{"id":2237,"date":"2024-08-01T18:17:01","date_gmt":"2024-08-01T18:17:01","guid":{"rendered":"https:\/\/trusteconomics.eu\/?p=2237"},"modified":"2024-08-01T18:17:01","modified_gmt":"2024-08-01T18:17:01","slug":"canadas-standard-of-living-is-collapsing-and-resembling-europe","status":"publish","type":"post","link":"https:\/\/trusteconomics.eu\/index.php\/2024\/08\/01\/canadas-standard-of-living-is-collapsing-and-resembling-europe\/","title":{"rendered":"Canada&#8217;s standard of living is collapsing and resembling Europe"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Canadians didn&#8217;t think the EU-US-NATO rot would touch them. However, they were wrong. They themselves put a huge amount of blame on the neoliberalism of Prime Minister Justin Trudeau, who started as a &#8220;fresh young man&#8221; and ended up being the citizens&#8217; nightmare. In particular, having learned well in an impeccable state that operates on merit, the citizens of the country feel the word &#8220;uncertainty&#8221; for the first time.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">It&#8217;s not just the significantly lower purchasing power, the strikes\/protests that have taken place, the discontent. Trudeau has normalized political correctness, taking away the freedom of speech the country has been proud of for decades.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Canada&#8217;s standard of living is on track for its worst decline in 40 years. The Fraser Institute&#8217;s research (&#8220;<a href=\"https:\/\/www.fraserinstitute.org\/article\/canada-living-standards-falling-behind-rest-of-developed-world\">Canada living standards falling behind rest of developed world<\/a>&#8220;) compared the three worst periods of decline in Canada in the last 40 years:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>the recession of 1989,<\/li>\r\n\r\n\r\n\r\n<li>the global financial crisis of 2008 and<\/li>\r\n\r\n\r\n\r\n<li>the current post-pandemic era.<\/li>\r\n<\/ul>\r\n\r\n<p>It found that, unlike previous recessions, Canada is not recovering this time. In fact, as of 2019 Canada had the worst growth of 50 advanced economies, while inflation-adjusted wages in Canada have been flat since 2016. At the same time, Canada&#8217;s real GDP per capita is still falling, and with a looming US recession &#8211; the US accounts for 75% of exports &#8211; Canada could collapse again before it even recovers.<\/p>\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Incomes are at the West Virginia level.<\/li>\r\n\r\n\r\n\r\n<li>Home prices are at the Los Angeles level.<\/li>\r\n\r\n\r\n\r\n<li>It is not uncommon for a middle class family in Canada to pay half of their income in taxes.<\/li>\r\n\r\n\r\n\r\n<li>Since the pandemic, Canada&#8217;s official food inflation has risen by a cumulative 25% and energy by 30% &#8211; thanks in part to the carbon tax.<\/li>\r\n\r\n\r\n\r\n<li>The cost of living has risen noticeably.<\/li>\r\n\r\n\r\n\r\n<li>Corporate bankruptcy filings increased by 40% in 2023.<\/li>\r\n\r\n\r\n\r\n<li>Half of Canadians have zero savings for a hard time.<\/li>\r\n\r\n\r\n\r\n<li>Canada&#8217;s violent crime rate has increased by 40% since 2014.<\/li>\r\n\r\n\r\n\r\n<li>42% of Canadians are considering moving to another country.<\/li>\r\n<\/ul>\r\n","protected":false},"excerpt":{"rendered":"<p>Canadians didn&#8217;t think the EU-US-NATO rot would touch them. However, they were wrong. They themselves put a huge amount of blame on the neoliberalism of Prime Minister Justin Trudeau, who started as a &#8220;fresh young man&#8221; and ended up being the citizens&#8217; nightmare. In particular, having learned well in an impeccable state that operates on &hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[769,57,771,772,770],"class_list":["post-2237","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-gdp","tag-gdp-per-capita","tag-real-gdp","tag-standard-of-living"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Canadians didn&#039;t think the EU-US-NATO rot would touch them. However, they were wrong. 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