Interest rates are relatively low historically, and even 5% after tax is 2.5% at best. Its money being transferred to the Government.
All the hype about grocery store rip off's when a Grocery store is very happy to make 3% profit, the same as the revenue a credit card gets for doing very little, but that is dwarfed by the 13% HST the Government gets for doing virtually zero.
I have a property Im renting, I advertised it about $200 under market because I didnt realize how much rents have risen and my tenant of 5 years dumped a lease cancelation and moving for a new job in 6 weeks. My first reaction get it rented at a very very awkward time for me(Wife in Greece and we are going to Africa for 6 weeks soon, plus I bought 6 gallons of paint and had delivered $1000 of wood to build a deck. The number of adults making $20-30k a year is crazy, with rent for my decent but modest well located 2 story detached home in Kingston well under market at $2150+utilities. How can they even survive, I dont know... I guess you do what you have to do, but I'm trying to make sure screwing your landlord is not on their list :(
Its been a nightmare for me, stressed as I had up to 45 people who wanted to see my house. Had an open house today and in hindsight it was exciting and fun in a weird sort of way...
Unfortunately even Trudeau must have believed MMT, certainly many much smarter than him seemed to. Regardless people in power had something to justify their reckless behavior.
My grandfather might have remembered when they brought the temporary income tax in to help with WW1. You have a better chance of getting your money back from a homeless person than the Govt...
Yet the voters who continually elect and reelect liberal candidates are oblivious to the facts you so elegantly outline in your article. The debt of the country is very concerning to our future prosperity imo.
In the US the statuatory inflation target is zero.
See: 12 U.S.C. 225a
The FED has never even attempted to comply with this target, and Congress has failed for decades to force them to do so.
Interest rates are relatively low historically, and even 5% after tax is 2.5% at best. Its money being transferred to the Government.
All the hype about grocery store rip off's when a Grocery store is very happy to make 3% profit, the same as the revenue a credit card gets for doing very little, but that is dwarfed by the 13% HST the Government gets for doing virtually zero.
Perhaps
Interest charges are crippling households
And transferring more wealth to the GOVERNMENTS
is maybe more appropriate?
I have a property Im renting, I advertised it about $200 under market because I didnt realize how much rents have risen and my tenant of 5 years dumped a lease cancelation and moving for a new job in 6 weeks. My first reaction get it rented at a very very awkward time for me(Wife in Greece and we are going to Africa for 6 weeks soon, plus I bought 6 gallons of paint and had delivered $1000 of wood to build a deck. The number of adults making $20-30k a year is crazy, with rent for my decent but modest well located 2 story detached home in Kingston well under market at $2150+utilities. How can they even survive, I dont know... I guess you do what you have to do, but I'm trying to make sure screwing your landlord is not on their list :(
Its been a nightmare for me, stressed as I had up to 45 people who wanted to see my house. Had an open house today and in hindsight it was exciting and fun in a weird sort of way...
Unfortunately even Trudeau must have believed MMT, certainly many much smarter than him seemed to. Regardless people in power had something to justify their reckless behavior.
Unfortunately its even worst in Canada for a number of reasons but big ones are
1. Less disposable income due to high taxes and Govt fees.
2. Mortgage rates are usually picked for 5 years and can not easily or at a reasonably cost be refinanced when rates drop
3. Mortgage interest and property taxes for your home can not be deducted on your income taxes
I remember my mother used to be able to deduct property taxes from her income tax.
I wonder what their rationale was for removing that deduction... they needed more money, I guess.
My grandfather might have remembered when they brought the temporary income tax in to help with WW1. You have a better chance of getting your money back from a homeless person than the Govt...
Yet the voters who continually elect and reelect liberal candidates are oblivious to the facts you so elegantly outline in your article. The debt of the country is very concerning to our future prosperity imo.
Nailed it!