Debt Trap (1 of 5)
Oct 17th, 2008 by admin
Some facts established in this documentary:
- Canadians collectively owe $1,000,000,000,000+ of debt, almost 10 times that of 30 years ago.
- in the last 20 years bank profits up 900%. Half is of debt interests.
- avg household consumer debt: $70,000 - $80,000.
- personal bankruptcies up 400% in 25 years.
- savings rate now an all time low of 0%.
- avg house price in 1978: $50,000+ (amortization: 15 years).
- avg house price in 2008: $300,000+ (amortization: 25 or 30 years).
- avg wage increase 0% while cost of living up 200% to 300% in the last 30 years.
- “free trade” did not translate to a higher standard of living for all Canadians. Instead the rich got richer, the poor got poorer, and the middle class is struggling to stay afloat.
- only 1 in 3 of the unemployed get E.I. (was 4 in 5 20 years ago).
- avg student loan debt $25,000+.
- politicans are pushing a U.S. style education system in which only the rich is able to afford higher education.
- payday loan shops charge up to 3041% interests.
- over 60% interests is considered usury according to law
- federal government has not enforce the usury law against loan shops.
And that righteous doing for which you mentioned is called corporate crime.
I’m sorry to say but the old adage of “go to school and get a good job” no longer works in our society. Their are stratagies for getting ahead but this one is outdated. Regardless of income level; inflation and cost of living will still be increasingly hard to meet, coupled with the debt that is allowed and encouraged before we even start on our own. Look to the wealthy if they are getting wealthier by the minute they must be doing something right.
interesting. thanks for posting.
Post the rest of show
Good show nibbles. You are doing an excellent job of bringing out issues.
Viable alternatives for North America?
The Technate design for North America. TNAT.
Viable is the key word. We must disentangle ourselves from Babylonian Adam Smith economics.
Yes I find this very interesting, please post more. Canada has some very similar problems that are about to cause some major “issues”
This is very interesting! Please post more! I’m surprised that our next door neighbors are in so much debt. I thought we in the United States were the only ones piled high in debt. Apparently, alot of us have spent beyond our means.
yes plz add more..theres a lot on the American system and predicament, federal reserve and whatnot. i for one would love see more Canadian Content. Hopefully with the net Canadian Action Party may actually get these issues to the debates.