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lebiez piranaj

Canada Household Debt Much Higher Than Previously Thought; Housing Bubble Bust-Out Now ... - 2 views

www.huffingtonpost.ca/...-housing-bubble_n_1967269.html

Canadian debt finds higher housing bubble thought money household

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • Canadians, you’re more indebted than you think.
  • StatsCan now says household debt amounted to 163.4 per cent of household income in the second quarter, up from 161.8 per cent in the first
  • Canadians are now carrying more debt than Americans and Brits were at the peak of their housing bubble half a decade ago
  • ...1 more annotation...
  • A recent Capital Economics report estimated a construction slowdown would cost 115,000 jobs across Canada
  • lebiez piranaj on 18 Jan 13
     
    Canadians are more than ever drown in debt. When it comes to comparing with the neighbor (US) we are carrying more debt than them. Market observers argued that Canadian consumers will no longer be able to hold up rising household debt.
lebiez piranaj

Car loans drive Canadian consumer debt to record high $26,768 - The Globe and Mail - 2 views

www.theglobeandmail.com/...article5248875

consumer debt auto loans higher

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • Canadian consumer debt hit a record high in the third quarter, driven by loans to purchase new cars
  • The average Canadian’s non-mortgage debt reached $26,768 in the third quarter
  • the debt levels are certainly moving in the wrong direction
  • ...6 more annotations...
  • ransUnion said Wednesday that consumer debt in the third quarter increased at its fastest rate since the end of 2010, jumping 4.6 per cent on an annual basis and 2.1 per cent from the previous quarter
  • fastest pace of debt accumulation in nearly two years
  • Auto borrowing debt climbed 11.25 per cent from a year earlier and 1.84 per cent from the previous quarter
  • One possible reason, Mr. Higgins said, is that during the recession, Canadians held off getting new cars and paid off their leases, driving auto loans lower
  • people have started thinking that it is time to get a new car
  • “Today, people can carry this debt, but if we do get a big shock, like higher interest rates or job losses, then we will get hit.”
  • lebiez piranaj on 18 Jan 13
     
    The article mentions about how auto loans have increased substantially in the past few years and that this may be because auto loans have lower interest rates. But it also mentions that the economy is recovering and another hit could affect us because we are borrowing so much. 
Brijesh Patel

Well Educated canadians have no future - 0 views

oncampus.macleans.ca/...the-new-underclass

no future for the upcoming generation

shared by Brijesh Patel on 18 Jan 13 - No Cached
  • Brijesh Patel on 18 Jan 13
     
    Some 6.4 per cent of Canada's total workforce-1.2 million people-now consists of part-time workers under 30 who wish they could work full time. university-educated Canadians experienced a relative increase in unemployment between 1997 and 2005 and a corresponding dip in relative wages, according to a federal government study. By contrast, those with a college, or even a high school education, managed to improve (or at least maintain) their outlook, relative to other workers. In fact, the only group that experienced a similar relative increase in unemployment during the period were those Canadians without even a high school diploma. Employers increasingly expect workers to pay for their own retirements. That's not easy when you don't have money. A survey by the Bank of Montreal found that only about 10 per cent of Canadians aged 18 to 34 had given any thought to retirement planning. Job security is also increasingly scarce. Stung by the 2009 recession, employers in industries ranging from retail sales to information technology are preoccupied with building a flexible workforce In an effort to close the gap, the federal government is planning to bring in as many as 3,000 foreign skilled workers this year by De-emphasizing the university-educated and focusing instead on welders and electricians. Economists say the market will eventually sort itself out. Wages and benefits in the trades should become more attractive as desperate employers try to woo new workers.
Erica Yeo

Canadian Consumer Debt Poses Recession Risk, Moody's Analytics Report Says - 0 views

www.huffingtonpost.ca/...-debt-recession_n_1861056.html

consumer debt canada challenges huffington

shared by Erica Yeo on 16 Jan 13 - No Cached
  • With Canadians so deep in debt, it would be extremely difficult for domestic spending to pick up slack in the economy if things started to go downhill. That could result in a serious downward spiral in employment levels, household spending and the quantity and quality of credit outstanding, the report says.
  • "Households are spending money they assumed would be coming, then they realize they've run over the cliff because income from exports from these trading partners is not materializing and that's translating to weaker jobs.
  • domestic consumption is usually the more steady contributor to economic growth compared to exports and investment. But this time, household debt is out of control.
  • ...2 more annotations...
  • Slowing income growth, coupled with a coming rise in interest rates
  • debt service costs will start to eat up a bigger portion of their take home pay, the report says.
S C

CBC News - Unemployment statistics - 1 views

www.cbc.ca/...unemployment-stats

cbc news unemployment statistics

shared by S C on 16 Jan 13 - No Cached
  • Canada's unemployment rate decreased to 7.1 per cent in December
  • S C on 16 Jan 13
     
    CBC's unemployment statistics for Canada and maybe US
Cristina Raileanu

Commodities and resources - 0 views

www.theglobeandmail.com/...article7263013

Economics commodities resources

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • Out west, we’ve had it pretty good. Unemployment is low, incomes are high, and the GDP is set to grow faster than almost anywhere.
  • We are not here for ourselves alone.
  • we focus on what immigrants can do for us (fill jobs) rather than on what we can do for them (provide beautiful communities and the chance to participate in building something amazing).
  • ...3 more annotations...
  • “We must build pipelines. The world needs our oil. Nothing can get in the way. This is not negotiable.” Oil and pipeline companies are running headlong into some unanticipated opposition from folks who don’t see it the same way.
  • That means being a world leader in environmental stewardship, rather than arrogantly comparing ourselves to Nigeria or Sudan and patting ourselves on the back because our human rights are better than theirs.
  • Alberta is in a unique situation. It’s been blessed enormously in resources, wealth, natural beauty and smart people. We really can do anything if we set our minds to it, but not if we do it only for short-term financial gain.
Cristina Raileanu

Canada Natural Resources Minister 'welcomes' Trans Mountain pipeline expansion - Oil & ... - 0 views

www.ogj.com/...untain-pipeline-expansion.html

canada natural resources oil gas pipeline mountain expansion

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • We know that 99% of Canada's oil exports are transported to the US, whose need for imported oil will decline sharply in the coming years
  • In British Columbia alone, resource industries support 100,000 direct jobs. They also make up 13% of its economy and account for 80% of its exports.”
  • KMEP last year announced plans to expand Trans Mountain, which extends from Edmonton to Canada’s western coast, to 850,000 b/d from 300,000 b/d by twinning it and adding storage and pump stations
Cristina Raileanu

Power generated by wind blows past coal output in Ontario - 0 views

www.ottawacitizen.com/...story.html

power generated wind coal ontario canada consumer commodities resources

shared by Cristina Raileanu on 17 Jan 13 - No Cached
  • three per cent of the province’s electricity in 2012, compared to 2.8 per cent for coal-generated power. A decade ago, coal-burning plants produced a quarter of the province’s electricity output.
  • Over the noon hour last Friday, for example, wind was generating 1,196 MW of power, compared to 710 MW from coal. A new wind-generation record was set Jan. 4, when 1,663 megawatts (MW) of electricity was produced by wind turbines, concentrated in southwestern Ontario.
  • Nuclear power continues to be Ontario’s chief source for electricity, supplying 56.4 per cent of total output last year, followed by hydro at 22.3 per cent, and natural gas at 14.6 per cent, according to the new IESO figures
  • ...3 more annotations...
  • The closures are expected to put more than 350 people out of work, he said.The Power W
  • “Ontario is spending billions on wind turbines and solar panels supported by natural gas generation to the benefit of big multinational corporations,”
  • “Ontario will not likely meet its greenhouse gas targets because of increased dependence on natural gas generation, green job numbers remain elusive and our electricity prices are on the way to becoming among the highest in North America.”
faseehthemoonman

Economy improving short-term, but future not so bright for Canada: Carney - thestar.com - 1 views

www.thestar.com/...ve-economic-future-carney-says

shared by faseehthemoonman on 17 Jan 13 - No Cached
  • second worst export performance in the G20 group of nations
  • country’s exports of manufactured goods has been cut in half, he said, a large reason why employment in the factory sector has fallen nearly 500,000 jobs.
  • He notes that since the recession, emerging markets have accounting for two-thirds of global growth and one-half of import growth, a trend expected to continue for decades.
burmangabriel

Fiscal cliff: Obama, Boehner trade proposals - 1 views

www.abc15.com/...-obama-boehner-trade-proposals

Gabriel Ami trade proposals obama cliff

shared by burmangabriel on 12 Dec 12 - No Cached
  • prevent economy-damaging tax increases on the middle class at year's end, conferring by phone after a secretive exchange of proposals.
  • to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion
  • The longer the White House slow-walks this process, the closer our economy gets to the fiscal cliff," he said, declaring that Obama had yet to identify specific cuts to government benefit programs that as part of an agreement that also would raise federal tax revenue
  • ...14 more annotations...
  • attempts to avert a "fiscal cliff," across-the-board tax increases and cuts in defense and domestic programs that economists say could send the economy into recession
  • numerous proposals Obama has made to cut spending, including recommendations to cull $340 billion from Medicare over a decade and an additional $250 billion from other government benefit programs
  • Republicans "sent the White House a counteroffer that would achieve tax and entitlement reform to solve our looming debt crisis and create more American jobs
  • a deal to prevent damage to the economy,
  • Republicans struggle with Obama's demands to raise taxes, but Reid has privately told his rank and file they could soon be feeling the same distress if discussions grow serious on cuts to benefit programs
  • we need to strengthen Social Security, we need to strengthen Medicare for future generations, the current path is not sustainable because we've got an aging population and health care costs are shooting up so quickly
  • Republicans want to curtail annual cost-of-living benefits for Social Security and other government benefits, as well as raise the age of eligibility for Medicare from 65 to 67 beginning at some point in the future
  • president seems to think that if all he talks about are taxes, and that's all reporters write about, somehow the rest of us will magically forget that government spending is completely out of control and that he himself has been insisting on balance,
  • Obama's plan would raise $1.6 trillion in revenue over 10 years, in part by raising tax rates on incomes over $200,000 for individuals and $250,000 for couples. He has recommended $400 billion in spending cuts over a decade.
  • seeking extension of the Social Security payroll tax cut due to expire on Jan. 1, a continuation in long-term unemployment benefits and steps to help hard-pressed homeowners and doctors who treat Medicare patients
  • Obama last year signed legislation to cut more than $1 trillion from government programs over a decade, and was proposing $600 billion in additional savings from benefit programs.
  • health care law that Obama signed into law showed savings of $100 billion. Much or all of that funding came from Medicare, even though Obama's aides insisted during his successful campaign for re-election that he had not made any cuts in that program
  • Boehner's plan, in addition to calling for $800 billion in new revenue, envisions $600 billion in savings over a decade from Medicare, Medicaid and other government health programs as well as $300 billion from other benefit programs and another $300 billion from other domestic programs.
  • It would trim annual increases in Social Security payments to beneficiaries, and it calls for gradually raising the eligibility age for Medicare from 65 to 67, beginning in a decade
  • burmangabriel on 12 Dec 12
     
    1) Which proposal do you think is better? More cuts or more taxes 2) Do you think that going off the "cliff" is less detrimental than picking the other parties proposal?
  • Aron Joshua Tolentino on 14 Dec 12
     
    1.) More taxes because people in the lower bracket income won't get affected as much. Thus, not further hardening their way of life. 2.) No. they believe the measures negatively affect them. It would affect defense spending, domestic spending and taxes negatively. All the citizens of america will get affected. No exceptions.
  • Samson Luong on 17 Dec 12
     
    1. I believe more taxes would benefit the economy more because it would be geared more towards the higher income earners that have the foundation to deal with the taxes opposed to the lower incomes earners that already struggle. 2. Not exactly because going off the "cliff" affects several important factors such as federal tax, boarder tax, domestic spending, etc. Thus, it would seem that going off the "cliff" serves the economy and citizens more negatively than siding with the other parties' proposal.
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