Canada's standard of living is falling behind the rest of the developed world

[Gone_Fishin]

Canada’s standard of living is falling behind the rest of the developed world & is projected to have the worst growth in the OECD for the next 4 decades.

Blocking projects. Raising taxes. Doubling debt. All have consequences.

Canada's standard of living is falling behind the rest of the developed world

OECD predicts country will rank last in real GDP per capita growth until 2060


You might not know it but Canada has a growth problem.

What looks like a solid economic recovery from the pandemic actually masks an underperformance in standard of living that is among the worst of advanced economies, says a new report by TD Economics.

“Economic growth does not necessarily equate to economic prosperity,” said TD economist Marc Ercolao.

On the surface Canada’s economic growth looks healthy. “Supercharged” immigration and population growth helped drive a quick recovery in activity after the pandemic, particularly in consumption and the housing market.

According to Statistics Canada, our population is growing at a record pace, rising by 1,050,110 in 2022, the first time in Canadian history the population has grown by more than 1 million people in a single year.

“While aggregate GDP is one thing, standard-of-living is another, and when Canada’s economic performance is adjusted for the rising population count, it reveals a picture that leaves much to be desired,” said Ercolao.

On the world stage, Canada is one of the few advanced economies that has not recovered its pre-pandemic standard of living, measured by real gross domestic product per capita.

This measure has contracted over the past three quarters, and TD forecasts it will continue to shrink until the end of 2024. More alarming, the Organization for Economic Cooperation and Development predicts that Canada will place last among OECD members in real GDP per capita growth until 2060.

snip

Since the 2014-2015 oil shock, “Canada’s performance has gone from bad to worse,” gaining a mere 0.4 per cent a year compared with an advanced economy average of 1.4 per cent.

So what’s the problem?

At the core of the issue is sagging productivity, something Canada has been battling for years, said Ercolao, who identifies several forces behind this.

Among them are “lacklustre” business investment in buildings, machinery and intellectual property over the past eight years and a longer-running decline in research and development spending that has led to an “innovation gap.”

snip

In 2021 Canada’s R&D spending was about 1.7 per cent of GDP, half the share of America’s and lower than most other countries.

Canada’s economy also contains a relatively large number of small companies, which tend to export and invest less than bigger firms. Inefficient regulations and tax policies are other factors cited as holding back productivity and innovation, he said.

snip

“Unfortunately, for Canadians, little turnaround in Canadian living standards appears to be on the horizon,” said Ercolao.

https://financialpost.com/news/canada-s ... ing-behind

[Mazdatruck]

We have open tent cities in every city in Canada. This was not seen 10 years ago. Drugged out social outcasts on every street corner in every downtown core, left to commit suicide on Fentanyl and be found in a Tim Hortons bathroom.

Housing costs astronomical. Housing costs double in less than 10 years.

Food prices jumping +20% to +30% a year.

We let in 1 million people per year to bump up the tax base but only build 200,000 houses per year.

Our Liberal Housing Minister makes $8,000 dollars/month off his multiple rental income properties, on top of his Government salary of course. We pay him to make housing afforable, which goes against his fiduciary duties as a landlord. His day job conflicts with his night job but we don't care. Infact, most of our elected officials are landlords and none of them want to see housing afforable.

Canada has been destroyed. It won't be fixed for decades now, if ever.

[Catsumi]

But some are trying hard to convince us that Canada is doing just fine when it is plain that we are mired in debt for decades to come (provided we’re not saddled with a Putz the Third), investment capital has flown the coop (unless it is bought and paid for by the federal govt) and that multitudes are hired (by the Feds) to look as if REAL jobs are being addressed.

Smoke-n-mirrors.

[the truth]

our great canada as we knew it is gone forever, sad but true

[Catsumi]

our great canada as we knew it is gone forever, sad but true

Don’t know about you, but the change is a-coming as peeps really take a hard look at their cost of living now, compared to 8 years ago.

The collective ‘gasp’ at grocery prices is going to turn into a loud scream that even the tone-deaf Niberals will hear loud and clear. When wallets are stretched beyond income, peeps will react eventually and hopefully, strongly enough to turf the scum that visited these ills upon them.

It will turn into a game changer. Watch, wait, and observe.

Patience has met its match with the Niberal stubborness and deafness.

[69cutlass]

our great canada as we knew it is gone forever, sad but true

Don’t know about you, but the change is a-coming as peeps really take a hard look at their cost of living now, compared to 8 years ago.

The collective ‘gasp’ at grocery prices is going to turn into a loud scream that even the tone-deaf Niberals will hear loud and clear. When wallets are stretched beyond income, peeps will react eventually and hopefully, strongly enough to turf the scum that visited these ills upon them.

It will turn into a game changer. Watch, wait, and observe.

Patience has met its match with the Niberal stubborness and deafness.

[the truth]

our great canada as we knew it is gone forever, sad but true

Don’t know about you, but the change is a-coming as peeps really take a hard look at their cost of living now, compared to 8 years ago.

The collective ‘gasp’ at grocery prices is going to turn into a loud scream that even the tone-deaf Niberals will hear loud and clear. When wallets are stretched beyond income, peeps will react eventually and hopefully, strongly enough to turf the scum that visited these ills upon them.

It will turn into a game changer. Watch, wait, and observe.

Patience has met its match with the Niberal stubborness and deafness.

we can only hope

[CountryAtHeart]

Don’t know about you, but the change is a-coming as peeps really take a hard look at their cost of living now, compared to 8 years ago.

The collective ‘gasp’ at grocery prices is going to turn into a loud scream that even the tone-deaf Niberals will hear loud and clear. When wallets are stretched beyond income, peeps will react eventually and hopefully, strongly enough to turf the scum that visited these ills upon them.

It will turn into a game changer. Watch, wait, and observe.

Patience has met its match with the Niberal stubborness and deafness.

we can only hope

I hope so too. I had hoped that the last election would be a turning point for Canada…sadly it wasn’t. And being in BC is hitting the wallet even harder. Ugh. Change can’t come soon enough.

[the truth]

our great canada as we knew it is gone forever, sad but true

Don’t know about you, but the change is a-coming as peeps really take a hard look at their cost of living now, compared to 8 years ago.

The collective ‘gasp’ at grocery prices is going to turn into a loud scream that even the tone-deaf Niberals will hear loud and clear. When wallets are stretched beyond income, peeps will react eventually and hopefully, strongly enough to turf the scum that visited these ills upon them.

It will turn into a game changer. Watch, wait, and observe.

Patience has met its match with the Niberal stubborness and deafness.

sure hope you are correct, it would be nice to see

[steven lloyd]

*removed*

[ferri]

Canada's standard of living is falling behind the rest of the developed world

[oldtrucker]

Standard of living will drop almost directly proportional to the amount of immigrants let in.
Been saying that before jt got in but it wasn't acceptable to say that then for some reason. Now there is a poll in castanet on mass immigration. Hmmm... wonder why.

[the truth]

Standard of living will drop almost directly proportional to the amount of immigrants let in.
Been saying that before jt got in but it wasn't acceptable to say that then for some reason. Now there is a poll in castanet on mass immigration. Hmmm... wonder why.

says it all https://www.castanet.net/edition/news-story--11-.htm https://toronto.ctvnews.ca/funding-figh ... -1.6476508

[Catsumi]

As of now the poll numbers reflect that 70% of us think immigration levels are too high

https://www.castanet.net/edition/news-story--11-.htm

When considering the hundreds of billions the Putz govt has thrown overboard in the last 8 mournful years, Canadians could have been sitting in the catbird seat, grinning, because we knew that the coffers were full of money extracted from us via taxation. Supporting retirees would be a breeze for decades to come.

Instead, we are not just broke but in a deep debt situation that the feds think can be corrected by piling in more and more people that may or may not land productive jobs of a level to actually pay taxes.

We could have had it so good now but instead, our standard of living is falling

“Come, come one and all” quoth the Putz. Obvious that he will never suffer the consequences of his foolishness.

[Mazdatruck]

Standard of living will drop almost directly proportional to the amount of immigrants let in.
Been saying that before jt got in but it wasn't acceptable to say that then for some reason. Now there is a poll in castanet on mass immigration. Hmmm... wonder why.

During the last federal election, the only party that was against massive immigration was PPC.

They were called racist nazis for it.

Now we are bursting at the seams, nobody has a place to live and services and quality of life in Canada is rapidly circling the toilet bowl. The next generations will work harder for much less. 45 year old professionals with multiple degrees sharing rooms and living in basement suites paying 55% of their income in rent to high school drop out retired janitor who bought on a single income in the 80's.

How are you all liking traffic and hospital wait times with 40 million people in Canada?

Just wait until 20 years from how when we let in 60 million more people.!!

It's never getting any better. It will always just get worse now.

Do you think you will be able to get a camping spot in Canada when we hit 100 million people?

Canada is over.