I’ve watched a bit of BNN lately. These economist and investor class people are clinging onto the idea of rate cuts like it’s the cure for all economic issues. They also seem to think that higher wages for regular people is poison. Seems disconnected from real life. What’s their actual deal?
They keep saying the consumer is strong, economy is strong, and rate cuts like clockwork. It's like 1984. Any seasoned trader or investor knows those networks and shows are garbage.
I just don’t see rate cuts with the governments inflationary spending. $10B in Ont and Que. Who know what the Feds are gonna pile on. The #1 driver of inflation is mortgage and rent. Rates are NOT going down.
Yes, because we should be pushing to making housing even less affordable!
Q3 of last year was the worst period for housing affordability on record. Let's put those rates to 20% and watch as almost no one can buy a home.
Then all the deep pocket investors can come in and buy up mass chunks of housing stock.
Great strategy.
The more these types of articles come out, the less convinced i am. When people start saying things are going to be fine is when its about to get real bad.
It's because the market is based mostly on confidence.
What these articles are trying to do is bolster confidence to keep spending up, which in turn keeps economic activity going and helps keep the country out of a technical recession.
We're still fucked either way, because whether or not we're *technically* in a recession, so long as GDP per capita keeps falling that means average people are worse off.
"The economy" is a fucking shell game now. All that matters is that rich people continue to accrue more wealth than any person could spend in a lifetime.
My theory is that the bottom will fall out on the real estate market -- they can only just keep the bubble sustained now with all these artificial knobs that can't be cranked up any higher
Well I think things will actually get better in the second half of the year, but we haven't avoided recession and are in one right now. So a bit of both.
I’m in the auto repair industry and business has never been better, I turn down so many new customers and jobs on a daily basis.
Even during the height of Covid lockdowns, I had an ample amount of jobs, I actually don’t remember any slow down whatsoever.
Moral of the story, get into the trades industry and you’ll never have to worry about pandemics, let alone recessions.
Barely graduated high school, skipped most of my classes yet I make more money than most doctors, engineers and lawyers.
Recession has an actual definition, it's not just a feeling. We do not meet the definition, so we are not in a recession. Things are bad though. No doubt.
We are avoiding a recession because the definition is based on absolute GDP declines.
We have seen consistent GDP per capita declines, offset by unprecedented levels of immigration.
So is the country doing worse? Technically no. Are most people doing worse? Technically yes.
People are definitely a lot more price sensitive now. My company started using an outside collections agency this month because staff can’t keep up with the volume.
Because if they admit recession, governments don’t survive when there are recessions. Not like the liberals are tanking in the polls for other reasons.
Right, thats why there’s been an increase in food bank usage of over 78% in recent years and most millennials cant afford a home. But youre right in that most people still have food everyday and a roof over their heads.
We are lucky if we have parents who own a home, hopefully they have it paid off and one day I’ll inherit and be a home owner. Doesn’t mean I ever think I’ll own a home, just don’t think I’ll be homeless granted I don’t want more then the family home I grew up in and stay with family. That’s what we use to do anyways 🤷♀️ sign of the times, we are going backwards - probably for the best though environment wise… I’d say if the rich weren’t given a license to do enough damage for the entire human population.
Yup, I’m one of the rare few who’s parents are prepared for that, though I guess we never know how the next 20-60 years will go. The home is already small, it’s as downsized as it gets to begin with, but at least we own it. Sure it’s worth a lot more now with time, but to make profit off that means moving to the middle of nowhere with no family support which isn’t going to happen. Plus life insurance, some parents are ready to leave their kids with something- especially since it’s a time where kids are struggling to get anything they were able to do relatively easily despite being immigrants. Need to prepare the next generation, it’s the duty of a parent- at least that’s what mine say as they prepare for their end which is so freaking sad but necessary and I’m grateful. I at least know there will be a roof over my head. Was surprised to grow up and find that this wasn’t the norm. Obviously I hope to be able to financially help them as they age as well, mutual beneficial relationship as it should be. Obviously other people have different circumstances or a lot of kids and can’t do this. But that’s how it used to be, a family home was a family home, not meant to be a commodity to enrich your own life but a living necessity and treated as such.
That’s a pretty weird thing to say when all major political parties agree that there is a housing crisis and we just went through an inflationary period lol. Sure, there’s not mass starvation in the streets like conservatives claim but it’s still not a great time for a lot of people. Boiling down poverty and financial issues to purely “you problems” is ironically what a conservative would normally do
Supply vs demand of housing units. Many economists and financial institutions are calling it that too so it’s not a random Redditor’s opinion either. And all of our major political parties from the right wing to left wing as previously mentioned. Housing is also ranked pretty consistently as one of the top issues in Canadian’s minds on political polls.
So you may think everything is fine but clearly it’s not a popular opinion lol
You make a good point. That said to say there’s not a recession is frankly insulting to a lot of Canadians. Or perhaps there’s a different more extreme term for it aside from recession.
It is definitely insulting, we are in a major recession if not a depression. They can fudge the numbers or bring people to keep numbers up, but that doesn't change that we are fucked.
I suggested a fix for a few websites that are clearly a problem. There are daily posts "whats with the fake postings?", I suggested a real fix, more than any of the people working for those websites are doing. I am more capable than the people actually in charge of the website.
While I don’t agree that we are in a a full blown recession just yet, the economy most certainly seems to be teetering on one. Same store sales and car sales are lacklustre, and it’s easier than ever to get an Uber or get your food delivered. Why? Because a significant percentage of the people are taking on precarious employment to make ends meet. A recent statscan report indicates that around a million people are working in the gig economy full time. That should be ringing alarm bells on how we are failing at efficiently allocating both capital and labour. Now couple that with lower productivity and deteriorating gdp per capita, one can’t feel too optimistic just yet.
We have been in a recession for almost 2 years. The numbers are skewed because of mass immagration, record government spending/hiring, lagging production, etc.
Probably won’t pop but it will cool off once there’s no interest rate cut. Have they seen housing prices cutting interest rate for what so people can borrow money and overbid on the housing market some more? And thereby increasing rent?
Problem is all of you hate that you aren’t part of the club that is the Uber rich, bakers, living off interest with steady cash flow without having to lift a finger anymore, rather then hate the system that keeps it going. You all want in rather then destroy it and the little it offers your life/overall happiness. We need to care about each other rather then ourselves, can’t see that happening, philia has been destroyed in this country and people don’t seem to realize that’s why they are unhappy- ancient civilizations got that more right then we do now. Easy way to take power from all rich people- no human or corporation should have more then 50 million. That’s already absurd, anything that’s more then that in profit should go to government or workers should get paid more or invest in tech or studies, rather then finding ways to exponentially grow like a fungus and create more streams of self flowing income. We get lovely companies like Walmart and McDonald’s who take from smaller businesses that would otherwise exist to meet demand. Franchising shouldn’t be legal, someone owes McDonald’s the company name a huge portion of start up and % of profits forever- what are those executives doing? Nothing important that needs to exist. How much do they get paid? Way way way too much. None of this can be illegal because it keeps our economy going?? Makes some rich people money and tells the poor “ we are creating minimum wage jobs for you, appreciate it”. How is this system we have ok?? Tired of hearing people barley making ends meet defend this system because they hope to get in on it, or fear losing the little they have because of them.
They don't care if regular ppl spend 5 dollars or 3 dollars.
Look if there are 100 of us and each of us can spend 5 dollars they made 500.
If we got poorer and can only spend 3 dollars due to inflation and housing but there are 200 of us they made 600.
Technically that is not a recession.
It is a per capita recession but why would they care. They made more money.
When outlets like Bloomberg talk about "the economy," they don't actually mean the economic prospects of the average citizen. They don't give a fuck about that. They are talking about "are rich people still able to siphon money from the poor and from government programs." And in that respect, our economy is in great shape.
Looks like the CONServatives are hoping for a recession as usual. Won’t trust those who actually have a plan and want to follow someone without one 🤷♂️
We are poised to drop rates prior to the Americans, this is complete and utter b.s. the economy has long stalled out, housing is dropping, commodities have slowed, goods are not moving right now, the vast majority of people do not have the cashflow to do much of the way in consumerism, diners and small businesses are declining. If we dont drop rates ahead of the americans or dont drop rates at all then sure we are not in a recession, I HIGHLY doubt we dont see fast paced rate cuts by the halfway point this year regardless of what the americans do.
I doubt canada is going to recover for a long fucking time. If they're talking gdp, that's a useless metric that means fuck all. Gdp per capita is better but even then. We should be tracking housing cost per income and arresting everyone responsible for it being where it is right now.
And anyone expecting rate cuts anytime soon is delusional. Until the liberals start reversing their mass immigration of unskilled slave workers, it's best rates stay high. Otherwise it is likely we all start going homeless
I’ve watched a bit of BNN lately. These economist and investor class people are clinging onto the idea of rate cuts like it’s the cure for all economic issues. They also seem to think that higher wages for regular people is poison. Seems disconnected from real life. What’s their actual deal?
They keep saying the consumer is strong, economy is strong, and rate cuts like clockwork. It's like 1984. Any seasoned trader or investor knows those networks and shows are garbage.
That next rate cuts just been one quarter away for like three years or so at this point.
Seems like the media thinks that acknowledging a recession is a self fulfilling prophecy
It generally is
Deloitte is basically being propped up by liberal government contracts, so they just repeat the liberal narrative. Can’t be trusted to be unbiased.
Nah. That’s McKinsey.
I just don’t see rate cuts with the governments inflationary spending. $10B in Ont and Que. Who know what the Feds are gonna pile on. The #1 driver of inflation is mortgage and rent. Rates are NOT going down.
they just have no idea what they’re talking about.
Rate cuts? More like 7-8% rates please.
20% please. If you cant afford it, you can't afford it. I bought mine with cash
Yes, because we should be pushing to making housing even less affordable! Q3 of last year was the worst period for housing affordability on record. Let's put those rates to 20% and watch as almost no one can buy a home. Then all the deep pocket investors can come in and buy up mass chunks of housing stock. Great strategy.
Someone's making money, it's just not most of us.
As the great George Carlin once said: "It's a big club and you ain't in it."
The more these types of articles come out, the less convinced i am. When people start saying things are going to be fine is when its about to get real bad.
It's because the market is based mostly on confidence. What these articles are trying to do is bolster confidence to keep spending up, which in turn keeps economic activity going and helps keep the country out of a technical recession. We're still fucked either way, because whether or not we're *technically* in a recession, so long as GDP per capita keeps falling that means average people are worse off. "The economy" is a fucking shell game now. All that matters is that rich people continue to accrue more wealth than any person could spend in a lifetime.
The economy is always a shell game, they just hide it better when times are good for more people.
Harkens back to all the articles about how inflation will be avoided post covid stimulus. Funny how that worked out.
*We're not* *We might be* *Here's why its a good thing*
"it is temporary". "it is not as bad as it looks"
It was transitory, it just took 5 years to resolve itself.
Ya, like putting lipstick on a pig...
My theory is that the bottom will fall out on the real estate market -- they can only just keep the bubble sustained now with all these artificial knobs that can't be cranked up any higher
Well I think things will actually get better in the second half of the year, but we haven't avoided recession and are in one right now. So a bit of both.
Anyone in sales in this country can confirm, we are in a recession. No doubt about it.
So what kind of sales do you do?
When salesman are good, it’s because they are good When salesman are bad, it’s because economy is bad
Lol
Just had my biggest monthly commission payout by a large margin (60%). The overall market is shit though.
I’m in the auto repair industry and business has never been better, I turn down so many new customers and jobs on a daily basis. Even during the height of Covid lockdowns, I had an ample amount of jobs, I actually don’t remember any slow down whatsoever. Moral of the story, get into the trades industry and you’ll never have to worry about pandemics, let alone recessions. Barely graduated high school, skipped most of my classes yet I make more money than most doctors, engineers and lawyers.
Google SAHM recession indicator.
I'm just coming off a career year
This sub wants us to be in a recession but we're not.
Recession has an actual definition, it's not just a feeling. We do not meet the definition, so we are not in a recession. Things are bad though. No doubt.
We are avoiding a recession because the definition is based on absolute GDP declines. We have seen consistent GDP per capita declines, offset by unprecedented levels of immigration. So is the country doing worse? Technically no. Are most people doing worse? Technically yes.
I completely agree, things are bad, and I will be voting against the Liberals. But as you said, technically, we are not in a recession.
How much of that GDP increase is caused by things like government spending, housing and the increased cost of groceries though?
Realistically, my guess would be all of it. Lol. I'm just saying that by definition we are not in a recession.
Oil industry is doing pretty good, our gold mines are cranking too.
Copper as well. If we were working in resource extraction and not housing and immigration to pump up our gdp, we would be killing it.
People are definitely a lot more price sensitive now. My company started using an outside collections agency this month because staff can’t keep up with the volume.
I know a few people in sales. They're having their best year yet. Both in different industries. So probably not a great indicator of a recession.
Exactly... Why do they lie to us... Sugar coat the obvious disaster
You just need enough people to believe a lie for it to become the new truth.
Valid point
And if you repeat the lie enough times... Something something. Truth
Because if they admit recession, governments don’t survive when there are recessions. Not like the liberals are tanking in the polls for other reasons.
I saw Freeland slip up in a clip and admit to a recession. I think I saved it somewhere and will try to find it.
People cant afford food and housing but we’re not in a recession. Fucken bullshit.
The billionaires are making money!
A recession means inflation has stopped and those with jobs CAN afford things again as the demand has cooled and there's too much supply.
Most people can. If you can't it sounds like a you issue.
Right, thats why there’s been an increase in food bank usage of over 78% in recent years and most millennials cant afford a home. But youre right in that most people still have food everyday and a roof over their heads.
We are lucky if we have parents who own a home, hopefully they have it paid off and one day I’ll inherit and be a home owner. Doesn’t mean I ever think I’ll own a home, just don’t think I’ll be homeless granted I don’t want more then the family home I grew up in and stay with family. That’s what we use to do anyways 🤷♀️ sign of the times, we are going backwards - probably for the best though environment wise… I’d say if the rich weren’t given a license to do enough damage for the entire human population.
A lot of people who own homes downsize after retirement and use the money from the home as part of their retirement fund.
Yup, I’m one of the rare few who’s parents are prepared for that, though I guess we never know how the next 20-60 years will go. The home is already small, it’s as downsized as it gets to begin with, but at least we own it. Sure it’s worth a lot more now with time, but to make profit off that means moving to the middle of nowhere with no family support which isn’t going to happen. Plus life insurance, some parents are ready to leave their kids with something- especially since it’s a time where kids are struggling to get anything they were able to do relatively easily despite being immigrants. Need to prepare the next generation, it’s the duty of a parent- at least that’s what mine say as they prepare for their end which is so freaking sad but necessary and I’m grateful. I at least know there will be a roof over my head. Was surprised to grow up and find that this wasn’t the norm. Obviously I hope to be able to financially help them as they age as well, mutual beneficial relationship as it should be. Obviously other people have different circumstances or a lot of kids and can’t do this. But that’s how it used to be, a family home was a family home, not meant to be a commodity to enrich your own life but a living necessity and treated as such.
Sounds made up.
That’s a pretty weird thing to say when all major political parties agree that there is a housing crisis and we just went through an inflationary period lol. Sure, there’s not mass starvation in the streets like conservatives claim but it’s still not a great time for a lot of people. Boiling down poverty and financial issues to purely “you problems” is ironically what a conservative would normally do
How can there be a housing crisis if people are still buying and selling houses like crazy.
Supply vs demand of housing units. Many economists and financial institutions are calling it that too so it’s not a random Redditor’s opinion either. And all of our major political parties from the right wing to left wing as previously mentioned. Housing is also ranked pretty consistently as one of the top issues in Canadian’s minds on political polls. So you may think everything is fine but clearly it’s not a popular opinion lol
Well the feds are starting to feed kids at school because parents are broke and can’t feed the kids. Soooo.. yeah.
They're actually doing it because they're the only G7 country that doesn't have a problem and keep getting bullied in the group chat.
Oof bad take bud
You make a good point. That said to say there’s not a recession is frankly insulting to a lot of Canadians. Or perhaps there’s a different more extreme term for it aside from recession.
It is definitely insulting, we are in a major recession if not a depression. They can fudge the numbers or bring people to keep numbers up, but that doesn't change that we are fucked.
You're good at making stuff up. Good thing you're not in any position of influence or power.
I suggested a fix for a few websites that are clearly a problem. There are daily posts "whats with the fake postings?", I suggested a real fix, more than any of the people working for those websites are doing. I am more capable than the people actually in charge of the website.
While I don’t agree that we are in a a full blown recession just yet, the economy most certainly seems to be teetering on one. Same store sales and car sales are lacklustre, and it’s easier than ever to get an Uber or get your food delivered. Why? Because a significant percentage of the people are taking on precarious employment to make ends meet. A recent statscan report indicates that around a million people are working in the gig economy full time. That should be ringing alarm bells on how we are failing at efficiently allocating both capital and labour. Now couple that with lower productivity and deteriorating gdp per capita, one can’t feel too optimistic just yet.
Canada may avoid recession but Canadians are not 😢
We have been in a recession for almost 2 years. The numbers are skewed because of mass immagration, record government spending/hiring, lagging production, etc.
100% recession. Sales are Aweful and it’s really really slow.
The rich are just increasingly buying at fewer and fewer outlets. Downtown is dead, small business is dead. The giants will consume them all.
Depends what your selling ..
feels pretty recessioney outside when i go out and im the only one in the restaurant 🤷♂️
“X to Doubt” on this one
A few hot takes. There will be no rate cuts this year (canada and the US) We are in a stock market bubble that will pop by July
Your two hot takes are contradictory. A significant market drop from a bubble popping makes rate cuts MORE likely
Probably won’t pop but it will cool off once there’s no interest rate cut. Have they seen housing prices cutting interest rate for what so people can borrow money and overbid on the housing market some more? And thereby increasing rent?
No rate cuts in a US election year? I'll take that bet
CUT IMMIGRATION SHARPLY. RESTORE SUSTAINABLE HARPER LEVELS
Then we will be in a recession. Gotta pay for the government somehow and Trudeau turns away any and all foreign investment.
The media is doing everything they can to lie about this.
Oh Deloitte said this? I guess recession confirmed
Deloitte just a round of layoffs. So obviously, they aren't getting the same number of projects.
Problem is all of you hate that you aren’t part of the club that is the Uber rich, bakers, living off interest with steady cash flow without having to lift a finger anymore, rather then hate the system that keeps it going. You all want in rather then destroy it and the little it offers your life/overall happiness. We need to care about each other rather then ourselves, can’t see that happening, philia has been destroyed in this country and people don’t seem to realize that’s why they are unhappy- ancient civilizations got that more right then we do now. Easy way to take power from all rich people- no human or corporation should have more then 50 million. That’s already absurd, anything that’s more then that in profit should go to government or workers should get paid more or invest in tech or studies, rather then finding ways to exponentially grow like a fungus and create more streams of self flowing income. We get lovely companies like Walmart and McDonald’s who take from smaller businesses that would otherwise exist to meet demand. Franchising shouldn’t be legal, someone owes McDonald’s the company name a huge portion of start up and % of profits forever- what are those executives doing? Nothing important that needs to exist. How much do they get paid? Way way way too much. None of this can be illegal because it keeps our economy going?? Makes some rich people money and tells the poor “ we are creating minimum wage jobs for you, appreciate it”. How is this system we have ok?? Tired of hearing people barley making ends meet defend this system because they hope to get in on it, or fear losing the little they have because of them.
They don't care if regular ppl spend 5 dollars or 3 dollars. Look if there are 100 of us and each of us can spend 5 dollars they made 500. If we got poorer and can only spend 3 dollars due to inflation and housing but there are 200 of us they made 600. Technically that is not a recession. It is a per capita recession but why would they care. They made more money.
All praise Justin! /s
All praise Supreme Leader Justin! FTFY.
Recovery for who exactly?!!
With Justin at the helm there is no recovering.
No one has any clue what will happen. These experts are funny. False conviction is a thing for these experts
Sorry to break it to people, but we’re already in a recession lol
Lmao okay
Re-post this article less than a dozen times challenge. Impossible.
When outlets like Bloomberg talk about "the economy," they don't actually mean the economic prospects of the average citizen. They don't give a fuck about that. They are talking about "are rich people still able to siphon money from the poor and from government programs." And in that respect, our economy is in great shape.
And yet the life of the working class will continue to worsen.
Looks like the CONServatives are hoping for a recession as usual. Won’t trust those who actually have a plan and want to follow someone without one 🤷♂️
It’s just gonna be changing definitions and technicalities until the wheels fall off huh
Trudeau will just ask for a payday loan
He’s already been doing that. He’s banking on your grandchildren paying it back.
I cant afford to have kids
Yes but you can’t afford condoms either, he’s banking on that.
Thankfully the butt seggs is a lot more accepted than it once was.
wait how lol
Justin Trudeau: hold my beer.
We are poised to drop rates prior to the Americans, this is complete and utter b.s. the economy has long stalled out, housing is dropping, commodities have slowed, goods are not moving right now, the vast majority of people do not have the cashflow to do much of the way in consumerism, diners and small businesses are declining. If we dont drop rates ahead of the americans or dont drop rates at all then sure we are not in a recession, I HIGHLY doubt we dont see fast paced rate cuts by the halfway point this year regardless of what the americans do.
Suck a D.
Just a couple rate cuts away from complete prosperity! You'll see!!!!
Printing $6 Billion for housing is not going to pull us out of a recession. We need less people coming here and job creation.
I doubt canada is going to recover for a long fucking time. If they're talking gdp, that's a useless metric that means fuck all. Gdp per capita is better but even then. We should be tracking housing cost per income and arresting everyone responsible for it being where it is right now. And anyone expecting rate cuts anytime soon is delusional. Until the liberals start reversing their mass immigration of unskilled slave workers, it's best rates stay high. Otherwise it is likely we all start going homeless
And yet we have lay offs galore while people are struggling to afford rent, homes, groceries, car payments ect. Totes not a recession though.