war for which he devoted everything, even his life. Through its pages, readers will learn about the guy I adored—a man of tremendous integrity and unwavering courage. Sharing his tale will not only respect his legacy, but will also motivate others to fight for what is right and never lose sight of the most important ideals.”

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Posthumous Memoir By Russian Opposition Leader Alexei Navalny To Be Published Oct. 22

Navalny, 47, died in February while serving a 19-year prison sentence on extremism charges, which he saw as politically motivated. He was imprisoned after returning from Germany in January 2021, where he was recovering from the 2020 nerve agent attack, which he blamed on the Kremlin, and has since received three prison sentences.

He perished in a distant correctional colony located above the Arctic Circle. Russian officials have categorically denied participation in both the poisoning and his death.

According to Knopf, Navalny began working on the book in Germany and continued to write it in Russia, both inside and outside the prison.

navalny

Posthumous Memoir By Russian Opposition Leader Alexei Navalny To Be Published Oct. 22

“In vivid, page-turning detail, including never-before-seen correspondence from prison, Navalny recounts, among other things, his political career, the many attempts on his life, and the lives of the people closest to him, and the relentless campaign he and his team waged against an increasingly dictatorial regime,” according to Knopf’s press release.

“Written with the passion, wit, candor, and bravery for which he was justly acclaimed, ‘Patriot’ is Navalny’s final letter to the world: a moving account of his last years spent in the most brutal prison on earth; a reminder of why the principles of individual freedom matter so deeply; and a rousing call to continue the work for which he sacrificed his life.”

In a post on X, formerly Twitter, Navalnaya claimed Thursday that she had hoped her husband would write a memoir much later in life when they were both “around 80” and had grandchildren.

navalny

Posthumous Memoir By Russian Opposition Leader Alexei Navalny To Be Published Oct. 22

She recalled that many people encouraged Navalny to begin writing after the poisoning, but he initially dismissed these suggestions: “What kind of memoir is it when you’re 44?” It’s just been slightly more than half (his) life. He wasn’t rushing because there was so much more to come. But things came out as they did. Horrible and extremely unjust. “It turned out there was no other half ahead.”

She stated that the memoir was translated into 11 languages and would “definitely” be released in Russian. It is unclear from her words whether the book will be published in Russia, where Navalny was convicted as a leader of an extremist group and his foundation and offices were prohibited.

SOURCE – (AP)

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The Masters Gets Underway With Nicklaus, Player And Watson Hitting Ceremonial First Shots

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AUGUSTA, Georgia—The Masters began Thursday after a 2 1/2-hour weather delay, with wind still whipping beneath an overcast sky. It marks the first time golf’s top players have competed on the same course since the British Open in July.

With his wife Barbara on the bag, six-time champion Jack Nicklaus joined three-time winner Gary Player and two-time champion Tom Watson as hundreds of spectators gathered around the first tee to witness them take the ceremonial first shots.

masters

The Masters Gets Underway With Nicklaus, Player And Watson Hitting Ceremonial First Shots

“It’s not so easy to put the ball on the tee now, is it?” The player inquired of the others before stripping one down the fairway.

“Watch out on the left and right,” Nicklaus said before driving it straight down the middle.

Erik van Rooyen and Jake Knapp were the first participants to tee off, with the PGA Tour and LIV Golf strong hitters spread out in highlighted groups throughout the day. Those with later tee dates, such as Tiger Woods, Jordan Spieth, and Dustin Johnson, would likely finish after dusk, forcing them to return on Friday to complete their first rounds.

This year’s tournament features 13 players from Saudi-funded LIV Golf, including defending Masters champion Jon Rahm, who quit the PGA Tour late last year for millions in guaranteed money. That’s down from 18 a year ago when people were still determining how the split between the breakaway league and the long-established PGA Tour would play out at Augusta National.

However, the ongoing schism is just one of many topics this year.

masters

The Masters Gets Underway With Nicklaus, Player And Watson Hitting Ceremonial First Shots

Scottie Scheffler, the 2022 champion and world’s number one player, has been the 4-1 betting favorite since Woods ruled nearly two decades ago, according to FanDuel Sportsbook. Rory McIlroy, who missed the cut last year, is attempting to complete the career grand slam for the tenth time. Woods is only playing for the second time this season due to illness and injury.

Scheffler and Sam Burns both have wives who are expecting their first children. Both players have stated that they would retire if they heard their wives were in labor, which is difficult to believe given their advantage on Sunday’s back nine.

masters

The Masters Gets Underway With Nicklaus, Player And Watson Hitting Ceremonial First Shots

Last year, the rain stretched the third round to Sunday, and Rahm entered the long day four shots behind Brooks Koepka. He had halved it at the start of the final round, and Rahm became the fourth Spaniard to win a green jacket with a four-shot triumph against Koepka and Phil Mickelson, who finished with a 65 at the age of 52.

SOURCE – (AP)

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