Quote:
Originally Posted by Truenorth00
I wouldn't say the economy is absolutely terrible. It's still a lot better today than say the early 90s recession when my family first got to Canada. There were major layoffs announced in the newspaper weekly back then. What we have right now is growing inequality and economic stagnation for some with a really comfortable life for the rest. You're a tad upset by recent changes made to the tax code. It might cost you an extra year or two of work. Imagine how young people in major cities feel where saving for a downpayment will take 20-25 years. And during that time you have no certainty on housing. Your landlord can renovict you anytime. Bad as you have it, young people have it worse. And it's been that way for a very long time.
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One thing to keep in mind is that we're still in the early innings of this downturn. Technically we're still enjoying the "COVID rebound" at the moment and we're not yet in a recession, especially with the US juicing up their economy. In comparison, the early 90s was literally the rock bottom of the economic cycle.
We still have the upcoming mortgage rate renewal cliff coming up, and with US rate cuts being delayed, the economic turbulence going forward will make 2023-2024 look like a breeze. Further currency devaluation, stagflation and more mass layoffs (especially in the bloated banking and real estate sectors) is in the cards.