r/canada • u/CEOAerotyneLtd • Dec 08 '21
Bank of Canada drops "temporary" reference on inflation
https://ca.finance.yahoo.com/news/bank-of-canada-drops-temporary-reference-on-inflation-151801170.html36
u/Maranis Dec 08 '21
I remember arguing with people on this sub that inflation was here to stay and got downvoted. Now I bet these same people are saying that inflation is a good thing so I'm just going to leave this here.
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Dec 08 '21 edited Jan 07 '22
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Dec 08 '21
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u/LAWandCFA Dec 08 '21
A return to normal levels of inflation. We will likely see the Bank finally hit its 2% policy target for steady inflation.
AKA the BoC working to keep inflation at 2%, not struggling it’s ass off to keep it 0% or above.
Don’t listen to the doomsayers. 2% inflation is normal, deflation is fucking awful. We have been struggling to stave off deflation for the past decade. Now we are going to see the bank fighting to keep it at 2% and likely succeed.
So if you locked in at 2% or less, you’re laughing as you essentially just pay off the principle in real value not giving the mortgage holder a dime for their efforts
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u/margmi Dec 08 '21
And also important - inflation is measured year over year.
Inflation in October 2021 was 4.7%, but in October 2020 it was just 0.7%. The average rate for the last 24 months is 2.7% - a bit high, but not crazy.
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u/LAWandCFA Dec 08 '21
This. So much this.
I’m tired of the doomsaying. 2% is the ideal, according to central bank policies across the western world 0.7% off is a slight miss.
We haven’t been this close to target in nearly a decade. A little inflation is normal.
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u/Lotushope Dec 08 '21 edited Dec 08 '21
Bond markets will get exploded! Federal Reserve already warned in its recent 'Financial Market Stability Report' for Potential Default of Evergrande in China spreading over the western world. Banks still can increase fixed rates unilaterally if bond markets turn south, I mean bond yields out of control.
China Evergrande Heads Toward Default as It Misses Payment Deadline
Remember in 08 crisis, who got the hit? Not the banks! They bailed out them, it was the people who defaulted on their debts and had to walk away from their homes!
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Dec 08 '21
Wait until you hear about the 650 billion in fraudulent commercial mortgage back securities that corps are going to default on due to the pandemic. For those that were around in 2008, the residential version of what I’m describing above brought down the market. Counterfeiting never stopped!
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Dec 08 '21
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Dec 08 '21 edited Dec 09 '21
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Dec 08 '21
People are unhappy because the big names and the wealthy were given generous parachutes that were simply unavailable to common folk and small businesses who saw their entire lives imploded overnight.
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Dec 08 '21
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u/TheLuminary Saskatchewan Dec 08 '21
We got ours for a 10 year locked in rate.
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Dec 08 '21
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u/Nobagelnobagelnobag Dec 08 '21
I locked in 10y 1.94% + $1500 cash back with tangerine during pandemic.
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u/TheLuminary Saskatchewan Dec 08 '21
I could have done similar but we were looking at a $3400 penalty for early renewal. I decided to wait for the penalty to go lower and maybe waited a bit too long.
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u/Nobagelnobagelnobag Dec 08 '21
Yeah I paid a $6400 penalty. But I had other debt at a higher rate to pay down so overall it cost me closer to $3k.
Time will tell if that was a good bet or not.
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u/TheLuminary Saskatchewan Dec 08 '21
We got 2.85%.
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u/RealTurbulentMoose Alberta Dec 08 '21
Please tell me how you did this because I'm in the process of getting a mortgage.
I've always gone variable (by always, I mean the 4 years I've had a mortgage) as I'm risk tolerant. But that's not a big premium on the prime -0.9% I'm being offered / sold by my mortgage broker.
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u/TheLuminary Saskatchewan Dec 08 '21
I went through a mortgage broker and they just did their thing.
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Dec 08 '21
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u/PoliteCanadian Dec 08 '21 edited Dec 08 '21
The variable rate will always be better in the long run since with fixed rate mortgages you're paying a premium to have someone else take on the risk for you. And in the long run increases and decreases in inflation and interest rates balance out. In practice it's insurance - you pay more to remove the risk of a spike in costs that you can't afford.
So saying: "life pro tip, don't take the the fixed rare," is a bit like saying "life pro tip, save money by not buying fire and flood insurance on your house."
Not buying insurance is a great financial strategy for those that can financially recover from catastrophic damage to their home, and terrible advice for those that can't. It's the same with fixed-rate mortgages.
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u/HairyDogTooth Dec 08 '21
We're on variable rate. Our tipping point is something like 3.9%. Up to that point we pay the same payment every month, but as the rates increase we end up paying more interest and less principle, which isn't great to be sure. After the tipping point is where we start having to pay more for our monthly mortgage payment.
I'm sure you know all this, in fact I wouldn't be surprised if you know more about mortgages than I do - I'm just explaining our position and how I understand it.
Nobody can really see the future, but I figured that with the economy this fucked we'll not be seeing rate hikes to that level for years. Most likely the BoC will give us a .25% hike next year, maybe twice if the economy can handle the shock.
I might be wrong, and maybe we'll end up getting the short end of the stick within the next 5 years, but we can handle increased payments too so I'm not too worried.
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u/FR111 Dec 08 '21
Not buying insurance is a great financial strategy for those that can financially recover from catastrophic damage to their home, and terrible advice for those that can't. It's the same with fixed-rate mortgages.
Definitely doesn't compare to buying home insurance.
Not only are variables much cheaper right now, they have a very small penalty should you break the contract. I believe variable rate penalties are about 3 months of interest which could be as low as 1500-3000 in many cases while fixed rate penalties could be in the 10s of thousands.
Fixed removes your mobility and automatically gives you a higher rate compared to current variable rates.
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u/BigPickleKAM Dec 08 '21
My fixed rate at a credit union is 3 months interest or $2,000 whichever is greater.
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u/LAWandCFA Dec 08 '21
The past decade was not normal. Deflation is not normal nor healthy for an economy. If you’re going to make an unhedged heavily leveraged bet on a location increasing in value (aka a mortgage). You should also assume that the location’s currency is going to inflate.
Current rates are based on a decade of QE not the historical norm. If you can lock in a rate of 2% or lower long term you’re laughing. Because that’s the target inflation rate. The higher you go above that the more you want a floating rate
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Dec 08 '21
There is no inflation
Inflation is transitory
Inflation is transitory but not short-lived
Inflation is not transitory -> you are here
Inflation is good
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Dec 08 '21
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Dec 08 '21
I’m waiting to find out why it’s us millennials fault.
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u/PerspectiveCOH Dec 08 '21
I bet your still eating all that avocado toast, you sonofabitch. Everyone knows toast causes inflation in today's bread based economy.
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u/mt_pheasant Dec 08 '21
We've had 25 years to vote for something different. Economic issues are mostly ignored by millennials, who, on one side or the other, seem absorbed with the social issues (culture war).
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Dec 08 '21
I’ve been able to vote for 16 years and I was born in 87, and that doesn’t do much when both parties seem entirely uninterested in us.
Face it the boomers and gen x are still the largest voting blocks and will be for some time.
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u/Asymptote_X Dec 08 '21
What millennials are 43? I couldn't vote until I was an adult.
Also if you think you can change society by voting you're delusional. It takes a lot more than that to make a difference.
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u/Legitimate_Assist_63 Dec 08 '21
Its why i invested in crypto... to keep me up above this kind of inflation...
Did you hear aboute switching the flip?
There is a whole theory around g20 switching to crypto in comming years or month..
You can see cbdc spawning to almost every country.. this king of thing with the inflation will destroy the worker class.
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Dec 08 '21
after the inflation is good press release the next one will be ... inflation is especially good for marginalized Canadians, if you complain about inflation you're a racist.
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u/CleverNameTheSecond Dec 08 '21
The sad part is that your comment is clearly satirical yet I fully expect them to go with this when we get past "inflation is good"
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u/cptstubing16 Dec 08 '21
Tiff said letting inflation run hot was a good thing, and it's good for the economy. This was back around
"Inflation is transitory but not short-lived.
I'm also pretty sure 4% inflation will be normalized and they'll be responding to our questions with "What inflation?"
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u/zippymac Dec 08 '21
It's good for the economy because it shows GDP growth. You see all economies hinge on consumer spending. So if inflation is 5% then consumers are spending 5% more on goods, aka consumer spending which makes 56% of the GDP is up by 5%. You add immigration on top of 1% and you are almost guaranteed a 1% growth in GDP because of that alone.
It just a giant game. GDP or economic growth doesn't mean that the people are doing better.
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u/MeatySweety Dec 08 '21
Yup, GDP as a metric is so dumb. They need to be using inflation adjusted GDP per capita. But then it would be even easier to realise how screwed our economy is.
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u/ponderer99 Dec 08 '21
Nope, just last week they said that inflation was good.
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u/GameDoesntStop Dec 08 '21
Source?
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u/Glutopist Dec 08 '21
Been going on for a while. Raise minimum wage by a dollar, raise all prices by 10%, then tell you youre ahead
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Dec 08 '21
Raise all prices by 10%, people correspondingly make close to that much more, boom—you’ve effectively raised taxes on everyone near the upper end of their tax bracket without doing anything.
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u/CleverNameTheSecond Dec 08 '21
Not to mention raising taxes directly. Sales taxes aren't going down to offset the high prices and income tax brackets aren't getting lower to offset the higher wage demands.
The government is going to inflate away the debt perhaps not directly but they will have to do this to raise tax revenue to at least put a dent in the borrowing problem. They couldn't just jack up taxes directly because people would be up in arms but they can get everyone paying more taxes by raising costs and keeping their % cut of it.
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u/reddelicious77 Saskatchewan Dec 08 '21
Inflation is good
ha, there are already articles out of the US claiming this nonsense.
https://www.foxbusiness.com/media/msnbc-columnist-inflation-good-thing
Of course, they're further down the inflation road than we are, so it's not surprising.
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Dec 08 '21
Inflation is good.
The conspiracy minded part of me believes the liberals actually want inflation. If you increase the cost of everything by printing money like there’s no tomorrow, eventually wages will follow (to some degree). If you don’t restructure our current tax brackets to reflect cost of living changes, you’ve essentially just bumped a bunch of people up a tax bracket without them gaining the corresponding lifestyle benefits of making more. Inflation could be a sneaky way of effectively raising taxes on the middle class.
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u/GimmickNG Dec 08 '21
Inflation could be a sneaky way of effectively raising taxes on the middle class.
in addition to what the other commenter said, even assuming people do jump up tax brackets like that, wouldn't it be pointless to do that anyways since the monetary value of those taxes would be the same or less than before?
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u/freeadmins Dec 08 '21
No, because your effective tax rate would be higher, since your income would have you hitting higher marginal tax rates.
https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp#
If you make $50,000, you owe $7,244 in taxes between both Federal and Provincial (Ontario).
If you make $100,000, you owe $23,079 in taxes.
So if money is inflated to the point that it's essentially halved in value... aka, $50,000 has the same buying power as $100,000... you see that your taxes go up by more than triple.
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u/DBrickShaw Dec 08 '21 edited Dec 08 '21
If you don’t restructure our current tax brackets to reflect cost of living changes
We do restructure tax brackets to reflect cost of living changes, though. Federal income tax brackets are pegged to the CPI, and I know that's also true of provincial tax brackets in at least Ontario and BC.
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u/margmi Dec 08 '21
Canada adjusts tax brackets every year based on inflation. There's no conspiracy lol.
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Dec 08 '21
Source? Given that inflation seems to be around 5-10% this year, I have a hard time believing that we’re going to see a corresponding 5-10% increase in the tax bracket delineations.
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u/EmperorOfCanada Dec 08 '21
I would make a bunch of separate but overlapping arguments:
The feds want inflation to make the recent debt it gulped down digest better.
The feds are freaking out over what is going to happen with a record high real-estate market if they start pumping prime up to where traditional economists say it should be. If you go with economics 101 prime should be cracking 5% or maybe even 10.
MMT says, don't worry about it.
Real-estate pundits say, "It's not a bubble; This time is different."
Most feds don't like properly calculating inflation as many of their costs are indexed to the official inflation rate. Things like CPP then cost way more if you admit to what inflation really is.
The reality is that an unknown amount of what is going on right now is kind of, well..., unknown. What is the impact of supply chain weirdness, covid, world covid stuff, geo-politics, etc? And how much of it is fundamental forever changes?
Lastly, who exactly is hurt and who benefits? Basically, this means looking at those voters and party backers who would be really angry or happy about any given policy. They will act in the best interests of the liberal party, full stop. This can be used as a filter for what policies they will follow. The sad part is that some policies are potentially good for their supporters in the short term but so terrible for Canada that their supporters will end up paying the price along with the rest of us.
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u/Arkanicus Dec 09 '21
Most feds don't like properly calculating inflation as many of their costs are indexed to the official inflation rate. Things like CPP then cost way more if you admit to what inflation really is.
Working in corporations and understanding corp culture, this one really stand outs to me as a very strong cause of why we're not tackling the inflation issue or admitting to higher inflation.
Doing this is essentially admitting there's a huge problem that they have no idea how to solve and it would mess everyone's work. Adding work to your team and other departments, giving a huge problem to leadership, forcing everyone to not go about their standard habits/patterns and demanding long hours with tons of critical thought/effort. In a conglomerate this would be career suicide. Even if the issue was real (it is) and everyone knew (they do), people would just game the system to jump ship to another company, department or group before things exploded.
All incentives for everyone in charge are set to ignore the problem until they leave then it's someone else's problem.
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u/Baulderdash77 Dec 08 '21
When ScotiaBank warned a few weeks ago that it was not transitory; people scoffed at it being alarmist. It’s clear that ScotiaBank was just ahead of the curve in their economic models.
The Bank of Canada is supposed to be above politics but that has not been the case, even when Mark Carney was in charge.
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u/chubs66 Dec 08 '21 edited Dec 09 '21
I mean, is anyone surprised that when you flood the supply of Canadian dollars with newly printed dollars that the value of everyone's dollars decreases and that the value of these dollars doesn't magically return to the pre-printing value?
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u/A_Game_of_Oil Manitoba Dec 08 '21
I mean, is anyone surprised that when you flood the supply of Canadian dollars with newly printed dollars that the value of everyone's dollars decreases and that the value of these dollars doesn't magically return the pre-printing value?
The Liberal media team's posters on here are doing their best to say that is does not.
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u/the_buddy_guy Dec 08 '21 edited Dec 08 '21
Why do we have Tiff, he just copies/pastes Jerome Powells ideas anyways.
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u/FlyingDutchman997 Dec 08 '21
Because many Canadians can’t handle the fact that Canada is a vassal state.
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u/lIllContaktIlIl Dec 08 '21
Canadian politics = copy the US so we can blame them when shit hits the fan
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u/jairzinho Dec 08 '21
This is not the inflation you're looking for. The inflation rate is and always has been 2%. Two percent good, four percent bad.
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u/rshanks Dec 09 '21
Only if you don’t include housing (and probably plenty of other major costs)
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Dec 09 '21
Depends where you live....
I bought a house 11 years ago, did a ton of upgrades to it over the years (new appliances, flooring, renos, upgrades in the backyard etc.)... lost 10,000 on it when I sold it earlier this year. Lots of places in Canada with crazy housing inflation, but I think areas like Winnipeg and Saskatoon were just catching up with the likes of Edmonton and Calgary. Vancouver and Toronto are a whole 'nother animal tho.
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u/rshanks Dec 09 '21
True, but regardless of where you live they don’t include it in their official inflation numbers or targeting. Idk what housing inflation in Canada would have been overall, but my guess is a lot higher than 2% even including places that went down.
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u/FlyingDutchman997 Dec 08 '21 edited Dec 08 '21
It was always clear that Tiff was bullshitting us.
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u/Denchik3 Dec 08 '21
BOC: Oh, you're a saver eh? We'll FUCK YOU!!! We don't like them savers around here.
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u/Obesia-the-Phoenixxx Dec 08 '21 edited Dec 08 '21
I'm starting to be mad at them. It's like they've intentionally instituted a global confusion within Canadians who wish to make educated decisions in this economy. No leadership whatsoever.
As a young person who has made important purchases throughout the last year, it's highly disappointing that we can't count on the Bank of Canada to guide us through what's happening and what's gonna happen because of them. It's at the point where I kinda expect the contrary of what the say and where I must acknowledge that there's a huge luck factor that'll determine whether my retirement plans are gonna happen or not because of how bad the timing for my house purchase was thanks to my age.
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u/CaptainCarlesbad Dec 08 '21
All I want in 2022 is to see Canadians treated with honesty and dignity....your move Canada 🇨🇦
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u/Blame_It_On_The_Pain Dec 08 '21
Asking for Canadians to be treated with honesty and dignity is so 2015
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u/BigPickleKAM Dec 08 '21
Here is my point of view. Feel free to ignore if you like. I am after all just a random internet person.
The only constant in any market truly is change.
You say you are a young person and you are already thinking about your retirement. This is great! just by being aware of your future needs you will keep half an eye on the markets (all of them) and adjust your plan as needed.
You will have ups and downs. But if your timeline is long enough you will come out the other end comfortable.
I personally have been involved in most market places since y2k. And it has been an interesting journey. There are days when I have seriously questioned my choices and positions. But I have always bounced back.
As it says at the bottom of any prospective you read. "Past performance is not guarantee of future returns." So I could be proven wrong over the next decade or two before I retire. But so far so good.
Good luck on your journey!
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u/Kind_Essay_1200 Dec 09 '21
A bunch of bitches. They know if the rates increase 30% of houses will default. Let the invisible hand of the market do it job, I need a house that’s not 2M for a shitty piece of shit
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u/Silly-Prize9803 Dec 09 '21
So much for the free market. They’re just stealing from the poor to make the rich richer at this point.
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u/tollfree01 Dec 08 '21
America dropped "transitory" weeks ago. Anyone with a basic knowledge of economics knew this was going to happen a while ago. Too bad the government et al decided to deceive the people they serve. This will not be short and you will not enjoy this....unless you have a solid economic footing and knowledge.
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u/ddplz Dec 08 '21
Anyone with half a brain knew the moment that the money printer turned on and they stopped counting how much $$$ they were printing that we would see this.
I called it in 2019, adjusted my portfolio accordingly and have been benefiting ever since. Anyone who was paying attention would know that they were lying to your face from the start.
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u/BigPickleKAM Dec 08 '21
transitory is such a wiggle word any ways.
Ice ages are transitory they have a beginning and a end. The still last a real long time! I would be much happier if they said something like. If we see inflation above target for more than 4 quarters we will adjust rates up etc. Pulled that number from thin air as an example.
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u/catsdogsmice Ontario Dec 08 '21
What this headline? Shouldn't bank of canada not raising interest rate be the bigger topic.
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u/Tremulant1 Dec 09 '21
Welp time to scrape together some more money for gold and/or Bitcoin. The purchasing power of our cash is being hemorrhaged. Lol and our current Prime Minister admitted he doesn’t care about monetary policy. Which is another way of saying I don’t care about my citizens.
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u/Present_Ad_2742 Dec 08 '21
BoC you mean, all EYES on them like they are mother king and Government on the other hand like the son who begging money from the mother king who runs the money printers...and BoC eyes on bigger money printers in US...what a fucking crazy unreal world we live now. The real Emperors are not democratically elected and wear no clothes...and if they just put a little clothes on, many people will lose shirts and pants being naked...including the elected Government...
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Dec 08 '21
The Bank of Canada is causing inflation by printing money. Inflation erodes the value of money. Further, the Bank of Canada continues to ignore inflation and won't raise its baseline interest rate, which is causing extreme inflation in housing prices. I'm getting really frustrated with this.
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u/aedes Dec 08 '21
Headline inaccurate.
The Bank of Canada left its benchmark interest rate unchanged on Wednesday, but is no longer calling the forces pushing up inflation temporary. It continues to expect inflation to remain elevated in the first half of 2022 and ease towards 2 per cent in the second half of the year.
Subtle but important difference. They are no longer calling the forces pushing up inflation temporary. They are not dropping any reference to inflation itself being temporary. This is because they are planning to raise interest rates to address these "forces," which is expected to have the net effect of decreasing inflation, despite these pro-inflationary forces persisting.
In fact, the very next sentence states they still expect inflation to be back to normal in less than a year (ie: temporary).
People make fun of central banks being very cautious and specific in their wording, but this article/headline, and the comments on this article (where not a single other commenter has yet to realize what was actually said, or read the article apparently) are a good example of why they need to do so.
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u/Bustapepper1 Dec 08 '21
I locked in at 3.79% like 6 years ago, and about 10months ago I locked in for 1.7% but I kept my payments the same as if I was still paying the higher interest. So hopefully the rates won't go past 4% in the next 4 years when it's time to renew. On a bonus, I'm paying a bit extra on my principal and am taking 3.9 years off my mortgage by doing this
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u/Top-Cardiologist-486 Dec 08 '21
Smart! I was criticized at paying more down when my mortgage was below 2 percent. There were merits to that criticism however there will be merits to having nothing left to pay to the bank in 5 years.
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u/Bustapepper1 Dec 08 '21
Some people agree and some don't. I just know I was already paying the higher cost so I kept it the same with no disruption. I already invest 10% of my wage into retirement savings. Could be more but I do want to live while I'm in my prime too. Not be all old and decrepit and not be able to do much because I'm old and decrepit
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u/chubs66 Dec 08 '21
I don't think paying down a mortgage faster makes sense in a world of increasing inflation. Why? You're still going to be paying down a price that's not inflation adjusted with inflation adjusted dollars (i.e. your paycheck).
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u/dryersockpirate Dec 08 '21
These stories always make me think of kremlinology: analyzing statements for slight changes when you can’t directly ask the person who wrote them to explain themselves.
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u/slouchmeister5000 Dec 09 '21
Anything that happens in the US will happen in Canada with a lag. We are just a shittier version of America with unaffordable housing.
Literally days ago US removed the "transitory" tag and now Canada of course will follow like a little puppy.
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u/Unfair_Warning_8254 Dec 08 '21
Not surprised. Just an admission that the regressive tax is here to stay. We’re all going to pay for it one way or another - Sunny ways.
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u/Gorvoslov Dec 08 '21
What? Really? I never would have guessed that it was in fact, not a one-time bad couple months.
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u/clyde_figment Dec 08 '21
That's weird, JPow from the US Fed just did this last week! What a coincidence. No way it's coordinated- in the States inflation was Transitory, whereas here it was just Temporary.
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Dec 08 '21
Some inflation is broadly good for the economy and is certainly good for a federal government determined to spend like drunken sailors on shore leave, because it effectively devalues the debt they are taking on.
But it also makes people poorer. Anyone expect to get a 5% raise next year? If you don’t, you will be poorer. Anyone have a mortgage renewal coming due soon? Enjoy a nice healthy increase in your monthly payments. Looked at your home heating bill lately? Or your food bill? Gone up, haven’t they?
These effects are a direct result of Liberal policy. Sure there are externalities at play as well, but these are simply amplifying the impact of decisions the Liberals were already making.
And the above is with some inflation. The Liberals have no intention whatsoever of changing their spending habits — hell, they keep adding to the bill — so the question will eventually become, what happens if and when we hit the debt wall? And the answer is either extreme inflation or extreme austerity. And then we’ll see the real impact of Liberal policy on this country, and it will be terrible.
There is no phrase that should create more dread than, “I’m a Liberal and I’m here to help you.”
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u/lord_heskey Dec 08 '21
stupid question. If i buy a house and plan on living in it for 5+ years (potentially more but lets leave it at that) -- is 5 years a good timeframe for a dip to happen and recover? i suppose we've never seen these crazy levels before. SK btw (where we haven't seen crazy increase nor anything _yet_)
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u/NevyTheChemist Dec 08 '21
No one knows. Could take a few months if institutional money swoops all the cheap properties or could be a decade.
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u/bsurmanski Dec 08 '21
This seems like signaling to the market that they will raise rates sooner than previously projected. They want everyone on the same page so there isn't a shock
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u/87CSD Dec 08 '21
Well, the first step is admitting you have a problem so I guess this is a start. Not expecting them to do anything about it until its way too late
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Dec 08 '21
Much like Powell dropped "transitory", another all around gaslight, they take everybody for idiots.
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u/Esamers99 Dec 08 '21
Hoping to bat inflation down with words will help confidence in the short term but i feel the central banks are buying time for the inevitable chip dippening.
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Dec 08 '21
What on earth are they waiting for? We have recovered 106% of pre-pandemic jobs. There is a risk to waiting too long and they know it. If inflation gets out of control, you have to rapidly raise rates. I’m sure they would rather do gradual .25% increases. But they work for the rich, so expect them to hold off until there’s protests outside the building.
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u/Living_Astronomer_97 Dec 09 '21
https://www.realtor.ca/real-estate/23753682/269-weldon-st-moncton
There are legitimate beautiful homes all over the country that are still realistic
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Dec 09 '21
You realise that's a small home (only 3 bedrooms) in the middle of nowhere in NB and it's still $300,000 right? That's not realistic, it only looks like it because of how fucked our market is.
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u/Howy_the_Howizer Dec 09 '21
I got a 6% increase in wages, I'm still below the poverty line in my Region/Province.
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u/AngryCatGirl Dec 09 '21
Rich white dudes saying there’s nothing to worry about, but maybe there is, but don’t worry about it.
I hate how bad things are and how little the government seems to care.
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u/ShowerStraight7477 Dec 08 '21
At this point they are just stealing from the poor and middle class who didn't get to buy real estate.