It is abnormal that grandparents in an economy hold the mortgages of millennial. The Huffington Post asks, “Did you get grandma to buy your house for you? Be honest because Mortgages Soar For Canadians In Their 80s, 90s (story)”
Such that the Canadian Mortgage and Housing Corp, a regulatory and insurance body, has seen a rise in credit score among mortgage holders to 750. But this is a lie in all practical sense of finance. Given that personal debt is still 70% above regular take home pay. So the ‘young consumer’ is vastly poorer while the reading is of new home owners in their 80s and 90s willing to bet that the economy will provide for their grandkids in terms of good paying full time work, at a time when Goldman Sachs says it may be worse than the Great Depression next year and now blame is deflected at China for using Canada like a doorman to skirt USA Steel tariffs!!! How bad to be precise? 70% over take home pay is for credit cards, excluding mortgages, on an average balance of $3500, that they can not even find work to cover that piddling amount — one business owner somewhere in Canada says they spent more time on their phones than working and the sale of marijuana last quarter, in the billions, rivaled auto sales!!!! Meanwhile, on the dark side of the universe, Canadians also lose billions to phone scams and love artists, and where the barter (trade no cash) economy is as big in value as the money economy.
In CANADA, unemployment rate is bullshit, I say, because “there is no national law on minimum age for employment” (article) and (Canada’s 150 Anniversary website). ‘Wacky’ Canadian economy lost 51,600 jobs, led by Ontario plunge (article).
The subprime fiasco, and there is one looming, is unique because private households seems to be coordinated to create these hollow national statistics. CANADA is disingenuous about its prosperity, efficacy and proficiency as a global expert in governing and global affairs. Creating the impression that Canada is mainly a nation of career focused managers that wear the crown of hardship above all other nations, and its hunger for wealth has ripped open the Earth, that it can not deliver on its promise with what God has given it to deal with.
Canada ends up lying because it has no money. Take for example, foreign trained doctors, there is 1 per 1391 people but in the USA and Canada, but in Canada ‘he’s flipping burgers’ and wasting his life so that bureaucrats can paint a healthy face on a bankrupt nation (article) !!!
CANADA’s government funded economy can divide attention, misdirect blame and conceal truth. Canada’s Jim Crow-like racial atmosphere (article) was endemic in rural and remote communities, yet these also struggle against urban (read ‘black) cities for life-saving resources, as life is still ‘frontier like’ today (article).
Does Canada have a breach of trust problem with government funded programs? Many regulators have attempted to get at the issue — hollow statistics that are more statistical hoops than real results.